Santander Holdings USA, Inc. ("SHUSA" or the "Company") is the parent company of Sovereign Bank, N.A. ("Sovereign" or the "Bank"), a national banking association. The Bank converted to a national banking association on January 26, 2012 from a federally-chartered savings bank. In connection with its charter conversion, the Bank changed its name to Sovereign Bank, National Association. Also effective on January 26, 2012, SHUSA became a bank holding company (a "BHC").
SHUSA is headquartered in Boston, Massachusetts, and its principal executive offices are located at 75 State Street, Boston, Massachusetts. The Bank's home office is in Wilmington, Delaware.
The Bank had over 720 retail branches, over 2,200 ATMs and approximately 8,900 team members as of December 31, 2012, with principal markets in the Northeastern United States. The Bank's primary business consists of attracting deposits from its network of retail branches, and originating small business loans, middle market, large and global commercial loans, large multi-family loans, residential mortgage loans, home equity loans and lines of credit, and auto and other consumer loans in the communities served by those offices. The Bank uses its deposits, as well as other financing sources, to fund its loan and investment portfolios. The Bank earns interest income on its loan and investment portfolios. In addition, the Bank generates non-interest income from a number of sources, including deposit and loan services, sales of loans and investment securities, capital markets products and bank-owned life insurance. The principal non-interest expenses include employee compensation and benefits, occupancy and facility-related costs, technology and other administrative expenses. The volumes, and accordingly the financial results, of the Bank are affected by the economic environment, including interest rates, consumer and business confidence and spending, as well as the competitive conditions within the Bank's geographic footprint.