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<P align="right"><FONT size="2">As filed with the Securities and Exchange Commission on February&nbsp;13, 2004.
</FONT>


<P align="right"><FONT size="2">Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>


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<P align="center"><FONT size="4"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT>

<DIV align="center"><FONT size="3"><B>Washington, D.C. 20549</B>
</FONT></DIV>


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<P align="center"><FONT size="5"><B>FORM S-8</B></FONT>

<DIV align="center"><FONT size="2">REGISTRATION STATEMENT<br>
UNDER<br>
THE SECURITIES ACT OF 1933
</FONT>
</DIV>


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<P align="center"><FONT size="6"><B>SOVEREIGN BANCORP, INC.</B></FONT>

<DIV align="center"><FONT size="2"><HR size="1" noshade width="65%" align="center">
(Exact name of Registrant as specified in its charter)
</FONT>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%">
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Pennsylvania</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
23-2453088</FONT></TD>
</TR>
<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(I.R.S. Employer Identification<BR>
Number)</FONT></TD>
</TR>
</TABLE>
</DIV>


<P align="center"><FONT size="2">First Essex Bancorp, Inc. 1987 Stock Option Plan<BR><BR>
First Essex Bancorp, Inc. 1997 Stock Incentive Plan<BR><BR>
First Essex Bancorp, Inc. 2002 Stock Incentive Plan
</FONT>

<DIV align="center"><FONT size="2"><HR size="1" noshade width="65%" align="center">
(Full title of Plans)
</FONT>
</DIV>


<P align="center"><FONT size="2">Sovereign Bancorp, Inc.<BR>
1500 Market Street<BR>
Philadelphia, Pennsylvania 19102<BR>
(215)&nbsp;557-4630
</FONT>

<DIV align="center"><FONT size="2"><HR size="1" noshade width="85%" align="center">
(Address, including zip code, and telephone number, including<BR>
area code, of Registrant&#146;s principal executive offices)
</FONT>
</DIV>


<P align="center"><FONT size="2">David A. Silverman, Esquire<BR>
General Counsel<BR>
Sovereign Bancorp, Inc.<BR>
1130 Berkshire Boulevard<BR>
Wyomissing, Pennsylvania 19610<BR>
(610)&nbsp;320-8400
</FONT>

<DIV align="center"><FONT size="2"><HR size="1" noshade width="65%" align="center">
(Name, address, including zip code, and telephone<BR>
number, including area code, of agent for service)
</FONT>
</DIV>



<P align="center"><FONT size="2">1
</FONT>

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<P align="center"><FONT size="2">Copies to:
</FONT>


<P align="center"><FONT size="2">David W. Swartz, Esquire<BR>
Stevens &#038; Lee, P.C.<BR>
111 North Sixth Street<BR>
P.O. Box 679<BR>
Reading, Pennsylvania 19603-0679<BR>
(610)&nbsp;478-2184
</FONT>


<P align="center"><HR size="1" noshade width="45%" align="center">


<P align="center"><FONT size="2">CALCULATION OF REGISTRATION FEE
</FONT>


<P align="center"><HR size="1" noshade width="65%" align="center">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Title of each Class</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>of Securities to</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount to be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered (1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>per Share</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Fee</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock, no
par value</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">326,673 </FONT></TD>
    <TD nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">23.11</FONT></TD>
    <TD nowrap><FONT size="2">(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">7,549,413.03</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">956.52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</DIV>


