Exhibit 99.2

Sovereign Bancorp                                     News Release

FOR IMMEDIATE RELEASE CONTACT:

April 12, 1999
       Dennis S. Marlo    (610) 320-8437 Dmarlo@Sovereignbank.com
       Mark R. McCollom   (610) 208-6426 Mmccollo@Sovereignbank.com
       Linda Hagginbothom (610) 320-8498 Linda@Sovereignbank.com
       Sovereign Website                 Sovereignbank.com

         Corporate Headquarters:  2000 Market Street, Philadelphia, PA

            SOVEREIGN EXPECTS FIRST QUARTER OPERATING EPS OF $0.28

      PHILADELPHIA, PA.....Sovereign Bancorp, Inc. ("Sovereign")
(NASDAQ/NMS:SVRN) today announced that it expects its operating
earnings per share ("EPS") for the first quarter of 1999 to be
approximately $0.28, in line with consensus analyst estimates. 

            The transition of the balance sheet is progressing
      rapidly with commercial and consumer loan originations
      approximating $1.0 billion combined for the first quarter. 
      These factors, coupled with lower deposit costs, are helping
      to contribute to Sovereign's accelerated earnings.

      Sovereign's detailed earnings for the quarter will be
released on Tuesday, April 20, 1999.  Sovereign last week had
announced a 10% stock repurchase program to take advantage of
weak stock prices in this environment.  Sovereign is a pro forma
$23.4 billion bank holding company with over 300 Community
Banking Offices operating in eastern Pennsylvania, northern
Delaware, and New Jersey.  The third largest bank headquartered
in Pennsylvania, Sovereign's closing price of its common stock,
Friday, April 9, 1999, was $13.8750 per share.

                                 - THE END - 

Note:
This presentation contains estimates of future operating results
for 1999 and beyond for Sovereign Bancorp, Inc. as well as
estimates of financial condition, operating efficiencies and
revenue creation.  These estimates constitute forward-looking
statements (within the meaning of the Private Securities
Litigation Reform Act of 1995), which involve significant risks
and uncertainties.  Actual results may differ materially from the
results discussed in these forward-looking statements.  Factors
that might cause such a difference include, but are not limited
to, general economic conditions, changes in interest rates,
deposit flows, loan demand, real estate values and competition;
changes in accounting principles, policies, or guidelines;
changes in legislation or regulation; and other economic,
competitive, governmental, regulatory, and technological factors 
<PAGE 1> affecting the Company's operations, pricing, products
and services.  <PAGE 2>