Sovereign bid approved by S&L shareholders.

EASTON, Pa. -- Sovereign Bancorp said its proposed $33 million acquisition of Valley Federal Savings and Loan Association has been approved by the thrift's shareholders.

Sovereign said it expects to close the deal Friday and projects that this combination should increase its earnings per share by early 1994.

Sovereign also anticipated that Valley Federal's chairman and chief executive, Joseph M. Conroy, will join Sovereign as a director and serve as chairman of the local Valley Federal Advisory Board.

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