WYOMISSING, Pa. - Sovereign Bancorp said it has signed a definitive agreement to acquire Colonial State Bank for $6.25 million.

The acquisition of Colonial, a $45 million-asset bank based in Freehold, N.J., is expected to close by June 30. The transaction is subject to regulatory and shareholder approval.

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.