What did Sovereign Bank used to be called?
Sovereign Bank originated as Sovereign Bancorp, a savings and loan association originally established in Reading, Pennsylvania, during the mid-19th century. As the financial institution expanded rapidly through aggressive retail bank acquisitions across the Northeastern United States throughout the 1990s and 2000s, it operated under the Sovereign Bank name before being acquired by Banco Santander, which subsequently rebranded all branches to Santander Bank.
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Sovereign Bank was officially acquired by the Spanish multinational banking giant Banco Santander, which subsequently rebranded and integrated the institution entirely into its expanding North American operations.