EXHIBIT 99.1

                                        NEWS
                                        RELEASE

FOR IMMEDIATE RELEASE
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                  JAINDL RESIGNS FROM SOVEREIGN

     Fred J. Jaindl today announced that he had resigned as
Chairman and as a director of Sovereign Bancorp, Inc.  Mr. Jaindl
issued the following statement:  "After considerable
deliberation, I have concluded that it is not possible to
reconcile fundamental differences between my views and those of
Sovereign's senior management and other directors regarding
maximization of shareholder value, corporate governance and the
company's strategic direction.  In these circumstances, I believe
that it is appropriate to resign as Chairman and as a director."