New Decade to Provide New Opportunities for Sovereign Bancorp

At the annual meeting of Sovereign Bancorp Inc. (NASDAQ: SVRN), President and Chief Executive Officer Jay S. Sidhu highlighted the accomplishments of the 1980s and outlined a positive outlook for the coming '90s. During a decade which changed dramatically -- starting with the U.S. Hockey Team b...

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Bibliographic Details
Published inBusiness Wire p. 1
Main Authors Sidhu, Jay, Naugle, Joni
Format Newsletter
LanguageEnglish
Published New York Business Wire 19.04.1990
Subjects
Bank assets
Bank holding companies
Corporate strategy
Forecasts
Middle Atlantic
Sidhu, Jay S
PA
Wyomissing
US
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Summary:At the annual meeting of Sovereign Bancorp Inc. (NASDAQ: SVRN), President and Chief Executive Officer Jay S. Sidhu highlighted the accomplishments of the 1980s and outlined a positive outlook for the coming '90s. During a decade which changed dramatically -- starting with the U.S. Hockey Team beating the Soviets at Lake Placid Winter Olympics, to the falling of the Berlin Wall, Sidhu noted that Sovereign Bancorp also changed dramatically. Assets more than doubled -- from $575 million in 1985 to $1.2 billion at year-end 1989. During the same time period, capital increased over 320 percent, going from $13.3 million in 1985 to over $56 million in 1989. By the end of the decade, Sovereign was the second largest and one of the most profitable publicly-traded SAIF-insured institutions in Pennsylvania. (excerpt)