WYOMISSING, Pa. - Sovereign Bancorp has agreed to acquire Freehold, N.J.-based Colonial State Bank for $6.25 million in cash.

Colonial is a $45 million-asset state bank with one office. The transaction is expected to be accretive to Sovereign's earnings within one year.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.