M&A Deal Summary

Sovereign Bank Acquires Waypoint Bank

On March 9, 2004, Sovereign Bank acquired financial services company Waypoint Bank for 980M USD

Acquisition Highlights
  • This is Sovereign Bank’s 1st transaction in the Financial Services sector.
  • This is Sovereign Bank’s largest (disclosed) transaction.
  • This is Sovereign Bank’s 1st transaction in the United States.
  • This is Sovereign Bank’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2004-03-09
Target Waypoint Bank
Sector Financial Services
Buyer(s) Sovereign Bank
Deal Type Add-on Acquisition
Deal Value 980M USD

Target

Waypoint Bank

Harrisburg, Pennsylvania, United States
Waypoint Bank is a regional US bank serving customers in Pennsylvania and Maryland. Waypoint offers a full range of financial services including banking for retail, commercial and small business customers, mortgages, trust and investment, brokerage, and insurance services to more than 120,000 household and business customers. Waypoint Bank was formed in 1997 and is based in Harrisburg, Pennsylvania.

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Buyer(S) 1

Buyer

Sovereign Bank

Philadelphia, Pennsylvania, United States
Category Company
Sector Financial Services
DESCRIPTION

Sovereign Bank is a regional US bank serving customers in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island. In addition to full-service retail banking, Sovereign offers a broad array of financial services and products including business and corporate banking, cash management, capital markets, trust and wealth management, and insurance. Sovereign Bank is headquartered in Philadelphia, Pennsylvania.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 1 of 1
Year (2004) 1 of 1
Size (of disclosed) 1 of 1
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