Sovereign Bancorp of Wyomissing, Pa., said this week that it plans to acquire Carnegie Bancorp of Princeton, N.J., for about $94 million in stock-or 2.82 times Carnegie's book value.

Sovereign, with $17.4 billion of assets, would exchange between 1.614 and 1.972 shares of stock for each share of Carnegie stock, depending on the value of Carnegie stock when the sale is completed. The deal is expected to close in the second quarter.

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