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SOVEREIGN BANCORP INC./Wyomissing, Pennsylvania Bank Goes On A Limb With Huge Branch Buy.(THE NEW AMERICA)
Byline: Steve Watkins
Sovereign Bancorp Inc. has pushed aside a lot of analysts' concerns now that a year has passed since it completed the biggest branch purchase in banking history.
The company scooped up 280 bank branches from FleetBoston Financial Corp. in three phases, the last of which took place in July 2000. Regulators required the sale of those branches as a condition of the merger of Fleet Financial Corp. and BankBoston Corp.
The deal doubled Sovereign's deposits and gave it 1 million customers in New England, a market it was entering for the first time.
But the deal's size posed a big challenge, and naysayers came out of the woodwork.
"People forecast doomsday," said John Kline, analyst at Sandler O'Neill & Partners.
Experts fretted Sovereign would lose a bunch of deposits to competitors, that it would struggle to integrate all those branches and that its capital base would be too small.
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