Under the terms of the definitive transaction agreement, Sovereign shareholders will receive 0.32 Banco Santander American depository shares (ADSs), or upon election Banco Santander ordinary shares (subject to Banco Santander's right to invalidate any such election) for every one share of Sovereign common stock they own (or one Banco Santander ADS for 3.42 Sovereign shares).

Michael Ehlerman, nonexecutive chairman of the board of directors of Sovereign, said: "Santander offers Sovereign an opportunity to build a stronger bank for our shareholders, employees, customers and communities."

A service of YellowBrix, Inc.