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Non-Tech : Sovereign Bancorp ( SVRN )

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To: William A. Eydler who wrote ()	10/11/1999 9:48:00 PM
From: Paul Lee	of 143

Sovereign Expects Third Quarter Earnings to be Higher Than Analyst Expectations PHILADELPHIA--(BUSINESS WIRE)--Oct. 11, 1999--Sovereign Bancorp, Inc. ("Sovereign")(NASDAQ/NMS:SVRN) today announced that it expects its earnings per share for the third quarter of 1999 to be approximately $0.31, exceeding consensus analyst estimates by about 3% and about 15% over operating EPS during third quarter 1998. Earnings for the quarter were fueled by strong commercial and consumer loan growth and solid core non-interest income. In addition, the two acquisitions that closed in June, 1999 (Network Companies and Peoples Bancorp, Inc.) were fully integrated during the quarter and earnings results from the acquisitions were ahead of plans. 1st WebbankDirect.com, Sovereign's wholly-owned Internet banking division, also announced today that its activities are on plan and expect to sign two significant affinity relationships over the next 30 days. Sovereign's detailed earnings for the quarter will be released at the close of business on Monday, October 18, 1999.

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