Sovereign Bank Collects More Than $1 Million in Hurricane Relief Aid, Announces Another $50,000 Corporate Contribution

WYOMISSING, Pa., Sept. 12 /PRNewswire-FirstCall/ -- Sovereign Bank announced today that it has collected more than $1 million in donations for the American Red Cross within the first two weeks of starting a special fund drive. The monetary donations will be used by the Red Cross to aid victims of Hurricane Katrina and other recent hurricanes.

Sovereign Chairman and CEO Jay Sidhu also announced that the bank will provide another $50,000 for the relief fund. This money is in addition to a matching donation of $50,000 that the bank committed to when the drive began.

"This additional $50,000 from the bank is to recognize the fantastic response we've received from our team members," Sidhu said. "The outpouring from our customers and Sovereign team members has been very gratifying and truly reflects how Americans are so willing to rally around those in need."

Sovereign is providing more assistance by allowing 10 team members to volunteer with the Red Cross for three-week assignments in the Gulf Coast area. The team members will continue to be paid their base salary by the bank while they are away.

Cash and check donations are tax deductible and are being accepted at all Sovereign Community Banking Offices throughout the bank's Mid-Atlantic and New England regions. Checks should be made payable to American Red Cross Hurricane Relief Fund.

Checks can also be sent to local Community Banking Offices and to the following P.O. Box:

American Red Cross Hurricane Relief Fund P.O. Box 847495 Boston, Mass. 02284-7495 Donations will be accepted up until Sept. 30.

Information on how to pledge can also be found at Sovereign Bank's Web site at http://www.sovereignbank.com/.

About Sovereign Bank

Sovereign Bancorp, Inc., ("Sovereign") , is the parent company of Sovereign Bank, a $60 billion financial institution headquartered in Wyomissing, Pa., with more than 650 community banking offices, over 1,000 ATMs and approximately 10,000 team members with principal markets in the Northeast United States. Sovereign offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, trust and wealth management and insurance. Sovereign is the 19th largest banking institution in the United States. For more information on Sovereign Bank, visit http://www.sovereignbank.com/ or call 1-877-SOV-BANK.