Sovereign Bank bounces back from a near-death experience

Sovereign Bank, my new bank, bounced back strongly today, erasing a hefty chunk of its 72% drop on Monday. I went to bed Monday evening believing that there was a 50% chance that the FDIC would "save" them by morning. Instead, the bank appointed a new CEO and somehow that convinced people to have a little more faith. Or at least it convinced some analysts to say that the 72% drop was overdone.

Coincidentally, I transferred some cash from Fidelity to my new Sovereign account so that I would have enough cash at Sovereign to qualify for a hefty new account bonus in 90 days. I'll put the cash in a Sovereign Money Market Account and actually earn more than my cash was earning at Fidelity, and get FDIC protection to boot.

-- Jack Krupansky