Company News

July 24, 2007

Sovereign Bank today announced that Steven J. Issa has been promoted to Market Chief Executive Officer for the New England South region. In his new role, Issa is responsible for overseeing the bank’s business strategy and activities in 76 community banking offices across Rhode Island, Connecticut, Western Massachusetts, Martha’s Vineyard and Nantucket.

Kevin Flaherty, Market President, and Bill Hourihan, Market CEO, will join Issa’s management team. Flaherty will continue to manage the daily banking activities for Sovereign in Connecticut and Western Mass. Bill Hourihan will continue to manage Sovereign’s banking activities on the islands through Nantucket Bank and Bank of Martha’s Vineyard.

Previously, Issa served as Market CEO for Rhode Island. He also oversaw the bank’s Precious Metals unit, which serves clients throughout the Northeast, as well as the bank’s Asset Based and Specialized Lending groups for Rhode Island. He will continue to oversee those units in addition to his new responsibilities.

Issa has 30 years experience in the banking industry. He joined Sovereign in 1998, serving as regional president and managing director for the Rhode Island and Southeastern Massachusetts commercial banking group. Prior to joining Sovereign, Issa served in a variety of executive positions with FleetBoston Financial and Shawmut Bank. He began his banking career in 1977 at Old Stone Bank in Providence, Rhode Island.

An active member of the community, Issa serves on the boards of the RI Public Expenditure Council, Greater Providence Chamber of Commerce, United Way of RI, Business Development Company of Rhode Island, and the Governor’s Commodore Advisory Committee.

A native of Rhode Island, Issa holds an undergraduate degree and an M.B.A. from Bryant University in Smithfield, RI. He resides in Cumberland, Rhode Island.

Photo is available upon request.

About Sovereign
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent company of Sovereign Bank, a financial institution with $82 billion in assets as of June 30, 2007 with principal markets in the Northeast United States. Sovereign Bank has nearly 750 community banking offices, over 2,250 ATMs and approximately 12,000 team members. Sovereign offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, wealth management and insurance. Sovereign is the 18th largest banking institution in the United States. For more information on Sovereign Bank, call 1-877-SOV-BANK.
 
Media Contact
Ellen Molle
Office: 617-757-5573
Cell: 617-548-9932
emolle@sovereignbank.com