Some interesting stories at the English version of The Buenos Aires Herald including this from Cardinal Dolan:

"The new pope told the 114 cardinals who elected him that he had chosen the name Francis in honour of St. Francis of Assisi, who is known in Catholicism as "the little poor one" because he renounced earthly goods.

There had been some speculation that since Bergoglio is a member of the Jesuit religious order, he may have chosen the name in honour of St. Francis Xavier, one of the first Jesuits.

"He quickly clarified that," Dolan said."