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Mr. Daniel K. Rothermel, a Class II director with more than 30 years of service to Sovereign and its predecessors, will retire as a director at the meeting. Upon Mr. Rothermel’s retirement, the size of the Board will be reduced from 13 to 12 members by reducing the size of Class I from five to four members. Mrs. Marian L. Heard, a Class I director who was elected by shareholders at the 2006 annual meeting, will be moved to Class II immediately after the meeting to fill the vacancy created by Mr. Rothermel’s retirement.
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