SBNE

AcronymDefinition
SBNESociety for Behavioral Neuroendocrinology
SBNESovereign Bank New England (now Santander Group)
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During the quarter, Sovereign acquired $216 million of consumer loans related to the final phase of the SBNE acquisition.
During the quarter, Sovereign acquired $785 million of residential mortgage loans related to the final phase of the SBNE acquisition.
As stated previously, deposit totals for SBNE are ahead of plan, with customer retention levels at 97.
The increase in the net interest margin is the result of a full quarter impact of the June 16 conversion of SBNE, as well as the partial impact of the July 21 conversion.
When combined with the cash received from the SBNE acquisition, Sovereign was able to reduce its borrowing levels by $5.
We do not anticipate any significant additional merger charges related to the SBNE transaction in future periods other than the expense related to the covenant not-to-compete which will end late in 2001," continued Marlo.
In addition to the SREIT preferred stock issuance, Sovereign initiated several transactions during the year to increase its capital levels, including but not limited to the sale of certain SBNE real estate to a third party, sales of investment securities, sales of retail banking offices in non-strategic regions of Sovereign's market, and asset securitizations.
During the quarter, Sovereign recorded an allowance for loan losses related to loans acquired in the SBNE acquisition of $49.
Sovereign Announces Third Quarter 2000 Cash Earnings of $96 Million, Operating Earnings of $74 Million
While Sovereign has been very focused on SBNE, its retail banking efforts continue to produce double digit annualized deposit growth of 11%, excluding SBNE.
Interest rate increases during the quarter, coupled with Sovereign's balance sheet repositioning in anticipation of the SBNE acquisition, resulted in a temporary operating margin contraction on a linked quarter basis.
Sovereign also sold certain investment securities and FHLB advances during the quarter as part of its balance sheet repositioning for SBNE.
Sovereign established an initial allowance for loan losses of $42 million relating to the first phase of the acquired SBNE loans.
Sovereign Announces First Quarter 2000 Cash Earnings Up 15% Operating Earnings Up 17%
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