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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 15, 1998
SOVEREIGN BANCORP, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 0-16533 23-2453088
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Ident. No.)
1130 Berkshire Boulevard, Wyomissing, Pennsylvania 19610
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (610) 320-8400
N/A
(Former name or former address, if changed since last report.)
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Item 5. Other Events.
The press release, dated April 15, 1998, of Sovereign
Bancorp, Inc., attached hereto as Exhibit 99.1 is incorporated
herein by reference.
Item 7. Financial Statements and Exhibits.
(a) Exhibits.
The following exhibit is filed herewith:
99.1 Press Release, dated April 15, 1998, of Sovereign
Bancorp, Inc.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
SOVEREIGN BANCORP, INC.
Dated: April 20, 1998
By/s/ Jay S. Sidhu
Jay S. Sidhu,
Chief Executive Officer
EXHIBIT 99.1
DENNIS MARLO
APPOINTED CHIEF FINANCIAL OFFICER
AT
SOVEREIGN BANCORP, INC.
GERHART RESIGNS FOR PERSONAL & FAMILY REASONS
WYOMISSING, PA...., Sovereign Bancorp, Inc. (NASDAQ/
NMS:SVRN), parent company of Sovereign Bank ("Sovereign" or the
"Company"), today announced the appointment of Dennis S. Marlo as
Chief Financial Officer and Treasurer, effective May 18, 1998.
He replaces Karl D. Gerhart, Sovereign's present Chief Financial
Officer who is leaving the Company on that date for personal and
family reasons.
Marlo presently serves as President of Sovereign Bank's
Pennsylvania, Delaware and South Jersey Region. Prior to joining
Sovereign, he was the President and Chief Executive Officer of ML
Bancorp, Inc. ("ML Bancorp"), a $2.3 billion bank holding company
and Main Line Bank, until its merger with Sovereign in February,
1998. During his tenure at ML Bancorp, Marlo, age 55, also
served as its Chief Financial Officer. He is a certified public
accountant and was a partner with KPMG Peat Marwick prior to
joining ML Bancorp.
Gerhart has been with Sovereign and its predecessors
for the past 23 years. "I am very saddened to see Karl leave
Sovereign, but respect his decision to devote more time at this
phase of his life to his family," said Jay S. Sidhu, Sovereign's
President and Chief Executive Officer. Sidhu and Gerhart have
worked together at Sovereign over the past 12 years.
"I am leaving Sovereign with very fond memories and
plan on remaining a significant Sovereign shareholder. In fact,
I intend to increase my holdings in Sovereign over the next few
months," Gerhart stated. "I know some folks may question my
intentions. I am leaving Sovereign solely for personal and
family reasons and stress that I do not have any disagreement
with Sovereign or any matter relating to Sovereign's operations,
policies, practices or prospects," Gerhart concluded.
Sovereign, after giving pro forma effect to two pending
transactions, is a $19.0 billion financial institution serving
Pennsylvania, New Jersey and Delaware with over 190 Community
Banking Offices. On Tuesday, April 14, 1998, Sovereign announced
that it expects its first quarter operating earnings, net of one-
time restructuring charges relating to its acquisition of ML
Bancorp, to be approximately $0.26 after the adjustment for
Sovereign's 6-for-5 stock split. Detailed financial results for
the first quarter of 1998 are expected to be released early next
week.
On Tuesday, April 14, 1998, Sovereign's common stock
closed at $22.1875 and its preferred stock closed at $157.75.
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