Drexel University President Constantine Papadakis
Appointed to Sovereign Bank Board of Directors
PHILADELPHIA ( July 12, 2004 ) -Drexel University President Constantine Papadakis was recently appointed to Sovereign Bank's Board of Directors.
Headquartered in Reading, Pa. Sovereign Bank is a $47 billion financial institution with
535 community-banking offices, nearly 900 ATMs and about 8,300 team members in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. Sovereign is among the 20 largest banking institutions in the U.S.
In a move to expand in New England, Sovereign announced in January 2004 the acquisition of Seacoast Financial Services Corporation, a $5.4 billion financial institution that operates 69 branch offices stretching from Boston, through southeastern Massachusetts, to Cape Cod and the Islands. With its New England headquarters in Boston, Sovereign will achieve a leading market position in some of the fastest growing counties in Massachusetts after the transaction is completed.
"Our goal is to be a strong community oriented competitor among consumer and business banks," said Joseph P. Campanelli , president and chief operating officer of Sovereign Bank New England.
In February 2004, Sovereign acquired First Essex, a $1.8 billion bank holding company headquartered in Andover, Mass. The transaction added 20 community-banking offices in northern Massachusetts and southern New Hampshire to Sovereign's New England franchise.
"I am pleased to serve on the Board of Directors of a financial institution with a history of superior performance in building shareholder value and a continued commitment to the community," said Papadakis.
Papadakis has been president of Drexel University in Philadelphia since 1995. Over the past nine years, he has used Drexel's historic strengths of technology and cooperative education to double fulltime undergraduate enrollment, triple freshman applications, quadruple Drexel's endowment from $90 million to $430 million and quintuple research funding from $14 to $85 million. Drexel was ranked one of the best national doctoral universities by U.S. News & World Report .
Papadakis also sits on the board of directors of the Philadelphia Stock Exchange, Met-Pro Corporation Mace International Inc., Corcell Inc. and the Opera Company of Philadelphia, among others.
"Dr. Papadakis is a wonderful addition to Sovereign Bank's Board of Directors," said Sovereign Bancorp Chairman and Chief Executive Officer Jay S. Sidhu . "His extensive academic background, coupled with his expertise in the business world, will help strengthen our board and broaden its perspective. I am truly appreciative that Dr. Papadakis has agreed to be on our board."
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