<P align="center"><HR size="1" noshade width="65%" align="center">


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Pursuant to Rule&nbsp;416, this Registration Statement covers, in addition to the number of shares stated herein, an
indeterminate number of shares which may be subject to grant or otherwise issuable by reason of stock splits, stock
dividends, or similar transactions.
</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Represents shares of the common stock of the Registrant issuable upon exercise of outstanding stock options previously
granted by First Essex Bancorp, Inc. (&#147;First Essex&#148;) pursuant to the First Essex Bancorp, Inc. 1987 Stock Option Plan, the
First Essex Bancorp, Inc. 1997 Stock Incentive Plan, and the First Essex Bancorp, Inc. 2002 Stock Incentive Plan, which
plans and options were assumed by the Registrant in connection with the merger contemplated by the Agreement and Plan of
Merger, dated as of June&nbsp;12, 2003, among Registrant, Sovereign Merger Sub, Inc., and First Essex.
</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Estimated pursuant to Rule 457(c) and (h)(1) solely for the purpose of calculating the amount of the registration fee
based upon the average of the high and low prices for a share of the Registrant&#146;s common stock on February&nbsp;12, 2004.
</FONT></TD>
</TR>

</TABLE>



<P>
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<P align="center"><FONT size="2">Explanatory Note
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;6, 2004, Registrant acquired all of the outstanding capital
stock of First Essex as the result of the merger of First Essex and a wholly
owned subsidiary of Registrant. In connection with the merger, certain options
previously granted under the First Essex Bancorp, Inc. 1987 Stock Option Plan,
the First Essex Bancorp, Inc. 1997 Stock Incentive Plan, and the First Essex
Bancorp, Inc. 2002 Stock Incentive Plan, which were exercisable to purchase
First Essex common stock, were assumed by Registrant and are now exercisable to
purchase Registrant&#146;s common stock. This Registration Statement is being filed
with respect to the shares of Registrant&#146;s common stock so purchasable under
options outstanding under the First Essex Bancorp, Inc. 1987 Stock Option Plan,
the First Essex Bancorp, Inc. 1997 Stock Incentive Plan, and the First Essex
Bancorp, Inc. 2002 Stock Incentive Plan.
</FONT>



<P align="center"><FONT size="2">2
</FONT>

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<!-- link1 "PART II" -->

<P align="center"><FONT size="2">PART II
</FONT>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->

<P align="left"><FONT size="2">Item&nbsp;3. Incorporation of Documents by Reference.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Registration Statement, &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to Sovereign
Bancorp, Inc.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Securities and Exchange Commission
(the &#147;SEC&#148;) are incorporated by reference in this Registration Statement and
made a part hereof:
</FONT>


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2">(a)</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">our Annual Report on Form 10-K for the fiscal year ended December&nbsp;31,
2002;
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2">(b)</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">our Quarterly Reports on Form 10-Q for the fiscal quarter ended March&nbsp;31,
2003, June&nbsp;30, 2003, and September&nbsp;30, 2003;
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2">(c)</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">our Current Reports on Form 8-K filed with the SEC on January&nbsp;22, 2003,
February&nbsp;26, 2003, March&nbsp;7, 2003, June&nbsp;18, 2003, August&nbsp;20, 2003 and
January&nbsp;28, 2004;
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2">(d)</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">our Registration Statement on Form 8-A, filed with the SEC on July&nbsp;3,
2001, pursuant to which we registered our common stock under the
Securities Exchange Act of 1934, and any amendments or reports filed for
the purpose of updating such registration statement;
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2">(e)</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">our Registration Statement on Form 8-A, filed with the SEC on July&nbsp;3,
2001, pursuant to which we registered certain stock purchase rights under
the Securities Exchange Act of 1934, and any amendments or reports filed
for the purpose of updating such registration statement; and
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2">(f)</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">all other documents filed by us after the date of this Registration
Statement under Section&nbsp;13(a), 13(c),14, and 15(d) of the Securities
Exchange Act of 1934, prior to the filing of a post-effective amendment to
the Registration Statement which indicates that all securities offered
have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference in this Registration
Statement and part of this Registration Statement from the date of filing
of such documents.
</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Item&nbsp;4. Description of Securities." -->

<P align="left"><FONT size="2">Item&nbsp;4. Description of Securities.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>

<!-- link2 "Item&nbsp;5. Interest of Named Experts and Counsel." -->

<P align="left"><FONT size="2">Item&nbsp;5. Interest of Named Experts and Counsel.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>

