FleetBoston Financial was a Boston , Massachusetts –based bank created in 1999 by the merger of Fleet Financial Group and BankBoston . In 2004 it merged with Bank of America ; all of its banks and branches were converted to Bank of America.
22-941: SOV may refer to: SOV, a former ticker symbol for Sovereign Bank SOV, a legal cryptocurrency created by the Sovereign Currency Act of 2018 of the Republic of the Marshall Islands SOV, the National Rail station code for Southend Victoria railway station , Southend-on-Sea, England SO Voiron , a French rugby union club Schedule of values Shot-on-video film Single-occupancy vehicle Subject–object–verb , used in linguistic typology Symphony Orchestra Vorarlberg , an Austrian orchestra Share of voice Sorin Ovidiu Vântu ,
44-471: A Romanian business man Store of value Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title SOV . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=SOV&oldid=1225910736 " Category : Disambiguation pages Hidden categories: Short description
66-487: A charter in the United States. The bank's charter was signed by John Hancock and among its early account holders were such notable figures as Paul Revere , Samuel Adams , John Hancock and Henry Knox . The bank's founders were largely made up of merchants who wanted to use a U.S., rather than British bank to send money abroad. It was first headquartered at the old Manufactory House , near Boston Common. The bank
88-557: A part of the divestiture plan required by regulators to allow the 1999 acquisition of BankBoston . After Bank of America acquired Fleet in 2004, its overall Customer Satisfaction Index (as measured by the University of Michigan ), was lowered from 74 to 72. Bank of America devoted considerable resources to improving its New England branches' reputation for customer service, establishing customer call centers and hiring more tellers per branch. Fleet's former headquarters now serves as
110-480: A share of corporate profits derived from slavery " from the three companies. The lawsuit claimed FleetBoston Financial, Aetna, and CSX were "unjustly enriched" by "a system that enslaved, tortured, starved and exploited human beings". Prior to the abolition of slavery , predecessor banks which formed FleetBoston Financial were involved in the American slave trade . The suit was dismissed in 2004. FleetBoston faced
132-879: Is different from Wikidata All article disambiguation pages All disambiguation pages Sovereign Bank Santander Bank, N. A. ( / ˌ s ɑː n t ɑː n ˈ d ɛər / ) is an American bank operating as a wholly-owned subsidiary of the Spanish Santander Group . It is based in Boston and its principal market is the northeastern United States . It has $ 57.5 billion in deposits , operates about 650 retail banking offices and over 2,000 ATMs , and employs approximately 9,800 people. It 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
154-766: The TD Garden ). It is home to the Boston Celtics of the National Basketball Association and the Boston Bruins of the National Hockey League . In 2002, FleetBoston Financial, along with Aetna and CSX Transportation , was sued by Deadria Farmer-Paellmann , head of the nonprofit Restitution Study Group of Hoboken, New Jersey . The suit asked for "unspecified damages, restitution for unpaid slave labor and
176-439: The 1980s and 1990s, acquiring numerous other banks. In 2000, Sovereign bought 278 New England branches from the newly merged FleetBoston Financial , becoming the third-largest retail bank in the Boston area. This transaction was driven by a requirement from bank regulators that Fleet Bank and BankBoston divest 306 branches as a condition for merger. Forty-five years before the founding of Sovereign Bank, its future parent
198-547: The Fleet name, but used BankBoston's stylized eagle logo. Corporate headquarters moved to BankBoston's former headquarters at 100 Federal Street . As a condition for merger, regulators required Fleet to divest 306 New England branches, including 28 to community banks. In 2000, Fleet acquired New Jersey–based Summit Bancorp which had previously operated as UJB Financial before acquiring Summit in 1996. The same year, Fleet sold 278 of its New England branches to Sovereign Bank as
220-428: The bank announced its plans to formally relocate its U.S. headquarters from Wyomissing, Pennsylvania, to Boston, where its top executives had already been located for several years. 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. The rebranding was completed on 17 October 2013. In March 2015, Scott Powell
242-511: The base for Bank of America's New England operations. When the arena was built to replace the aging Boston Garden , Fleet acquired the naming rights to the newly built Shawmut Center. The arena therefore opened as the FleetCenter in 1995. After FleetBoston's sale to Bank of America in 2004, the bank chose to give up its naming rights and an announcement was made on March 3, 2005 that the arena would be renamed TD Banknorth Garden (now simply
