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1st Webbank Direct.com Announces Partnership with AAA North Jersey

4 December 2000

1st Webbank Direct.com Announces Partnership with AAA North Jersey

    NEWTOWN, Pa., Dec. 4 1st Webbank Direct.com, a division of
Sovereign Bancorp, Inc. , announces it has entered into an
affinity agreement with AAA North Jersey.  The agreement provides personalized
financial services to be delivered to over 430,000 members of AAA North Jersey
through a customized website.  The full-service "virtual" bank will offer
members the convenience of conducting transactions via the Internet,
telephone, ATM, or mail.
    "We are pleased to work with AAA North Jersey.  Our technology-based
financial services application enables AAA to provide members with a full
suite of banking services and further enhance the AAA relationship with
existing members and attract new ones," said Cliff Lavin, president of 1st
Webbank Direct.com.
    David Hughes, executive vice president of AAA North Jersey, said, "1st
Webbank Direct allows our members the opportunity to take advantage of a
customized banking service.  This will nicely round-out our offering of
automotive, travel, and financial services to current and prospective
members."
    1st Webbank Direct.com's unique e-Commerce strategy provides customers
with financial services, including real time transaction processing, an
integrated online bill payment feature and the ability to download statement
data into personal financial management applications.
    AAA North Jersey is a fully tax paying not-for-profit organization
headquartered in Wayne, NJ.  Serving over 430,000 members in Bergen, Hudson
and Passaic counties, AAA North Jersey has branch offices in Fair Lawn,
Oradell and Secaucus.  As the largest motoring organization in the United
States, all AAA clubs are united to serve its members nationwide, offering a
wide range of travel, financial and automotive related products and services.
    Sovereign Bancorp, Inc. ("Sovereign") , parent company of
Sovereign Bank, is a $35 billion financial institution with approximately
575 community banking offices and over 1,000 ATMs in Pennsylvania, Delaware,
New Jersey, Connecticut, New Hampshire, Rhode Island and Massachusetts.
Sovereign Bank is currently the third largest bank headquartered in
Pennsylvania.  For more information on Sovereign Bank, visit
http://www.sovereignbank.com or call 1-877-SOV-BANK.  For more information on 1st
Webbank Direct.com, visit http://www.1stwebbankdirect.com.