<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->

<P align="left"><FONT size="2">Item&nbsp;6. Indemnification of Directors and Officers.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania law provides that a Pennsylvania corporation may indemnify
directors, officers, employees and agents of the corporation against
liabilities they may incur in such capacities for any action taken or any
failure to act, whether or not the corporation would have the power to
indemnify the person under any provision of law, unless such action or failure
to act is determined by a court to have constituted recklessness or willful
misconduct. Pennsylvania law also permits the adoption of a bylaw amendment,
approved by shareholders, providing for the elimination of a director&#146;s
liability for monetary damages for any action taken or any failure to take any
action unless (1)&nbsp;the director has breached or failed to perform the duties of
his office and (2)&nbsp;the breach or failure to perform constitutes self-dealing,
willful misconduct or recklessness.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide for (1)&nbsp;indemnification of our directors, officers,
employees and agents and (2)&nbsp;the elimination of a director&#146;s liability for
monetary damages, to the fullest extent permitted by Pennsylvania law.
</FONT>



<P align="center"><FONT size="2">3
</FONT>

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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors and officers are also insured against certain liabilities for
their actions, as such, by an insurance policy obtained by us.
</FONT>

<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed." -->

<P align="left"><FONT size="2">Item&nbsp;7. Exemption from Registration Claimed.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</FONT>

<!-- link2 "Item&nbsp;8. Exhibits" -->

<P align="left"><FONT size="2">Item&nbsp;8. Exhibits
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">3.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Amended and Restated provisions of Articles of Incorporation of Sovereign
Bancorp, Inc. (Incorporated by reference to Exhibit&nbsp;3.1 to Sovereign&#146;s
Registration Statement on Form&nbsp;S-3, No.&nbsp;333-86961-01.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">3.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Bylaws of Sovereign Bancorp, Inc. (Incorporated by reference to Exhibit
3.2 to Sovereign&#146;s Quarterly Report on Form&nbsp;10-Q for the quarter ended
September&nbsp;30, 2002.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Amended and Restated Rights Agreement, dated as of June&nbsp;21, 2001, between
Sovereign Bancorp, Inc. and Mellon Investor Services. (Incorporated by
reference to Exhibit&nbsp;4.1 to Sovereign Bancorp&#146;s Current Report on Form
8-K/A No.&nbsp;2 filed July&nbsp;3, 2001.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion and consent of Stevens &#038; Lee.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">10.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
First Essex Bancorp, Inc. 1987 Stock Option Plan. (Incorporated by
reference to Appendix&nbsp;B to the prospectus included in First Essex Bancorp,
Inc.&#146;s Registration Statement on Form&nbsp;S-8, No.&nbsp;333-35057.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">10.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
First Essex Bancorp, Inc. 1997 Stock Incentive Plan. (Incorporated by
reference to First Essex Bancorp, Inc.&#146;s Registration Statement on Form
S-8, No.&nbsp;333-101468.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">10.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
First Essex Bancorp, Inc. 2002 Stock Incentive Plan. (Incorporated by
reference to First Essex Bancorp, Inc.&#146;s Registration Statement on Form
S-8 No.&nbsp;33-21292 on Form&nbsp;S-8.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young LLP.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Stevens &#038; Lee, P.C. (Included in Exhibit&nbsp;5.1.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Powers of Attorney of Directors and Officers. (Included on signature page.)</FONT></TD>
</TR>
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings" -->

<P align="left"><FONT size="2">Item&nbsp;9. Undertakings
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the
estimated maximum
</FONT>



<P align="center"><FONT size="2">4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
registration statement.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply
if the information required to be included in a post-effective amendment by
these paragraphs is contained in periodic reports filed by the registrant
pursuant to Section&nbsp;13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in the registration statement.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. That for the purpose of determining any liability under the Securities
Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant&#146;s annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant, the registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the
payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.
</FONT>



