Joel Alvord, chief executive of Shawmut National Corp., sold about half of his holdings in the company on April 30, just two weeks after Shawmut completed a large stock offering.

Mr. Alvord sold 77,805 shares for prices ranging from $15,375 to $16, according to documents filed with Securities and Exchange Commission. The proceeds were between $1.20 million and $1.24 million.

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