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Sovereign Bank caps New England ATM surcharge at 75 cents
BOSTON -- Sovereign Bancorp, Inc., (NASDAQ/NMS:SVRN) will cap surcharges for non customers at 75 cents per transaction at ATMs in New England states. The bank, which is in the process of converting 285 community banking offices with 556 ATMs throughout New England from BankBoston, hopes the low surcharge will give it a competitive advantage in the region. "We are sensitive to the valid concerns about the expense of using ATMs and decided to enter the New England market with an affordable rate," said John Hamill, chairman and CEO, Sovereign Bank New England. "As we become more well known, we hope that our emphasis on affordability of our products and the community-based services that we offer will encourage new customers to join Sovereign Bank." Sovereign Bank next month will proceed with the second of three conversions on June 16, including 82 branches and 161 ATMs in Eastern Massachusetts. The final conversion culminates on July 21 and includes 113 branches and 220 ATMs. Pro forma after the pending acquisition of assets and deposits from FleetBoston Financial, which is expected to close in the second quarter of 2000, Sovereign Bank New England will be the third-largest bank in the region.
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