<P align="center"><FONT size="2">5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- link1 "SIGNATURES" -->

<P align="center"><FONT size="2">SIGNATURES
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and that it has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the Borough of Wyomissing, Commonwealth of Pennsylvania, on
January&nbsp;21, 2004.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2">SOVEREIGN BANCORP, INC.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ Jay S. Sidhu</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Jay S. Sidhu,</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
</DIV>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Jay S. Sidhu, James D. Hogan, Lawrence M.
Thompson, Jr. or Joseph M. Harenza, and each of them, his true and lawful
attorney-in-fact, as agent with full power of substitution and resubstitution
of him and in his name, place and stead, in any and all capacity, to sign any
or all amendments to this Registration Statement and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto such attorney-in-fact and
agent full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully and to
all intents and purposes as they might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents, or their substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Jay S. Sidhu
<HR size="1" noshade>
Jay S. Sidhu</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chairman of the
Board, President, Chief
Executive Officer
and Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January&nbsp;21, 2004</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ P. Michael Ehlerman
<HR size="1" noshade>
P. Michael Ehlerman</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January&nbsp;21, 2004</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Brian Hard
<HR size="1" noshade>
Brian Hard</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January&nbsp;21, 2004</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Andrew C. Hove, Jr.
<HR size="1" noshade>
Andrew C. Hove, Jr.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January&nbsp;21, 2004</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Daniel K. Rothermel
<HR size="1" noshade>
Daniel K. Rothermel</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January&nbsp;21, 2004</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Cameron C. Troilo
<HR size="1" noshade>
Cameron C. Troilo</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January&nbsp;21, 2004</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ James D. Hogan
<HR size="1" noshade>
James D. Hogan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Financial Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January&nbsp;21, 2004</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Lawrence E. McAlee, Jr.
<HR size="1" noshade>
Lawrence E. McAlee, Jr.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Accounting Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January&nbsp;21, 2004</FONT></TD>
</TR>
</TABLE>
</DIV>



<P align="center"><FONT size="2">&nbsp;
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "EXHIBIT INDEX" -->

<P align="center"><FONT size="2">EXHIBIT INDEX
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">3.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Amended and Restated provisions of Articles of Incorporation of Sovereign
Bancorp, Inc. (Incorporated by reference to Exhibit&nbsp;3.1 to Sovereign&#146;s
Registration Statement on Form&nbsp;S-3, No.&nbsp;333-86961-01.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">3.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Bylaws of Sovereign Bancorp, Inc. (Incorporated by reference to Exhibit
3.2 to Sovereign&#146;s Quarterly Report on Form&nbsp;10-Q for the quarter ended
September&nbsp;30, 2002.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Amended and Restated Rights Agreement, dated as of June&nbsp;21, 2001, between
Sovereign Bancorp, Inc. and Mellon Investor Services. (Incorporated by
reference to Exhibit&nbsp;4.1 to Sovereign Bancorp&#146;s Current Report on Form
8-K/A No.&nbsp;2 filed July&nbsp;3, 2001.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion and consent of Stevens &#038; Lee.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">10.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
First Essex Bancorp, Inc. 1987 Stock Option Plan. (Incorporated by
reference to Appendix&nbsp;B to the prospectus included in First Essex Bancorp,
Inc.&#146;s Registration Statement on Form&nbsp;S-8, No.&nbsp;333-35057.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">10.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
First Essex Bancorp, Inc. 1997 Stock Incentive Plan. (Incorporated by
reference to First Essex Bancorp, Inc.&#146;s Registration Statement on Form
S-8, No.&nbsp;333-101468.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">10.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
First Essex Bancorp, Inc. 2002 Stock Incentive Plan. (Incorporated by
reference to First Essex Bancorp, Inc.&#146;s Registration Statement on Form
S-8 No.&nbsp;33-21292 on Form&nbsp;S-8.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young LLP.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Stevens &#038; Lee, P.C. (Included in Exhibit&nbsp;5.1.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Powers of Attorney of Directors and Officers. (Included on signature page.)</FONT></TD>
</TR>
</TABLE>
</DIV>




