Sovereign Bank is a wholly owned subsidiary of the Spanish Grupo Santander. 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 and employs approximately 8,500 people. Sovereign offers an array of financial services and products including retail banking, mortgages, corporate banking, cash management, capital markets, trust and wealth management, and insurance. Sovereign bought the naming rights to Mercer County's new arena in 1999 in support... of newly acquired Trenton Savings Bank 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 2000, it bought 285 New England branches from the newly-merged FleetBoston Financial. On June 1 2006, Sovereign Bank purchased Independence Community Bank Corp. of Brooklyn, New York, for US$3.6 billion in cash.
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