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Government Banking Department Overview
Government Banking Department
In addition to being ranked among the largest depositories of government funds with total current deposits exceeding $3.5 billion*, Sovereign Bank is also deeply committed to the communities we live and work in.
As well as providing public entities with a range of world-class financial services, our Government & Institutional officers work to strengthen the communities they serve through significant corporate contributions and individual commitments. Below is a brief list of the activities they participate in and contribute to:

  • Board Member, State Transportation Finance Commission
  • Board Member, Boston Municipal Research Bureau
  • Board of Appeals, State Office of Minority and Women Business Assistance
  • Board Member, Association of Latino Professionals in Finance and Accounting
  • Volunteer of Youth Enrichment Service, Boston
  • Volunteer for Boston Food Bank
  • Volunteer, Ronald McDonald House in Southern NJ
  • Chairman of the Municipal Government Committee for the Southern NJ Development Council
  • Former Chair of the Southern NJ March of Dimes Walk America
We have also formed partnerships with many of the state governments within our footprint to provide access to affordable capital through flexible, cost-effective lending programs with customized solutions for growing businesses.

Sovereign's Community Reinvestment Plan for 2008 contains a five-year commitment of the bank's resources to benefit low- to moderate-income individuals and communities within our principal banking markets. The five-year goal for 2006-2010 is $16.3 billion in loans, investments and services to communities in Pennsylvania, New Jersey, Maryland, New York, Connecticut, Massachusetts, New Hampshire and Rhode Island.

During 2008, the bank provided $2.2 billion in lending and investment. The bank's commitment provided:
  • $683 million in small business loans
  • $691 million in affordable home mortgages
  • $284 million in Multi-Family Loans
  • $434 million in consumer loans
  • $79 million in community development loans
  • $56 million in qualified CRA investments
  • $5.2 million in charitable contributions to non-profit organizations

Sovereign has received a Community Reinvestment Act (CRA) rating of “Outstanding” from the Office of Thrift Supervision (OTS) from its most recent CRA exam.

*

 Total deposit amount is current as of June 2008.
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Community Development
Investing in the communities where we live and work.
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