-- (04/16/2003) Wilkes-Barre, PA -- Wilkes University officials today (April 15, 2003) announced the acceptance of a $3 million gift that will establish a new school of business and leadership, expanding and reshaping the university's business curriculum.

The funds will be used to create programs that serve a range of students from undergraduates to executives. The school will provide a strong core business education reinforced through the development of leadership skills and effective, ethical business practices. In addition, it will house a center for executive education to provide leadership development programs for business executives from throughout the region.

The gift was given by Jay Sidhu, a Wilkes trustee and 1973 graduate of the university's MBA program, and Sovereign Bank, the Reading-based financial institution he leads as chairman and CEO. It is the largest contribution from a Wilkes alumnus in the university¹s 70-year history.

In recognition of Sidhu¹s generosity and his accomplishments in business and leadership, the new school will be named the Jay Sidhu School of Business and Leadership. Sovereign Bank's portion of the gift, which is provided in honor of Sidhu's contributions to the success of the bank, will establish executive education programs at the university through the Sovereign Center for Executive Education. Sovereign also will provide loaned executives to assist in the creation and planning of the business programs.