Sovereign Bank and Blue Bird Corporation Partner to Provide Financing Advantage to Clients
WYOMISSING, PA., July 8, 2003 – Network Capital Alliance, a division of Sovereign Bank, announced today that it has signed an agreement with Blue Bird Corporation to provide a comprehensive proprietary finance program. Blue Bird is one of the world's leading manufacturers of school buses, commercial buses and recreational vehicles. Network Capital Alliance will support Blue Bird Finance Advantage, a program providing financial services to Blue Bird's distributors and customers.
"The partnership with Network Capital Alliance is just another example of our commitment to delivering world-class service to our customers," said Tony Sellier, Director of Financial Services for Blue Bird Corporation. "Their expertise in the commercial and pupil transportation marketplace is a perfect fit with our customers' needs."
"We are excited to team up with an industry leader like Blue Bird," said Peter A. Ferrara, Sr., Executive Vice President and Managing Director of Sovereign's Equipment/Vehicle Financing Division. "The market segments they service play well to our core competencies. We take great pride in adding such a prestigious customer as Blue Bird to the bank's growing list of major funding partners."
Created by Network Capital Alliance to serve the needs of Blue Bird's customers, the Blue Bird Finance Advantage provides a comprehensive finance program, including: an easy application process; competitive loan rates; same day credit decisions for complete credit submissions up to $150,000; and terms specifically designed for this unique industry. Kevin J. Kenney, Business Development Officer, with over 15 years of transportation finance experience leads the program management team.
"Utilizing Network Capital Alliance's expertise enables us to create customized and flexible financing programs that fit each client's unique needs," said Jeff Drawdy, Leasing Manager for Blue Bird Financial Services. "The Blue Bird Finance Advantage provides a competitive and pro-business offering for every customer need and profile."
"We developed the Blue Bird Finance Advantage based upon our experience and familiarity with Blue Bird's distributors and customers," said Michael Paez, Division SVP for Network Capital Alliance. "This program is founded on Network's four principles of customer service - simple, fast, convenient, and competitive."
Based in Fort Valley, Georgia, Blue Bird Corporation continues to set industry standards with its innovative design and manufacturing of school buses, commercial buses and motor coaches. Founded in 1927, Blue Bird employs nearly 3,000 people in four facilities in three countries. For more information visit www.blue-bird.com.
Network Capital Alliance, a division of Sovereign Bank's Commercial Markets Group, is a national lender that has been providing financing of commercial vehicles and capital equipment for twenty years. Specializing in custom capital equipment and commercial vehicle finance programs, the group is comprised of seasoned industry professionals with an extensive background in the commercial and pupil transportation marketplace. Network was acquired by Sovereign Bank in 1999 and since then has grown to become a leader in the finance industry. Sovereign, one of the 20 largest commercial banks in the nation, offers a full array of financial solutions to support the needs of domestic and multinational corporations, as well as institutional and public sector clients.
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), headquartered in Philadelphia, Pennsylvania, is the parent company of Sovereign Bank, a $40 billion financial institution with approximately 525 community banking offices, nearly 1,000 ATMs and about 8,000 team members in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island. Sovereign Bank is one of the top 25 largest banking institutions in the United States. For more information on Sovereign Bank, visit www.sovereignbank.com or call 1-877-SOV-BANK.
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