Sovereign Bank has appointed Mary Gelormino as its senior vice president/regional executive to oversee business development in the metropolitan New York area. Before joining Sovereign, Gelormino worked as a senior vice president and client relations manager for Bank of America. She also served Fleet Bank and its predecessors NatWest and NBNA for 25 years. Sovereign Bancorp, Inc., the parent company of Sovereign Bank, is a financial organization with assets worth $82 billion. Headquartered in Wyomissing, PA, the bank has about 785 community banking offices.
Perkins appointed MD of Bank of America's Real Estate Investment Banking
Bank of America has announced the appointment of John Perkins to its market, leading Real Estate Investment Banking Group as a managing director with senior client coverage responsibilities. Prior to joining Bank of America, Perkins served JP Morgan Securities, where he worked on a wide range of M&A, equity, and debt capital-raising transactions for clients across the real estate, lodging, and gaming industries for the last 12 years. Bank of America was the leading M&A advisor for U.S. real estate M&A transactions in 2006. The Real Estate Group is also a lead M&A advisor for U.S. real estate transactions based on dollar volume.
Wachovia Bank signs contract with FIS
Wachovia Corporation has selected Fidelity National Information Services' (FIS) Mortgage Servicing Package (MSP) to process the bank's mortgage and home equity lines of credit. Wachovia, for the past 10 years, has been servicing its first-mortgages through MSP, the leading provider of core processing for financial institutions. The new software will provide Wachovia with securitization, escrow management, default, and regulatory oversight capabilities for home equity loans. It will also provide transaction-processing services for credit cards associated with home equity lines of credit. Wachovia Corporation, one of the nation's largest diversified financial services companies, provides a broad range of banking products and financial services.