<P align="center"><FONT size="2">E-1
</FONT>


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sv8
As filed with the Securities and Exchange Commission on February 13, 2004.
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
SOVEREIGN BANCORP, INC.
(Exact name of Registrant as specified in its charter)
Pennsylvania
23-2453088
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification
Number)
First Essex Bancorp, Inc. 1987 Stock Option Plan
First Essex Bancorp, Inc. 1997 Stock Incentive Plan
First Essex Bancorp, Inc. 2002 Stock Incentive Plan
(Full title of Plans)
Sovereign Bancorp, Inc.
1500 Market Street
Philadelphia, Pennsylvania 19102
(215) 557-4630
(Address, including zip code, and telephone number, including
area code, of Registrant's principal executive offices)
David A. Silverman, Esquire
General Counsel
Sovereign Bancorp, Inc.
1130 Berkshire Boulevard
Wyomissing, Pennsylvania 19610
(610) 320-8400
(Name, address, including zip code, and telephone
number, including area code, of agent for service)
1
Copies to:
David W. Swartz, Esquire
Stevens & Lee, P.C.
111 North Sixth Street
P.O. Box 679
Reading, Pennsylvania 19603-0679
(610) 478-2184
CALCULATION OF REGISTRATION FEE
Title of each Class
Proposed Maximum
Proposed Maximum
Amount of
of Securities to
Amount to be
Offering Price
Aggregate
Registration
Registered
Registered (1)
per Share
Offering Price
Fee
Common Stock, no
par value
326,673
(2)
$
23.11
(3)
$
7,549,413.03
$
956.52
(1)
Pursuant to Rule 416, this Registration Statement covers, in addition to the number of shares stated herein, an
indeterminate number of shares which may be subject to grant or otherwise issuable by reason of stock splits, stock
dividends, or similar transactions.
(2)
Represents shares of the common stock of the Registrant issuable upon exercise of outstanding stock options previously
granted by First Essex Bancorp, Inc. ("First Essex") pursuant to the First Essex Bancorp, Inc. 1987 Stock Option Plan, the
First Essex Bancorp, Inc. 1997 Stock Incentive Plan, and the First Essex Bancorp, Inc. 2002 Stock Incentive Plan, which
plans and options were assumed by the Registrant in connection with the merger contemplated by the Agreement and Plan of
Merger, dated as of June 12, 2003, among Registrant, Sovereign Merger Sub, Inc., and First Essex.
(3)
Estimated pursuant to Rule 457(c) and (h)(1) solely for the purpose of calculating the amount of the registration fee
based upon the average of the high and low prices for a share of the Registrant's common stock on February 12, 2004.
Explanatory Note
On February 6, 2004, Registrant acquired all of the outstanding capital
stock of First Essex as the result of the merger of First Essex and a wholly
owned subsidiary of Registrant. In connection with the merger, certain options
previously granted under the First Essex Bancorp, Inc. 1987 Stock Option Plan,
the First Essex Bancorp, Inc. 1997 Stock Incentive Plan, and the First Essex
Bancorp, Inc. 2002 Stock Incentive Plan, which were exercisable to purchase
First Essex common stock, were assumed by Registrant and are now exercisable to
purchase Registrant's common stock. This Registration Statement is being filed
with respect to the shares of Registrant's common stock so purchasable under
options outstanding under the First Essex Bancorp, Inc. 1987 Stock Option Plan,
the First Essex Bancorp, Inc. 1997 Stock Incentive Plan, and the First Essex
Bancorp, Inc. 2002 Stock Incentive Plan.
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PART II
Item 3. Incorporation of Documents by Reference.
In this Registration Statement, "we," "us" and "our" refer to Sovereign
Bancorp, Inc.
The following documents filed with the Securities and Exchange Commission
(the "SEC") are incorporated by reference in this Registration Statement and
made a part hereof:
(a)
our Annual Report on Form 10-K for the fiscal year ended December 31,
2002;
(b)
our Quarterly Reports on Form 10-Q for the fiscal quarter ended March 31,
