PHILADELPHIA — Sovereign Bancorp posted second quarter earnings before special charges of $77.1 million — a 35 percent over last year’s second quarter earnings.
Excluding special charges, the bank earned $77.1 million, or 29 cents per share, compared with $57.3 million, or 29 cents per share, in the year-ago period.
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Including special charges, the bank posted net income of $30.2 million, or 12 cents per diluted share. In the year-ago period, the bank lost $48.7 million, or 22 cents per diluted share. During that time, the bank posted $90.1 million in merger-related charges.
Earlier this week, Sovereign announced it had agreed to acquire Reading, Penn.-based Main Street Bancorp, Inc. for $170 million in stock and cash. Sovereign expects the deal to close in the first quarter of next year. Upon closure of the deal, Sovereign says it will gain $1.3 billion in customer deposits and $850 million in loans.
According to its second quarter report, Sovereign Bancorp has some $34.39 billion in assets, compared to $35.86 billion in the year-ago period.
