Waypoint Financial Shareholders Approve Merger With Sovereign Bancorp
22 Dezember 2004 - 7:45PM
PR Newswire (US)
Waypoint Financial Shareholders Approve Merger With Sovereign
Bancorp HARRISBURG, Pa., Dec. 22 /PRNewswire-FirstCall/ -- Waypoint
Financial Corp. (NASDAQ:WYPT) reported that shareholders today
voted to approve the company's merger with Sovereign Bancorp at a
special meeting in Harrisburg. Waypoint Financial President and CEO
David E. Zuern said the merger is expected to be completed January
21, 2005, and is subject to final approval from regulatory
authorities. Following the transaction, current Waypoint Bank
President Andrew Samuel will become President and Chief Executive
Officer of the new Central Pennsylvania and Northern Maryland
region of Sovereign Bank. Zuern will serve as chairman of the
region following the merger. On March 9, 2004, Waypoint and
Sovereign announced that they had reached a definitive agreement
for Sovereign to acquire Waypoint in a transaction valued at
approximately $980 million. Under the terms of the agreement,
shareholders of Waypoint will be entitled to receive $28.00 in
cash, 1.262 shares of Sovereign common stock, or a combination
thereof per Waypoint share, subject to election and allocation
procedures which are intended to ensure that, in the aggregate, 70%
of Waypoint shares will be exchanged for Sovereign common stock and
30% will be exchanged for cash. Waypoint Financial Corp. is a $5.4
billion bank holding company whose primary operating subsidiary is
Waypoint Bank. Headquartered in Harrisburg, Pennsylvania, Waypoint
Bank operates 58 branches in Dauphin, York, Lancaster, Cumberland,
Franklin, Lebanon, Adams, and Centre counties in Pennsylvania and 8
branches in Baltimore, Harford, Frederick and Washington counties
in Maryland. Waypoint offers a full range of financial services
including banking for retail, commercial and small business
customers, mortgages, trust and investment, brokerage, and
insurance services to more than 125,000 household and business
customers. Note on Forward-Looking Statements "Safe Harbor"
Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding Waypoint
Financial's business which are not historical facts are
"forward-looking statements" that involve risks and uncertainties.
For a discussion of such risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see "Risk Factors" in the Company's
Form 10-K for the most recently ended fiscal year. DATASOURCE:
Waypoint Financial Corp. CONTACT: Steve Gardner, Public Relations
Manager, Waypoint Financial Corp., +1-717-909-2603 Web site:
http://www.waypointbank.com/
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