Sovereign Announces Record Earnings

Sovereign Bancorp Inc. (NASDAQ-NMS: SVRN), the holding company of Penn Savings Bank and Yardley Bank for Savings, announced record earnings for 1989 up 8 percent to $5.4 million from $5 million a year earlier. This represents $1.97 earnings per fully diluted share, up 6 percent from $1.86 for 1988....

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Bibliographic Details
Published inBusiness Wire p. 1
Main Authors Sidhu, Jay, Naugle, Joni
Format Newsletter
LanguageEnglish
Published New York Business Wire 25.01.1990
Subjects
Bank acquisitions & mergers
Bank assets
Bank earnings
Bank holding companies
Bank loans
Banking
Corporate growth
Cost control
Earnings per share
Expansion
Fiscal reports
Interest income
Jaindl, Frederick J
Loans
Middle Atlantic
Savings banks
Sidhu, Jay S
Stock splits
PA
United States > US
Wyomissing
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Summary:Sovereign Bancorp Inc. (NASDAQ-NMS: SVRN), the holding company of Penn Savings Bank and Yardley Bank for Savings, announced record earnings for 1989 up 8 percent to $5.4 million from $5 million a year earlier. This represents $1.97 earnings per fully diluted share, up 6 percent from $1.86 for 1988. Earnings per share has been restated for 1988 to reflect the effect of the stock split. Pre-tax earnings for 1989 were up more than 16 percent to $9 million, compared with $7.7 million for 1988. "This is the fourth year in a row in which the company reported record earnings," said Jay S. Sidhu, president and chief executive officer of Sovereign Bancorp. (excerpt)