Marshall P. Soura to Succeed Jim Lynch as Chairman and
                  CEO of Sovereign Bank's Mid-Atlantic Division

      WYOMISSING, Pa., June 8 /PRNewswire-FirstCall/ -- Sovereign Bank today
named Marshall P. Soura to succeed Jim Lynch as Chairman and Chief Executive
Officer (CEO) of Sovereign's Mid-Atlantic Division. Soura will have total
responsibility for all retail and commercial banking operations in the division.
Lynch will retire from Sovereign on Sept. 30. He will continue to serve as vice
chairman of Sovereign Bancorp., Inc. until that date.

    "We are very fortunate to have Marshall Soura bring his depth of experience
and knowledge to this key leadership position within Sovereign Bank," said
Joseph P. Campanelli, President and CEO of Sovereign Bancorp, Inc., parent
company of Sovereign Bank. "Marshall will further strengthen our presence in the
Mid-Atlantic region as we continue to build on our reputation as one of the best
banks in the nation."

    "Jim provided us with leadership and guidance during the past five years,"
added Campanelli. "We wish him the best as he moves into another phase of his
career."

    Soura is currently Executive Vice President and Managing Director of
Sovereign's Global Solutions Group and Marketing Department. He will continue to
oversee both organizations.

      Soura joined Sovereign in July 2000, bringing with him extensive
experience in the banking industry.

      As Managing Director of The Global Solutions Group, Soura is responsible
for five business units: Cash Management, International Trade Banking,
Government Banking, Financial Institutions and Strategic Alliances (Sovereign
Merchant, Payroll and Health Savings Account Services). Soura also oversees
major marketing functions supporting Sovereign's Consumer and Business Banking
activities, including research and analysis, product management and marketing
communications.

    Prior to joining Sovereign, Soura managed the cash management businesses of
BankBoston, BankOne, Bank of America and Girard Bank (Mellon Bank East). He has
also managed the sales and product development functions for Bank of America's
Institutional Trust business, led the commercial product integration team for
Bank of America's merger with Security Pacific Bank and spearheaded an off-shore
product development project for their International Cash Management and Trade
Finance businesses.

    Soura majored in Finance at LaSalle College -- now known as LaSalle
University -- in Philadelphia, Pa., and attended Rutgers University's Stonier
Graduate School of Banking.

    Lynch joined Sovereign Bank in September 2002 as Chairman and CEO of
Sovereign's Mid-Atlantic Division. He has nearly 40 years of banking experience.
Prior to joining Sovereign, Lynch served as president and CEO of Fleet Bank in
Pennsylvania and Southern New Jersey.

    About Sovereign

    Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent company of
Sovereign Bank, a financial institution with $82 billion in assets as of March
31, 2007. Headquartered in Wyomissing, Pa. with principal markets in the
northeast United States, Sovereign has nearly 785 community banking offices,
more than 2,300 ATMs and approximately 11,350 team members. Sovereign offers a
broad array of financial services and products including retail banking,
business and corporate banking, cash management, capital markets, wealth
management and insurance. Sovereign is the 18th largest banking institution in
the United States. For more information on Sovereign Bank, visit
(http://www.sovereignbank.com) or call 1-877-SOV-BANK.

    Sovereign Bank is a registered trademark of Sovereign Bank or its affiliates
or subsidiaries in the United States and other countries.