Sovereign Bancorp said Friday that it has agreed to acquire ML Bancorp, Villanova, Pa., for $345 million-about two times book value.

Sovereign would exchange 1.67 shares of its stock for each share of ML, which has $2.2 billion of assets and is the parent of Main Line Bank. Main Line has 29 branches in the Philadelphia area.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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