North Beverly Bank to Change Name, Sign Thursday

Sovereign Bank, will change its name to Santander Bank on Thursday.

The bank has a location in North Beverly at 587 Cabot St, across from the North Beverly fire station. The sign at the Beverly location will be changed by the time the bank opens at 9 a.m. on Thursday, said Molly Dolan, a bank spokeswoman.

The bank's U.S. headquarters are in Boston and there are 700 branches nationwide, mostly in Connecticut, Delaware, Maryland, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island in addition to Massachusetts. The new logo is depicted by a red flame with the initial “S” in Santander.

Santander is the third largest bank in Massachusetts and one of the top 25 largest banks, by deposits, in the United States. will change its name to October 17, 2013.

The name change, which was announced in July, comes from its parent company, Santander Holdings USA.

An event commemorating the change will take place at the bank’s 1 Beacon St. branch in Boston on Thursday with remarks by bank officials, local dignitaries, community leaders and customers inside the branch. The bank said that new customer initiatives will be announced at the event.