SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
X	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* WIEST DONALD L II (Last) (First) (Middle) 235 N. SECOND STREET P.O. BOX 1711 (Street) HARRISBURG PA 17105-1711 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol WAYPOINT FINANCIAL CORP [ WYPT ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) EVP
	3. Date of Earliest Transaction (Month/Day/Year) 01/21/2005
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/21/2005		D		1,565	D	$28(1)	0	I	ESOP
Common Stock	01/21/2005		D		20,846	D	$28(1)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option Right to Buy	$8.46	01/21/2005		D			402	02/17/2001(2)	02/17/2011(2)	Common Stock	402	$0.00	0	D
Stock Option Right to Buy	$9.49	01/21/2005		D			1,609	02/22/2002(2)	02/22/2012(2)	Common Stock	1,609	$0.00	0	D
Stock Option Right to Buy	$13.65	01/21/2005		D			19,320	12/20/2001(2)	12/20/2011(2)	Common Stock	19,320	$0.00	0	D
Stock Option Right to Buy	$15.87	01/21/2005		D			3,246	03/21/2003(2)	03/21/2013(2)	Common Stock	3,246	$0.00	0	D
Stock Option Right to Buy	$16.76	01/21/2005		D			5,879	03/26/2004(2)	03/26/2014(2)	Common Stock	5,879	$0.00	0	D
Stock Option Right to Buy	$22.58	01/21/2005		D			5,000	01/22/2005(2)	01/22/2015(2)	Common Stock	5,000	$0.00	0	D

Explanation of Responses:

1. Disposed of pursuant to a merger agreement between issuer and Sovereign Bancorp, Inc. Under the terms of the merger agreement, each outstanding share of issuer common stock has been converted into the right to receive 1.262 shares of Sovereign common stock (plus cash in lieu of any fractional share interest) or $28.00 in cash. Holders of issuer common stock were given the opportunity to elect whether to receive shares of Sovereign common stock, cash or a combination of stock and cash in exchange for their shares of issuer common stock, subject to election and proration procedures set forth in the merger agreement designed to ensure that 70% of the shares of issuer common stock are exchanged for Sovereign Bancorp, Inc. common stock and 30% for cash. As of the date of this filing, the proration and allocation procedures have not been completed.As a result of the merger, the reporting person no longer beneficially owns directly or indirectly any shares of Waypoint Financial common stock.

2. Pursuant to the merger agreement between the issuer and Sovereign Bancorp, inc., each outstanding option for issuer common stock at the effective time of the merger was converted into an option for Sovereign Bancorp, Inc. common stock, with the number of Sovereign Bancorp shares subject to the option equal to the number of issuer shares subject to the option immediately prior to the conversion multiplied by the exchange ratio in the merger, rounded down to the nearest number of whole shares, and at an exercise price equal to the exercise price immediately before conversion divided by the merger exchange ratio, rounded up to the nearest cent. All options became fully vested as a result of the merger.

Remarks:

	Richard C. Ruben Attorney-in-fact for Donald L. Wiest, II	01/21/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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