Santander Bank

Santander Bank

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More info of Santander Bank

We know Santander Bank as one of the most representative financial institutions on the European continent. Due to its presence of more than 160 years, we want you to learn about its relevance to the U.S. market.

Santander Bank Present

This institution, of Spanish origin, has been established in the U.S. for more than 15 years. The Santander Group entered the U.S. market through the acquisition of Sovereign Bank, an institution located in Boston and whose main offices are located throughout the northeastern United States.

The acquisition was completed in early 2009, although Santander Bank had already acquired a portion of Sovereign in 2006.

As a personal and commercial banking services company, it currently has a network of at least 2,000 ATMs and you can visit its more than 600 branches, spread throughout the states of Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island.

Among its banking products for the public, you will find mortgages, insurance, wealth management, credit cards, money market accounts, CDs, personal loans and much more.

Values that distinguish Banco Santander

According to its official website, Santander Bank is committed to helping its customers find the path to prosperity. To get there, they rely on respect for people and their money.

For this reason, they offer simple ways for you to save, spend, invest and manage your income to improve your personal finances.

On the other hand, they are also dedicated to:

• Improving their communities. Based on their slogan "Making things better", this institution has installed several programs that contribute to the growth of the communities where they participate. That is why they support university institutions, NGOs and have an investment project of $1.1 billion in loans and donations over 5 years (2017-2021).
• Educating the youngest. Building on the above, they also have more than 20 years supporting future generations in their academic achievements. As part of this initiative, Grupo Santander has several agreements with high schools and universities to include STEM students, who excel in science, technology, engineering and mathematics.
• Caring for the environment. Aware of how private enterprise can also help protect the environment, Santander Bank is taking a leading role. For this reason, it is trying to reduce its ecological impact by controlling its carbon footprint and incorporating new technologies for more efficient processes.

Santander Bank's benchmark products

To give you the benefits you look for in a traditional bank, Banco Santander promotes 3 basic services:

• ATM Banking. This institution's network has more than 2,000 ATMs and more than 1,000 of them in CVS Pharmacies. In addition to quick cash withdrawals, you can transfer on weekends and deposit checks while shopping.
• Digital Banking. They have an app supported by Protechtion technology, which makes it easy for you to do all your usual transactions via internet.
• Simply right checking. It is a checking account with no minimum balance, whose maintenance fee ($10) you can avoid by direct debiting any financial transaction during the month. In addition, you get all of the above.

History of Santander Bank in the USA

Before referring to the arrival of Santander Bank NA to U.S. shores, it seems important to recall the origins of this renowned institution.

This bank dates back to 1857, when Queen Isabel II of Spain signed a royal decree authorizing its incorporation. This action was intended to facilitate trade between the Port of Santander and the rest of Latin America.

More than 150 years later, this banking institution would enter the U.S. market through the Sovereign Bank, founded in 1902 and headquartered in Wyomissing (PA).

This company had a rapid expansion during the 80s and 90s, reaching its peak in 2000, when they bought 276 branches of FleetBoston Financial, becoming the third-largest bank in the area.

From this milestone, we have to jump to 2006, when the Santander Group buys 20% of the shares belonging to Sovereign Bank. After acquiring 25%, the Spanish institution had the power to acquire the North American entity within 1 year and at $40 per share, a term that began in mid-2008.

However, in June 2006, Sovereing Bank acquired Independence Community Bank Corp. of Brooklyn (NY) for about $3.6 billion. This merger was made possible by a partial sale to Banco Santander Central Hispano. The transition of Independence and SI Bank & Trust customers was completed in September of that year.

Due to the losses suffered by Sovereign Bank on its investments in Fannie Mae/Freddie Mac and auto loans during 2008, Santander Bank was able to complete its purchase.

Although the Spanish entity suffered a $1 billion loss on this investment due to the decline in Sovereign's stock price, it ended up acquiring it in 2009 for $2.51 a share.

At Busconomico's comparator we want to contribute to your financial education. Along with the diffusion of great institutions such as Santander Bank NA, you also get reviews on banking products and the best tips to take care of your personal finances.

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