Santander Holdings USA, Inc 8-K, filed Dec 20, 2023
Santander Holdings USA, Inc. (SNUS-PH)
8-K
2023-12-20
For: 2023-12-20
View Original
Added on
August 21, 2026
About this 8-K
Santander Holdings USA, Inc filed this 8-K on December 20, 2023.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 20, 2023
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Item 8.01 Other Events
On December 20, 2023, Santander Holdings USA, Inc. (the “Company”) announced that its subsidiary SBNA Investor LLC, which is directly owned by Santander Bank, N.A., has entered into a joint venture with the Federal Deposit Insurance Corporation under which SBNA Investor LLC acquired a 20% interest in approximately $9 billion of multifamily real estate assets, and will manage the joint venture and cause the portfolio to be serviced by Santander Bank, N.A. A copy of the press release is filed as Exhibit 99.1 to this Form 8-K and incorporated by reference for purposes of this Section 8.01.
Cautionary Statement Regarding Forward-Looking Statements
This filing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, or future events are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “looking forward,” “would,” “hopes,” “assumes,” “estimates,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends,” and similar words or phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date on which the statements are made, these statements are not guarantees of future performance and involve risks and uncertainties that are subject to change based on various important factors and assumptions, some of which are beyond our control. Among the factors that could cause actual results to differ from those reflected in forward-looking statements include, without limitation, the risk of any unexpected costs or expenses resulting from the acquisition, the risk of loss of customers, employees or business as a result of the acquisition, risks relating to the ongoing operation of the business following the completion of the transaction, and the risks and uncertainties described in our filings with securities regulators. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this filing. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our expectations, objectives or plans will be achieved in the timeframe anticipated or at all. Readers are cautioned not to place undue reliance on our forward-looking statements, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Any forward-looking statements only speak as of the date of this filing, and we undertake no obligation to update any forward-looking information or statements, whether written or oral, to reflect any change, except as required by law. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover page formatted as Inline XBRL and contained in Exhibit 101 | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 20, 2023 | SANTANDER HOLDINGS USA, INC. By:/s/ Gerard A. Chamberlain Name: Gerard A. Chamberlain Title: Senior Deputy General Counsel and Executive Vice President | ||||
Santander Closes on Transaction with the FDIC to Service Signature Bank's Multifamily Real Estate Assets
•Santander to acquire a 20% equity stake in a joint venture to service a $9 billion multifamily portfolio.
•FDIC partnership builds on Santander's deep expertise and scale in the multifamily sector.
BOSTON – Dec. 20, 2023 – Santander Bank, N.A. ("Santander" or "the Bank") today announced that it has closed a transaction with the Federal Deposit Insurance Corporation (FDIC) to participate in a joint venture that consists of a $9 billion portfolio of New York based multifamily real estate assets retained by the FDIC following the failure of Signature Bank. The Bank acquired a 20 percent equity stake of the joint venture for $1.1 billion at an attractive basis and will service 100 percent of the assets in the portfolio.
"This transaction underscores our strength and scale, leveraging our considerable expertise in the sector," said Ana Botín, Banco Santander executive chair. "We are a major participant in the U.S. multifamily space and this transaction plays to our strengths."
The Bank has a $13.5 billion multifamily real estate portfolio, is a leading multifamily bank real estate lender in the United States and holds an Outstanding Community Reinvestment Act (“CRA”) rating.
"Santander US is a top-ten multifamily bank real estate servicer and lender and this transaction will leverage that industry expertise while also deepening our franchise in the New York metro market," said Tim Wennes, Santander US country head and Santander Bank president and CEO.
The U.S. remains a strategic market for Banco Santander, as demonstrated by this transaction. The portfolio of loans in the joint venture consists of three pools of rent-controlled and rent-stabilized multifamily loans. The transaction will be accretive starting in 2024 and consume approximately two basis points of Santander Group CET1, to be paid back within three years.
Santander was advised in this transaction by Wachtell, Lipton, Rosen & Katz, Davis Polk, and Chain Bridge Partners.
About Santander US
Santander Holdings USA, Inc. (SHUSA) is a wholly owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) (Santander), a global banking group with 166 million customers in the U.S., Europe and Latin America. As the intermediate holding company for Santander’s U.S. businesses, SHUSA is the parent company of financial companies with approximately 13,700 employees, 4.5 million customers, and $168 billion in assets, as of December 2022. These include Santander Bank, N.A., Santander Consumer USA Holdings Inc., Banco Santander International, Santander Securities LLC, Santander US Capital Markets LLC and several other subsidiaries. Santander US is recognized as a top 10 auto lender, a top 10 multifamily bank lender, and has a growing wealth management business. For more information about Santander US, please visit www.santanderus.com.
About Santander Bank, N.A.
Santander Bank, N.A. is one of the country’s largest retail and commercial banks with $99 billion in assets. With its corporate offices in Boston, the Bank’s nearly 9,000 employees and more than 2 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a wholly owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN) – one of the most respected banking groups in the world with 161 million customers in the U.S., Europe, and Latin America. It is overseen by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. For more information on Santander Bank, please visit www.santanderbank.com.
Media Contacts:
Laura Burke
Laura.Burke@santander.us
Andrew Simonelli
Andrew.Simonelli@santander.us
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