October 6, 2011
In the Region U.S. to speed power-line projects The Obama administration moved to speed up permitting and construction of seven proposed electric transmission lines in 12 states - including Pennsylvania and New Jersey - saying the projects would create 10,000 jobs and help modernize the nation's power grid. The projects, to provide 2,500 miles of new transmission lines, are intended to serve as pilots for streamlined federal permitting and improved cooperation among federal, state, and tribal governments.
December 27, 2010 |
During a meeting last week at the Firstrust Bank branch in Southampton, Bucks County, Terry D'Alessandro, head of retail banking since June, asked manager Susan Schneider whether she was concerned about any of the branch's sales goals for 2011. Schneider, a 25-year Firstrust employee and a vice president, had one: new checking accounts, which are a crucial source of deposits for banks because little, if any, interest is paid on them. "It's hard to move people from their checking account," said Schneider, referring to the challenge of motivating customers to switch.
June 28, 2010
Michael Wood has been named senior manager, corporate communications for PPL Corp., Allentown. He had been chief spokesman and manager of communications for Peco Energy Co. in Philadelphia. Fran F. Swartz has been appointed chief financial officer of the National Museum of American Jewish History in Philadelphia. She previously was a consultant with Philadelphia-based Resources Global Professionals. Beneficial Mutual Bancorp Inc., Philadelphia, has named Thomas D. Cestare chief financial officer and executive vice president.
May 2, 2009 |
Sovereign Bancorp Inc., whose sale to Banco Santander SA was completed in January, confirmed another round of layoffs yesterday. This time, 950 jobs will be cut in the eight East Coast states in which Sovereign operates. In December, the company announced that it was cutting 1,000 jobs. It now has 10,700 employees. Sovereign's more than 3,000 employees in Pennsylvania are receiving special treatment because of a shareholder lawsuit that opposed the Santander takeover. It gave Pennsylvania workers job protection until Jan. 31, 2010.
January 22, 2009 |
A Philadelphia judge gave preliminary approval yesterday to the settlement of a shareholder lawsuit attempting to block Banco Santander Central Hispano S.A.'s proposed takeover of Sovereign Bancorp Inc. The proposed settlement, presented to Judge Richard I. Bernstein, has a couple of unusual features, thanks to a Pennsylvania law that allows corporate boards to consider all constituencies, such as employees, when making decisions, not just shareholders....
December 20, 2008 |
Sovereign Bancorp Inc. of Philadelphia said yesterday it was cutting 1,000 jobs, or 8 percent of its staff, to reduce costs. "There is never a good time to reduce staff, but this step is necessary, particularly during this economic environment," Kirk W. Walters, Sovereign's chief financial officer and acting chief executive, said in a statement. Sovereign is being taken over by Banco Santander SA of Spain for an estimated $1.9 billion in stock. The Spanish bank already is Sovereign's largest shareholder with a 24 percent stake.
October 19, 2008 |
The Philadelphia region's banking landscape has been turned upside down. Three of the six biggest banks here are being taken over: Wachovia by Wells Fargo; Citizens Bank by the British government; and Sovereign by its biggest shareholder, Santander of Spain. A fourth, Commerce, was bought by TD Bank Financial Group, of Toronto, before financial chaos erupted and prompted the U.S. government to take the radical step of investing $125 billion in the country's nine largest banks.
October 14, 2008 |
Banco Santander Central Hispano S.A. of Spain agreed yesterday to buy Sovereign Bancorp Inc. in a $1.9 billion deal, making the Philadelphia-based bank the latest to be caught in the world's financial upheaval. The proposed stock swap is expected to strengthen Sovereign, which had losses of $1.4 billion in 2007 as it wrestled with problem auto and home-equity loans. The purchase price of $3.81 per Sovereign share matches the company's closing price Friday on the New York Stock Exchange.
October 13, 2008 |
Philadelphia-based Sovereign Bancorp, which like many banks has been caught in the recent financial meltdown, was in "advanced talks" last night to sell itself to Banco Santander S.A. of Spain, which was already a part owner, according to published reports. A takeover of Sovereign, which had been the fourth-largest bank in the Philadelphia region with 82 branches, would mark another consolidation of the global financial system, although the immediate impact on Sovereign's operations and its customers was unclear.
October 1, 2008 |
Sovereign Bancorp Inc. yesterday regained a quarter of the $4 billion in market value it lost Monday, as the bank replaced its chief executive officer and assured investors and depositors that it was in solid shape. Amid widespread gains by financial stocks and upgrade by analysts, Sovereign's shares surged $1.62, or 69.53 percent, to close yesterday at $3.95 on the New York Stock Exchange. The new CEO, veteran New England banker Paul A. Perrault, will take over Jan. 3, the bank said.