Exhibit 99.3

Sovereign Bancorp

News Release

FOR IMMEDIATE RELEASE

April 13, 1999

Contact:

Dennis S. Marlo          (610) 320-8437 Dmarlo@sovereignbank.com
Mark R. McCollom         (610) 208-6426 Mmccollo@sovereignbank.com
Linda A. Hagginbothom    (610) 320-9498 Linda@Sovereignbank.com
Sovereign Website                       Sovereignbank.com

   Corporate Headquarters: 2000 Market Street, Philadelphia, PA


                      SOVEREIGN INTRODUCES

                    INTERNET BANK INITIATIVES

          PHILADELPHIA, PA ... Sovereign Bancorp, Inc.
("Sovereign") (NASDAQ/NMS:SVRN) parent company of Sovereign Bank
announced today that its executive management team met with sell
side investment analysts in New York City, to discuss results by
each line of business and Sovereign's technology initiatives that
included plans for forming a separate Internet Bank.  The
presentation summarized Sovereign's virtual bank business model,
which has been in development over the last six months.  The
company discussed a strategic alliance with FISERV, one of the
nation's leading technology companies; its strategy to serve the
expanding number of web users: creative marketing alliance
strategy: and critical components the company believes are
necessary for the success of this venture.  Sovereign's President
and Chief Executive Officer, Jay S. Sidhu, commented, "We believe
that e-commerce is very critical to the longterm success of
Sovereign and the banking industry.  Companies that do not
embrace and invest in this paradigm shift will find themselves at
a competitive disadvantage or possibly even become extinct in
just a few years.  This web-enabled, low-cost delivery channel
will enable Sovereign to gain experience in this field and
possibly become one of the leaders in e-commerce or in banking,"
Sidhu commented.  "We also have offered web banking to existing
Sovereign customers for some months now and are opening about 700
new online accounts each week.  This Internet bank initiative
will seek new customers outside of Sovereign's existing
geographic market,"  Sidhu continued.

          Strategic objectives of the Internet bank include the
eventual generation of bottom line value for Sovereign through
increased sales revenue.  "We would not be undertaking this
investment if we did not feel very strongly that this will create 
<PAGE 1> sustainable, long-term value for our shareholders,"
stated Dennis S . Marlo, Sovereign's Chief Financial Officer. 
"This Internet bank will continue to be operated under the same
four critical success factors that have guided Sovereign over the
years - superior asset quality, low interest rate risk, high
productivity and emphasis on sales and service quality and the
growth of team members." continued Marlo.

          Also, by adding this method of banking, Sovereign can
gain a valuable e-commerce advantage, Sovereign plans to align
this Internet bank with customer affinity groups such as
universities, employers and retail outlets.  "Based upon recent
demographic data obtained on Internet users, we believe that
excellent opportunities exist to market banking services on the
web," stated Sidhu.  "The typical internet user profile is very
similar with Sovereign's existing customer base.  We also see a
very high potential to create affinity banking relationships for
this Internet bank, to some degree similar to what the national
credit card companies have successfully developed over the past
few years,"  continued Sidhu.

          The critical components of the Internet bank include an
entrepreneurial, incentive-driven team, real time, low cost
digital service to targeted customer groups, and a low cost,
simple to operate, menu of a few banking and investment products,
such as transaction accounts, bill paying services, investment
accounts and brokerage services. "We believe it is important to
offer a streamline package of products that are reliable and easy
to use," stated Sidhu.  "Many other companies are limited from
utilizing state of the art technology because their products are
still serviced through legacy systems.  By aligning ourselves
with FISERV, we are able to take advantage of the latest
technology and FISERV's relationships with Security First
Technology and Checkthree to give us a head start into banking
e-commerce," Sidhu continued.

          Sovereign plans to roll out the Internet bank during
the third or fourth quarter of 1999.  Coupled with Sovereign's
recent announcement of a stock repurchase program, Sovereign
believes the Internet Bank initiative will not result in any
material earnings per share dilution for 1999.

          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 stock price, Tuesday, April 13,1999, was $17.5000 per
share.

                            -THE END-



Note:
  <PAGE 2>
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
affecting the Company's operations, pricing, products and
services.  <PAGE 3>