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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 14, 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 14, 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 14, 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/ Karl D. Gerhart
Karl D. Gerhart,
Chief Financial Officer
EXHIBIT 99.1
FOR IMMEDIATE RELEASE CONTACT:
Karl D. Gerhart (610) 320-8437
Mark R. McCollom (610) 208-6426
Linda Hagginbothom (610) 320-8498
SOVEREIGN EXPECTS
1ST QUARTER INCOME UP 25%
WYOMISSING, PA....Sovereign Bancorp, Inc. ("Sovereign")
(NASDAQ/NMS:SVRN). Jay S. Sidhu, President and Chief Executive
Officer of Sovereign, today indicated that Sovereign expects its
net income for the first quarter of 1998, excluding one-time
acquisition related charges related to its acquisition of ML
Bancorp, Inc., to be approximately $38.7 million, up 26% over
first quarter 1997. Diluted Earnings Per Share ("EPS"),
excluding the one-time acquisition related charges, are expected
to be about $0.26 per share, or an increase of approximately 22%
from the first quarter of 1997. Prior to the adjustment for the
6-for-5 stock split, payable on April 15, 1998, EPS would be
$0.31 per share. These numbers are consistent with the consensus
of analyst estimates.
Sovereign's full earnings release will be issued early next
week. Sovereign is a proforma $19.0 billion holding company
based in Wyomissing, Pennsylvania and is third largest financial
institution headquartered in Pennsylvania with proforma 190
Community Banking Offices operating in eastern Pennsylvania,
northern Delaware and New Jersey. Today, Tuesday, April 14,
1998, Sovereign's common stock closed at $22.1875 and its
preferred stock closed at $157.75.
-THE END-
