BOSTON (CBS) – Boston is about to become the headquarters of a big American bank once again.

Sovereign Bank is moving to the city from Pennsylvania, according to the Boston Globe.

Just how that will affect its 8,500 workers is still unclear.

But Paul Guzzi, the President of the Greater Boston Chamber of Commerce told WBZ NewsRadio 1030 he is thrilled.

“Any time a company or a bank declares that it’s going to have its corporate headquarters in our region, it’s good for everybody. It’s good for the city, it’s good for employees, good for future growth and it also says something about Boston and our region being a very good place to do business and, in particular, a very good place for a financial services institution.”

Sovereign will be the largest retail bank based in Boston, with almost $77 billion in assets.

Boston hasn’t been the home to a major bank’s headquarters since Fleet was acquired by Bank of America seven years ago.