2003, June 30, 2003, and September 30, 2003;
(c)
our Current Reports on Form 8-K filed with the SEC on January 22, 2003,
February 26, 2003, March 7, 2003, June 18, 2003, August 20, 2003 and
January 28, 2004;
(d)
our Registration Statement on Form 8-A, filed with the SEC on July 3,
2001, pursuant to which we registered our common stock under the
Securities Exchange Act of 1934, and any amendments or reports filed for
the purpose of updating such registration statement;
(e)
our Registration Statement on Form 8-A, filed with the SEC on July 3,
2001, pursuant to which we registered certain stock purchase rights under
the Securities Exchange Act of 1934, and any amendments or reports filed
for the purpose of updating such registration statement; and
(f)
all other documents filed by us after the date of this Registration
Statement under Section 13(a), 13(c),14, and 15(d) of the Securities
Exchange Act of 1934, prior to the filing of a post-effective amendment to
the Registration Statement which indicates that all securities offered
have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference in this Registration
Statement and part of this Registration Statement from the date of filing
of such documents.
Item 4. Description of Securities.
Not applicable.
Item 5. Interest of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Pennsylvania law provides that a Pennsylvania corporation may indemnify
directors, officers, employees and agents of the corporation against
liabilities they may incur in such capacities for any action taken or any
failure to act, whether or not the corporation would have the power to
indemnify the person under any provision of law, unless such action or failure
to act is determined by a court to have constituted recklessness or willful
misconduct. Pennsylvania law also permits the adoption of a bylaw amendment,
approved by shareholders, providing for the elimination of a director's
liability for monetary damages for any action taken or any failure to take any
action unless (1) the director has breached or failed to perform the duties of
his office and (2) the breach or failure to perform constitutes self-dealing,
willful misconduct or recklessness.
Our bylaws provide for (1) indemnification of our directors, officers,
employees and agents and (2) the elimination of a director's liability for
monetary damages, to the fullest extent permitted by Pennsylvania law.
3
Directors and officers are also insured against certain liabilities for
their actions, as such, by an insurance policy obtained by us.
Item 7. Exemption from Registration Claimed.
Not Applicable.
Item 8. Exhibits
Exhibits:
Number
Description
3.1
Amended and Restated provisions of Articles of Incorporation of Sovereign
Bancorp, Inc. (Incorporated by reference to Exhibit 3.1 to Sovereign's
Registration Statement on Form S-3, No. 333-86961-01.)
3.2
Bylaws of Sovereign Bancorp, Inc. (Incorporated by reference to Exhibit
3.2 to Sovereign's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2002.)
4.1
Amended and Restated Rights Agreement, dated as of June 21, 2001, between
Sovereign Bancorp, Inc. and Mellon Investor Services. (Incorporated by
reference to Exhibit 4.1 to Sovereign Bancorp's Current Report on Form
8-K/A No. 2 filed July 3, 2001.)
5.1
Opinion and consent of Stevens & Lee.
10.1
First Essex Bancorp, Inc. 1987 Stock Option Plan. (Incorporated by
reference to Appendix B to the prospectus included in First Essex Bancorp,
Inc.'s Registration Statement on Form S-8, No. 333-35057.)
10.2
First Essex Bancorp, Inc. 1997 Stock Incentive Plan. (Incorporated by
reference to First Essex Bancorp, Inc.'s Registration Statement on Form
S-8, No. 333-101468.)
10.3
First Essex Bancorp, Inc. 2002 Stock Incentive Plan. (Incorporated by
reference to First Essex Bancorp, Inc.'s Registration Statement on Form
S-8 No. 33-21292 on Form S-8.)
23.1
Consent of Ernst & Young LLP.
23.2
Consent of Stevens & Lee, P.C. (Included in Exhibit 5.1.)
24.1
Powers of Attorney of Directors and Officers. (Included on signature page.)
