Independence Community to redeem $250 million 3.75% notes due 2014

By Melissa Kory

Cleveland, Dec. 2 - The Independence Community Bank Corp. - now Sovereign Bank - announced that it will redeem its $250 million of 3.75% fixed-to-floating notes due April 1, 2014.

The notes will be redeemed on Jan. 1 at par plus accrued interest to the redemption date.

Bank of New York Mellon is the redemption agent.

Sovereign Bank is a Philadelphia-based federal savings bank and subsidiary of Sovereign Bancorp.

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