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#1732764832463264-548: The company readopted the Fleet Financial Group name. Fleet was already one of the three largest banks in New England, together with Shawmut National Corporation and its largest affiliate Shawmut Bank, and Bank of Boston. Despite this, state and federal regulators allowed Fleet to merge with Shawmut in 1995. The merger created the largest bank in New England, with over 30 percent of the region's deposits. It
286-1012: 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. 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 $ 2.4 billion. As Banco Santander owned 25% of Sovereign, it had
308-671: The leading subsidiary of Industrial National Corporation. Industrial began diversifying into non-bank financial services in the mid-1970s. To reflect this, it changed its name to Fleet Financial Group in 1982, with the banking subsidiary becoming Fleet National Bank. It then began an aggressive buying spree of banks outside Rhode Island, most notably the Bank of New England in 1991. In 1988, Fleet merged with Albany, New York–based Norstar Bancorp to form Fleet/Norstar Financial Group. The bank continued to operate as Norstar in New York until 1992, when
330-645: The remainder of Sovereign for $ 1.9 billion. Sovereign Bank was severely affected by losses related to auto loans and stock in Fannie Mae and Freddie Mac . 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. On 30 January 2009, Banco Santander completed its acquisition of Sovereign Bank, for about $ 2.51 per share. In August 2011,
352-484: The right to buy the bank for $ 40 per share for one year beginning in the middle of 2008. On 1 June 2006, Sovereign Bank purchased Independence Community Bank Corp. of Brooklyn, New York , for $ 3.6 billion in cash. Sovereign completed the transition process of Independence and S.I. Bank & Trust customers on 9 September 2006. Sovereign financed this merger through its partial sale to Spain's Banco Santander Central Hispano . On 13 October 2008, Banco Santander purchased
374-692: Was also the ninth largest in the United States. Although Fleet was the surviving company, the merged bank was based at Shawmut's old headquarters at One Federal Street in Boston. In 1996, Fleet acquired the US branch network (in New York and New Jersey) of the British National Westminster Bank . In 1998, Fleet acquired Quick & Reilly discount brokerage and their deep-discount, online subsidiary Suretrade . Fleet's biggest merger came in 1999, when it acquired BankBoston (which
396-477: Was appointed head of U.S. business at Santander, and CEO of Santander Holdings USA, replacing Roman Blanco. Powell left his role as CEO in December 2019. He was replaced by Timothy Wennes. Fleet Bank Fleet's oldest predecessor was The Massachusetts Bank founded in 1784. The Massachusetts Bank was the first federally chartered joint-stock owned bank in the United States and only the second bank to receive
418-614: Was founded as Banco Santander on 15 May 1857, with the approval of Queen Isabel II of Spain . The bank grew and in the 1920s started to build a network of branches. In 1942 it opened in Madrid. In 1934 Emilio Botín Sanz de Sautuola y López became director, and in 1950, chairman. He expanded the bank throughout Spain, and in 1957 it was Spain's seventh-largest bank. In 1976 it acquired First National Bank of Puerto Rico, and in 1982 Banco Español-Chile. In 1986, Emilio's oldest son, Emilio Botin-Sanz de Sautuola y García de los Ríos , succeeded him. In
440-544: Was itself the fruit of a 1996 merger between Bank of Boston and BayBank). The new FleetBoston was the culmination of a series of Boston-area bank mergers that combined several smaller banks into a single large institution. FleetBoston was the seventh-largest bank in the United States , as measured by assets ( US$ 197 billion in 2003). It had almost 50,000 employees, over 20 million customers worldwide and revenues of $ 12 billion per year. The banking subsidiary operated under
462-466: Was rebranded as Santander Bank on 17 October 2013; the stadium, arena, and performing arts center for which it has naming rights were also rebranded. Santander Bank, N.A., was founded on October 8, 1902 as Sovereign Bank, 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
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#1732764832463484-779: Was the only bank in the city of Boston until the Union Bank (later the Bank of New England ) was founded in 1792. This bank became BankBoston which merged into Fleet in 1999. Fleet's direct predecessor began in Providence, Rhode Island in 1791 as the Providence Bank , founded by Rhode Island businessman John Brown . It joined the national banking system in 1865 as Providence National Bank. In 1951, it bought Union Trust Company to form Providence Union Bank and Trust Company. Three years later, it bought Industrial Trust Company to form Industrial National Bank. In 1968, it became
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