WYOMING, Pa. -- Sovereign Bancorp Inc. said it will issue 2.8 million shares in its previous announced acquisition of Valley Federal Savings and Loan Association.

Valley Federal shareholders will receive 3.2 Sovereign common shares in exchange for each Valley Federal common share. Based on Soevereign's $13.375 closing price Thursday, Sovereign said, Valley Federal shareholders will receive $42.80 a common share.

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