The deal is worth about $3.81 per share in stock, a premium of 3.5 percent to the stock's closing price Monday.
Sovereign Bancorp, pummeled by rising mortgage delinquencies, has seen its stock lose nearly two-thirds of its value in the year to date.
The deal is worth about $3.81 per share in stock, a premium of 3.5 percent to the stock's closing price Monday.
Sovereign Bancorp, pummeled by rising mortgage delinquencies, has seen its stock lose nearly two-thirds of its value in the year to date.