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Sovereign Bancorp looks to raise $1.5B

The giant home and small-business lender, a major mortgage bank in Philadelphia's wealthier suburbs even tho it's run from Boston and administered from Wyomissing, needs capital that it can't get from its big brother, Banco Santander, a

    by Joseph N. DiStefano
    Published 

The giant home and small-business lender, a major mortgage bank in Philadelphia's wealthier suburbs even tho it's run from Boston and administered from Wyomissing, needs capital that it can't get from its big brother, Banco Santander, as we noted here last week. 
 The plan:
 $1 billion from stock sale, statement here. 
 $500 million from note sale, statement here.