Sovereign completes acquisition of the Automobile Finance Division of Fleet Financial Group Inc

Sept. 19, 1997--Sovereign Bancorp Inc. ("Sovereign") (NASDAQ/NMS:SVRN), parent company of Sovereign Bank, Friday announced the completion of its acquisition of the Automobile Finance Division ("the Division") of Fleet Financial Group Inc. "We are very pleased to add this Aut...

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Bibliographic Details
Published inBusiness Wire p. 1
Main Author Gerhart, Karl D
Format Newsletter
LanguageEnglish
Published New York Business Wire 14.09.1997
Subjects
Bank acquisitions & mergers
Bank reserves
Banking industry
Community banks
Divisions
Loans
PA
Middle Atlantic
United States > US
Wyomissing
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Summary:Sept. 19, 1997--Sovereign Bancorp Inc. ("Sovereign") (NASDAQ/NMS:SVRN), parent company of Sovereign Bank, Friday announced the completion of its acquisition of the Automobile Finance Division ("the Division") of Fleet Financial Group Inc. "We are very pleased to add this Auto Finance Division to Sovereign's network. This transaction enhances Sovereign's transition to becoming a Super Community Bank by increasing consumer and business loans to about 35% of total loans," commented Jay S. Sidhu, Sovereign's president and chief executive officer.