Sovereign Bank Announces Financial Assistance Program for Consumers and Small Businesses Affected by Hurricane Sandy
BOSTON, Oct. 30, 2012 /PRNewswire/ -- Sovereign Bank, a wholly owned subsidiary of Banco Santander, S.A., today announced that it has established a financial assistance program to support customers and small businesses in the Bank's footprint who were impacted by damage caused by Hurricane Sandy.
The program will offer customers, at their request, the option to waive certain fees to help gain access to cash as well as the opportunity to obtain emergency loans with preferred rates for businesses and consumers impacted by the storm.
"We offer our full support to the communities affected by Hurricane Sandy," said Jorge Moran, President and CEO of Sovereign Bank. "These are the communities where we live and work. It is our hope that this program provides individuals, families and businesses with the financial support they need to help them recover as quickly as possible."
Starting October 29th, the bank will refund the following fees to help gain access to cash for the customers impacted by the storm.
- Overdraft Protection Transfer, Extended Overdraft, Returned Item, and Insufficient Funds fees for consumer and small business deposit accounts
- Late payment fees, for customers less than 30 days past due, on consumer and small business loans
Sovereign is also offering an emergency loan program to support customers who have sustained losses to their property from hurricane damage. This will include loans up to $10,000 at a low interest rate. To apply for the loans, customers should visit their local Sovereign Bank branch. Loan applications are subject to credit approval.
Small Business assistance:
Sovereign Bank has prepared a small business loan program to assist with urgently needed repairs and clean-up. Businesses may be eligible for low-interest term loans up to $25,000 with no origination fee and no principal payments for the first three months. To apply for a loan, customers should visit their local Sovereign Bank branch or contact their small business specialist for additional information. Loan applications are subject to credit approval.
About Sovereign Bank, N.A., Santander Holdings USA, Inc. and Banco Santander, S.A.
Sovereign Bank, N.A. is among the top 25 banks in the United States with principal presence in Connecticut, Delaware, Massachusetts, Maryland, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. Sovereign has 721 branches, 2,195 ATMs and over 8,800 team members. Sovereign Bank's principal regulator is the Office of the Comptroller of the Currency (OCC). Sovereign Bank is a member of the Federal Reserve Bank System and the Federal Deposit Insurance Corporation ("FDIC"). For more information on Sovereign Bank, visit http://www.sovereignbank.com or call 877-SOV-BANK.
Santander Holdings USA, Inc. is a wholly owned subsidiary of Banco Santander, S.A., and parent company of Sovereign Bank, N.A. Banco Santander is a retail and commercial global bank, with a presence in 10 main markets: U.S., Germany, UK, Poland, Brazil, Mexico, Chile, Argentina, Spain and Portugal. Founded in 1857, Santander has more than 102 million customers, approximately 14,500 branches – more than any other international bank – and 188,000 employees. Santander was recently recognized as the Best Global Bank in 2012 by Euromoney magazine. For more information on Santander, visit http://www.santander.com.
SOURCE Sovereign Bank