Sovereign Bank Awards Grants to Three Lowell Community Groups $12,000 Donation will support local organizations

Lowell, Mass. (June 22, 2006) Sovereign Bank announced a $5,000 grant awarded to the Cultural Organization of Lowell (COOL) to support the Youth Art Program, a $2,000 grant awarded to The Lowell Association for the Blind to support the Senior Youth Program, and a $5,000 grant awarded to the African Assistance Center for operational support. Sovereign continues to seek out organizations that are serving Lowell, especially its children and young people.

"Sovereign Bank is committed to partnering with local organizations in Lowell to strengthen and enrich our community," said Bill Hardy, Sovereign's Regional Executive for the Merrimack Valley. "We are proud to support the efforts of these three organizations."

COOL's Youth Arts Program will give area teens an opportunity to present their work at city-wide multi-cultural events on "Destination World First Thursdays" in downtown Lowell.

"Sovereign's grant to COOL kick-started a new partnership between COOL, The Revolving Museum and UTEC," said L.Z. Nunn, Executive Director of COOL. "Our Youth Arts Program will give aspiring artists in the community a chance to be seen."

The Lowell Association for the Blind will use Sovereign's donation for their Senior Youth Program which provides social, recreational and educational opportunities year rounds for blind and visually impaired teens in the Greater Merrimack Valley.

"The Lowell Association for the Blind is thrilled to have the support of Sovereign Bank for our Senior Youth Program," said Elizabeth M. Cannon, Executive Director. "We could not provide these services without support from the community."

African Assistance Center represents thousands of Africans in the community, providing them with important information and services to help them improve their quality of life. They are committed to creating a comfortable home for African people in Greater Lowell and Merrimack Valley.

"The African Assistance Center really appreciates this funding from Sovereign Bank," said Cecilia Okafor, Executive Director. "It is wonderful to know that there are institutions like yours that are willing to help agencies that help new immigrants to assimilate into their new community."

The Sovereign Bank Foundation makes charitable contributions to 501(c)(3) non-profit organizations through its Spirit of Your Neighborhood Campaign. The Foundation seeks to enhance the quality of life for individuals served by organizations located in the communities served by Sovereign Bank.

About Sovereign
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent company of Sovereign Bank, an $83 billion financial institution with nearly 800 community banking offices, over 2,000 ATMs after giving effect to the recently announced branding agreement in which Sovereign ATMs will be placed in CVS/pharmacy locations and approximately 12,000 team members with principal markets in the Northeast United States. Sovereign offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, wealth management and insurance. Sovereign is the 18th largest banking institution in the United States. For more information on Sovereign Bank, visit <http://www.sovereignbank.com> or call 1-877-SOV-BANK.

Sovereign Bank is a registered trademark of Sovereign Bank or its affiliates or subsidiaries in the United States and other countries.

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Lowell Association
for the Blind
174 Central Street
Lowell, MA
(978) 454-5704