A director of commercial bank Sovereign Bancorp Inc. bought 1,353,600 shares of common stock, according to a filing with the Securities and Exchange Commission.
In a Form 4 filed with the SEC Thursday, Ralph V. Whitworth reported buying the shares on Tuesday for an average price of $8.62 apiece.
Whitworth owns the shares indirectly through limited partnerships and accounts he manages.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
Sovereign is based in Philadelphia.
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