Spanish Bank to Buy Rest of Sovereign

Washington Post (10/14/08) P. D4; Fredrix, Emily
Banco Santander will acquire the rest of Sovereign Bancorp of Philadelphia for $1.9 billion. The Spanish bank already has a 25-percent interest in the thrift. Mortgage delinquencies continue to rise at Sovereign, whose stock has lost nearly two-thirds of its value so far this year. Sovereign also reports that it lost $982 million in the period ended Sept. 30, compared with a profit of $58.2 million during the same period a year ago.