Item 9. Undertakings
(a) The undersigned registrant hereby undertakes:
1. To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the
estimated maximum
4
offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the "Calculation of Registration Fee" table in the effective
registration statement.
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply
if the information required to be included in a post-effective amendment by
these paragraphs is contained in periodic reports filed by the registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in the registration statement.
2. That for the purpose of determining any liability under the Securities
Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
3. To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(h) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant, the registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the
payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.
5
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and that it has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the Borough of Wyomissing, Commonwealth of Pennsylvania, on
January 21, 2004.
SOVEREIGN BANCORP, INC.
By
/s/ Jay S. Sidhu
Jay S. Sidhu,
President and Chief Executive Officer
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Jay S. Sidhu, James D. Hogan, Lawrence M.
Thompson, Jr. or Joseph M. Harenza, and each of them, his true and lawful
attorney-in-fact, as agent with full power of substitution and resubstitution
of him and in his name, place and stead, in any and all capacity, to sign any
or all amendments to this Registration Statement and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto such attorney-in-fact and
agent full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully and to
all intents and purposes as they might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents, or their substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature
Title
/s/ Jay S. Sidhu
Jay S. Sidhu
Chairman of the
Board, President, Chief
Executive Officer
and Director
January 21, 2004
/s/ P. Michael Ehlerman
P. Michael Ehlerman
Director
January 21, 2004
/s/ Brian Hard
Brian Hard
Director
January 21, 2004
/s/ Andrew C. Hove, Jr.
Andrew C. Hove, Jr.
Director
January 21, 2004
/s/ Daniel K. Rothermel
Daniel K. Rothermel
Director
January 21, 2004
/s/ Cameron C. Troilo
Cameron C. Troilo
Director
January 21, 2004
/s/ James D. Hogan
James D. Hogan
Chief Financial Officer
January 21, 2004
/s/ Lawrence E. McAlee, Jr.
Lawrence E. McAlee, Jr.
Chief Accounting Officer
January 21, 2004
EXHIBIT INDEX
Number
Description
3.1
Amended and Restated provisions of Articles of Incorporation of Sovereign
Bancorp, Inc. (Incorporated by reference to Exhibit 3.1 to Sovereign's
Registration Statement on Form S-3, No. 333-86961-01.)
3.2
Bylaws of Sovereign Bancorp, Inc. (Incorporated by reference to Exhibit
3.2 to Sovereign's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2002.)
4.1
Amended and Restated Rights Agreement, dated as of June 21, 2001, between
Sovereign Bancorp, Inc. and Mellon Investor Services. (Incorporated by
reference to Exhibit 4.1 to Sovereign Bancorp's Current Report on Form
8-K/A No. 2 filed July 3, 2001.)
5.1
Opinion and consent of Stevens & Lee.
10.1
First Essex Bancorp, Inc. 1987 Stock Option Plan. (Incorporated by
reference to Appendix B to the prospectus included in First Essex Bancorp,
Inc.'s Registration Statement on Form S-8, No. 333-35057.)
10.2
First Essex Bancorp, Inc. 1997 Stock Incentive Plan. (Incorporated by
reference to First Essex Bancorp, Inc.'s Registration Statement on Form
S-8, No. 333-101468.)
10.3
First Essex Bancorp, Inc. 2002 Stock Incentive Plan. (Incorporated by
reference to First Essex Bancorp, Inc.'s Registration Statement on Form
S-8 No. 33-21292 on Form S-8.)
23.1
Consent of Ernst & Young LLP.
23.2
Consent of Stevens & Lee, P.C. (Included in Exhibit 5.1.)
24.1
Powers of Attorney of Directors and Officers. (Included on signature page.)
E-1