Needless bank sale
Jerry Remy speaks some spanish doesn't he? He could still do the ads.
--Mike
"Eisboch" wrote in message
...
Panic struck here in the Northeast and needlessly caused a regional bank
to sell out to a major, foreign based bank.
Sovereign Bank, a mid-sized regional bank in which we used to have our
commercial (business) account plus some personal savings was the victim
of panic withdrawals over the past couple of weeks due to false rumors
spread via the Internet and media. Unfortunate, because the bank was
fine .... solvent, and in no danger of going under.
Contributing to the mass panic run was the Commonwealth of Massachusetts
who decided to withdraw $300 million in deposits.
25% of Sovereign stock is currently owned by a large, Spanish bank who has
agreed to purchase all outstanding stock.
Now, when I go to the ATM for money, I get it in peseta or pesos. :-)
Eisboch
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