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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) October 22, 1996

                      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 of Sovereign Bancorp, Inc., dated
October 22, 1996, is attached as Exhibit 99 hereto and is
incorporated herein by reference.

Item 7.  Financial Statements and Exhibits.

     (a)  Exhibits.

          The following exhibits are filed herewith:

          99   Press Release, dated October 22, 1996, of
               Sovereign Bancorp, Inc.

                           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:  October 30, 1996

                              By/s/ Mark R. McCollom             
                                   Mark R. McCollom
                                   Chief Accounting Officer

                          EXHIBIT INDEX

Exhibit Number

     99   Press Release, dated October 22, 1996,
          of Sovereign Bancorp, Inc.