WYOMISSING, Pa., June 29 /PRNewswire/ -- Sovereign Bank announced today that it has established a disaster relief program to help the thousands of businesses and consumers impacted by the recent flooding in Maryland, New Jersey and Pennsylvania. The program offers special loan products for business and consumers, as well as deferment options for Sovereign loans.
"It is important to let these communities know that Sovereign is here to provide support as they recover from the storm," said Jim Lynch, chairman and CEO of Sovereign Bank Mid Atlantic division. "We hope that this assistance will help the many victims get back to normal as soon as possible."
Business assistance:
Sovereign Bank has prepared a small business loan program to assist with urgently needed repair and cleanup. Businesses will be offered low-interest term loans for up to $25,000 with preferred rates, no fees and an expedited approval process.
In addition, business customers that have existing Sovereign loans may defer their loan payments for up to three months. To apply for assistance, business owners may visit their local Sovereign community banking office.
Consumer assistance:
Sovereign Bank has prepared a financial assistance program focused on residents who have sustained losses to their property from the flooding. These loans will be provided at a low interest rate for five years with no fees and will have expedited credit processing. To apply for the loans, consumers may visit their local Sovereign community banking office.
In addition, Sovereign is offering deferment on auto, mortgage and home equity loans to customers in areas impacted by the flooding. The terms of deferment are not universal and will differ depending on the needs of each customer.
About Sovereign Bank
Sovereign Bancorp, Inc. ("Sovereign") is the parent company of Sovereign Bank, a pro forma $83 billion financial institution with nearly 800 community banking offices, over 2,000 ATMs and approximately 12,000 team members with principal markets in the Northeast United States after giving effect to the Independence acquisition and recently announced branding agreement in which Sovereign ATMs will be placed in CVS/pharmacy locations. 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, visit http://www.sovereignbank.com/ or call 1-877-SOV-BANK.
Sovereign Bank, its logo and lantern are service marks of Sovereign Bank or its affiliates or subsidiaries in the United States and other countries.
