EXHIBIT 17

                        Sovereign Bancorp

Frederick J. Jaindl
Chairman of the Board

                                                  April 24, 1995

Board of Directors
Sovereign Bancorp, Inc.
1130 Berkshire Boulevard
Wyomissing, Pennsylvania  19610

Dear Gentlemen:

     Please be advised that I am resigning as Chairman and as a
director of Sovereign Bancorp, Inc. effective immediately.

     Although I am honored to have had the opportunity to serve
the Sovereign shareholders for seven years, I regret that I have
no choice but to resign at this time.  The reasons for my
resignation include:

     -    unreconcilable differences with Mr. Sidhu and other
          directors relating to what I perceive as good corporate
          governance, including the independence of directors
          from management

     -    differences with Mr. Sidhu and other directors
          regarding the risk profile of Sovereign, including the
          proper level of tangible capital, interest rate
          sensitivity and use of derivatives 

     -    what I perceive to be an unwillingness of Mr. Sidhu and
          other directors to pursue seriously an affiliation with
          a larger institution, or to explore seriously
          alternative strategic directions with investment
          bankers

     -    the ineradicable sense of mistrust and hostility
          resulting from senior management's unprecedented
          lawsuit against me and two fellow directors

     For some time, I had clung to a hope that these differences
could be resolved.  Recent developments, however, have convinced
me that a resolution is beyond accomplishment.  I was
particularly distressed that all but one of the other directors
opposed the nomination of Mr. Haberberger, which not only
violated the Memorandum of Understanding, the purported framework
for a reconciliation, but deprived Sovereign of a highly capable
and independent director.

     So that there can be no question, this letter constitutes a
description of a disagreement with registrant (Sovereign) on
matters relating to registrant's operations, policies and within
the meaning of Item 6 of Form 8-K, and I hereby request that the
matter be disclosed.

     I wish the best of luck to all shareholders of Sovereign.

                              Sincerely yours,



                              /s/ Fred J. Jaindl