Magazine article American Banker

Shawmut's Alvord Sells Half of His Shares

Magazine article American Banker

Shawmut's Alvord Sells Half of His Shares

Article excerpt

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.

James Dorsey, a Shawmut spokesman, said the sales were made to diversify Mr. Alvord's investment portfolio.

Timing Criticized

Word of the sales drew criticism from some quarters. "The timing was not good," said Gerard Cassidy, an analyst at Tucker Anthony Inc. "If you're telling investors to buy our stock and then you go out and sell it two weeks later ... it makes people wonder if you believe your own story."

Shawmut completed a public offering of 17.25 million common shares on April 14. The issue, at $12 a share, brought in $207 million. …

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