formerly public nyse sov industry national banks headquarters 75 state street boston massachusetts united states key people scott powell ceo tim ryan chairman revenue 3.345 billion usd 2013 1 operating income 1.508 billion usd 2013 1 net income 1.042 billion usd 2013 1 number of employees 9 525 2013 2 parent santander group website www.santanderbank.com santander bank n. a. formerly sovereign bank is a wholly owned subsidiary of the spanish santander group . based in boston massachusetts the bank whose principal market is in the northeastern united states has more than 77 billion in assets operates 723 retail banking offices over 2 300 atms including 1 100 in cvs pharmacies throughout the northeast and employs approximately 9 000 people . 2 santander offers an array of financial services and products including retail banking mortgages corporate banking cash management credit card capital markets trust and wealth management and insurance . sovereign bank was rebranded as santander bank on october 17 2013 ; the stadium arena and performing arts center for which it has naming rights were also rebranded . history edit santander bank branch footprint in the eastern united states . former sovereign bank logo santander bank summer street boston corporate headquarters of the bank at 75 state street boston ma banco santander was founded on 15 may 1857 with queen isabel ii s approval . 3 the bank grew and in the 1920s started to build a network of branches . in 1942 it opened in madrid . in 1934 emilio bot n sanz de sautuola y l pez became director and in 1950 chairman . he expanded the bank throughout spain so in 1957 it was spain s seventh largest bank . in 1976 it acquired first national bank of puerto rico and in 1982 banco espa ol chile . in 1986 emilio senior s son emilio bot n sanz de sautuola y garc a de los r os succeeded him . in the late 1980s he acquired cc bank in germany and a stake was in banco de comercio e industria in portugal . in 1989 the supercuenta santander was launched . 4 sovereign bank was founded in 1902 as a savings and loan in wyomissing pennsylvania . the company s earliest customers were largely textile workers . sovereign expanded rapidly during the savings and loan crisis of the 1980s and 1990s acquiring numerous other banks . 5 in 2000 it bought 285 new england branches from the newly merged fleetboston financial . 6 sovereign bought the naming rights to mercer county s new arena in 1999 in support of newly acquired trenton savings bank formerly tsfs and other new jersey branches for a ten year term . in following years the bank also named the sovereign center arena and sovereign performing arts center in reading pennsylvania and sovereign bank stadium in york pennsylvania . in june 2006 banco santander purchased almost 20 % of sovereign bank for us 2.4 billion . as banco santander owned 25 % of sovereign it had the right to buy the bank for 40 per share for one year beginning in the middle of 2008 . 7 on june 1 2006 sovereign bank purchased independence community bank corp. of brooklyn new york for us 3.6 billion in cash . sovereign completed the transition process of independence and s.i. bank & trust customers on september 9 2006 . sovereign financed this merger through its partial sale to spain s banco santander central hispano . 8 on october 13 2008 banco santander purchased the remainder of sovereign for us 1.9 billion 1.4 billion euros . 9 sovereign bank was severely affected by losses related to auto loans and stock in fannie mae and freddie mac . 10 banco santander had previously seen a loss of over 1 billion on its investment in sovereign when the latter s share price tumbled after being downgraded by moody s in september 2008 . 11 on january 30 2009 banco santander completed its acquisition of sovereign bank for about 2.51 per share . 12 in august 2011 the bank announced its plans to formally relocate its u.s. headquarters from wyomissing pennsylvania to boston massachusetts where its top executives had already been located for the previous few years . 13 in late september 2011 the bank announced that it would officially change its name to santander as part of its parent company s goal to create a global brand . 14 the rebranding was completed on october 17 2013 . 15 in march 2015 scott powell was appointed head of us business at santander and ceo of santander holdings usa replacing roman blanco . references edit a b c 3q results 2013 sovereign bank santander group a b about us santander bank santander bank more than a century of history . corporate website . banco santander s.a. retrieved 27 june 2014 . 1985 1990 . corporate website . banco santander . retrieved 27 june 2014 . sidel robin 21 april 2008 . smaller banks begin to pay price for their boomtime . the wall street journal . retrieved 27 september 2014 . sovereign bank seals deal with fleetboston . the philadelphia inquirer 1 archived september 18 2006 at the wayback machine . http www.myindependence.com integrationcalendar santander to take over sovereign in 1.9 billion deal . bloomberg news . 2008 08 14 . retrieved 2008 08 14 . dash eric 2008 10 13 . spanish bank said to be close to buying sovereign bancorp . the new york times . retrieved 2010 05 23 . moody s downgrades sovereign bancorp to baa2 from baa1 . informedtrades . 2008 09 30 . retrieved 2014 03 04 . santander banking savings loans and mortgages santander in spanish . sovereignbank.com . retrieved 2014 03 04 . sovereign making hub its home base . the boston globe . wollack todd 2011 09 28 . sovereign changes its name to santander . the boston globe . retrieved 2011 09 28 . sovereign becoming santander . sovereign bank . 2013 . retrieved 2013 09 24 . external links edit official website santander arena and santander performing arts center santander bank united states v t e 50 largest banks and bank holding companies in the united states ally american express bancwest bank of america bank of new york mellon bb & t bbva compass bmo harris capital one charles schwab cit citigroup citizens comerica deutsche discover e trade fifth third first niagara ge capital goldman sachs hsbc bank usa huntington john deere jpmorgan chase key m & t morgan stanley mufg union mutual of omaha nationwide new york community northern trust people s united pnc popular rbc usa regions santander state farm state street suntrust svb synchrony td tiaa u.s. usaa wells fargo zions indicates the u.s. subsidiary of a non u.s. bank . inclusion on this list is based on u.s. assets only and is current as of december 31 2015 . retrieved from https en.wikipedia.org w index.php title santander bank & oldid 743301792 categories banks based in massachusettscompanies based in bostonsantander grouphidden categories articles with wayback machine linkscs1 spanish language sources es navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages espa ol edit links this page was last modified on 9 october 2016 at 01 23 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy policy . wikipedia is a registered trademark of the wikimedia foundation inc. a non profit organization . privacy policy about wikipedia disclaimers contact wikipedia developers cookie statement mobile view