Sovereign Expects Second Quarter EPS of $0.30
PHILADELPHIA--(BUSINESS WIRE)--July 22, 1999--Sovereign Bancorp, Inc. ("Sovereign") (NASDAQ/NMS:SVRN) today announced that it expects its earnings per share for the second quarter of 1999 to be approximately $0.30, exceeding consensus analyst estimates.
Commercial loan growth continues to be strong during the quarter, as Sovereign expands its role as a business banking leader in the strong economic region of Eastern Pennsylvania and New Jersey. Strong originations coupled with lower deposit costs are helping to contribute to Sovereign's accelerated revenue and earnings growth.
Sovereign's detailed earnings for the quarter will be released at the close of business on Monday, July 26, 1999. Sovereign is a $24 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, Thursday, July 22, 1999, was $12.125 per share. |
