Sovereign Bank announced at the National Hispanic Prayer Breakfast on Thursday that it is committing $600,000 to support economic revitalization in North Philadelphia in partnership with Nueva Esperanza, a faith-based organization dedicated to helping the area's Hispanic community.
The announcement was made by Carlos Garcia, Sovereign | Santander senior executive vice president, who presented the funding commitment to Luis Cortes Jr., Esperanza president and CEO.
Sovereign, a wholly owned subsidiary of Santander Holdings USA, will provide $100,000 a year for six years through the Neighborhood Partnership Program in Pennsylvania, according to a news release.
The funding will launch a revitalization project in the 5th Street Business Corridor in eastern North Philadelphia. The project plan includes several business and economic development initiatives.
"Our partnership with Nueva Esperanza is a positive step toward the revitalization of the 5th Street Business Corridor, which is critical to the rebirth of the business community in eastern North Philadelphia," Garcia said in a statement.
Nueva Esperanza promotes homeownership and provides economic opportunities through social service programs via a network of clergy, churches and community leaders across the country.
Sovereign Bank is one of the largest banks in the U.S. by assets as of December 31, 2012. Santander Holdings is a wholly owned subsidiary of Banco Santander S.A., a retail and commercial global bank with 102 million customers and nearly 190,000 employees.
SOURCE Sovereign Bank, N.A.
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