Sovereign Bancorp, Wyomissing, Pa., last week announced the execution of a definitive agreement to acquire $45 million-asset Colonial State Bank, Freehold, N.J.

The terms of the definitive agreement are consistent with the terms stated in the letter of intent signed by Sovereign and Colonial on March 2. These terms call for Sovereign to pay a total of approximately $6.25 million in cash to Colonial shareholders.

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