_________________________________________________________________
_________________________________________________________________

               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) February 6, 1997

                      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.)

_________________________________________________________________
_________________________________________________________________

Item 5.  Other Events.

     On February 6, 1997, Sovereign Bancorp, Inc. (the "Company")
and Bankers Corp ("Bankers Corp"), of Perth Amboy, New Jersey,
executed an Agreement and Plan of Merger (the "Agreement") for
the Company to acquire Bankers.  The terms of the Agreement are
more particularly described in the Company's press release, dated
February 6, 1997, attached hereto as Exhibit 99.1 and
incorporated herein by reference. 

Item 7.  Financial Statements and Exhibits.

     (a)  Exhibits.

          The following exhibit is filed herewith:

          99.1 Press Release, dated February 6, 1997, 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:  February 6, 1997

                              By/s/ Karl D. Gerhart              
                                   Karl D. Gerhart,
                                   Chief Financial Officer

                          EXHIBIT INDEX

Exhibit Number

     99.1 Press Release, dated February 6, 1997,
          of Sovereign Bancorp, Inc.