-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, MAbwxnfCty8F/BVUtbquhPsW34NzFgZs2wD1EN6CTXXH6RK1Yfz1Rln9uMO14ikV sjhXR7iUvL3xEa6aK2lBPw== 0000908662-95-000078.txt : 19950901 0000908662-95-000078.hdr.sgml : 19950901 ACCESSION NUMBER: 0000908662-95-000078 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 19950823 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950830 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLEET FINANCIAL GROUP INC CENTRAL INDEX KEY: 0000050341 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 050341324 STATE OF INCORPORATION: RI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-38867 FILM NUMBER: 95569192 BUSINESS ADDRESS: STREET 1: 50 KENNEDY PLZ CITY: PROVIDENCE STATE: RI ZIP: 02903 BUSINESS PHONE: 4012785800 MAIL ADDRESS: STREET 1: 111 WESTMINISTER STREET CITY: PROVIDENCE STATE: RI ZIP: 02903 FORMER COMPANY: FORMER CONFORMED NAME: FLEET FINANCIAL GROUP INC DATE OF NAME CHANGE: 19880110 FORMER COMPANY: FORMER CONFORMED NAME: INDUSTRIAL NATIONAL CORP DATE OF NAME CHANGE: 19820512 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 23, 1995 FLEET FINANCIAL GROUP, INC. (Exact name of registrant as specified in its charter) RHODE ISLAND (State or other jurisdiction of incorporation) 1-6366 05-0341324 (Commission File Number) (IRS Employer Identification No.) 50 Kennedy Plaza, Providence, Rhode Island 02903 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 401-278-5800 (Former name or former address, if changed since last report) Item 5. Other Events. Pending Merger. As previously reported, Fleet Financial Group, Inc. ("Fleet") and Shawmut National Corporation ("Shawmut") have entered into an Agreement and Plan of Merger' dated February 20, 1995 (the "Merger Agreement") providing for the merger of Shawmut with and into Fleet (the "Merger"). On August 23, 1995, Fleet and Shawmut issued joint press releases announcing their detailed divestiture proposal following extensive negotiations with regulators. The plan is subject to final approval by the Federal Reserve Board when it finally considers Fleet's application to merge with Shawmut later this year. Copies of the press releases are filed as exhibits hereto and are incorporated by reference. For Additional information regarding the Merger, see Fleet's Current Reports on Form 8-K dated February 20, 1995, February 21, 1995, May 11, 1995, June 21, 1995, and August 11, 1995. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (a) Financial Statements of Business Acquired. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Exhibits Exhibit No. Description Exhibit 99.1 Joint Press Release of FleetFinancial Group, Inc. and Shawmut National Corporation Dated August 23, 1995 (General) Exhibit 99.2 Joint Press Release of Fleet Financial Group, Inc. and Shawmut National Corporation Dated August 23, 1995 (Connecticut) Exhibit 99.3 Joint Press Release of Fleet Financial Group, Inc. and Shawmut National Corporation Dated August 23, 1995 (Massachusetts) Exhibit 99.4 Joint Press Release of Fleet Financial Group, Inc. and Shawmut National Corporation Dated August 23, 1995 (New Hampshire) Exhibit 99.5 Joint Press Relase of Fleet Financial Group, Inc. and Shawmut National Corporation Dated August 23, 1995 (Rhode Island) SIGNATURES Pursuant to the requirements of theSecurities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed in its behalf by the undersigned hereunto duly authorized. FLEET FINANCIAL GROUP, INC. Registrant By /s/ William C. Mutterperl William C. Mutterperl Senior Vice President and General Counsel Dated: August 23, 1995 EX-99.1 2 Exhibit 99.1 N E W S R E L E A S E Contacts: Meg Pier Vincent Loporchio Fleet Financial Group Shawmut National Corporation 401/278-3003 617/292-3239 Fleet and Shawmut Announce Divestiture Proposal Following Discussions with Regulators Plan Guidelines Developed that Foster Competition, Preserve Jobs and Continue Meeting Customer Needs Throughout Region Providence, Rhode Island, August 23, 1995 -- Fleet Financial Group and Shawmut National Corporation today announced their detailed divestiture proposal following extensive negotiations with the Federal Reserve, U.S. Department of Justice, Connecticut Attorney General Richard Blumenthal and Massachusetts Attorney General Scott Harshbarger. The plan is subject to final approval by the Federal Reserve Board when it finally considers Fleet's application to merge with Shawmut later this year. It addresses the issues previously raised by Blumenthal and Harshbarger that the package be fair and beneficial to consumers and businesses in Connecticut and Massachusetts, where there is substantial overlap. "The divestiture discussions centered around three primary objectives: first, to foster a strong competitive environment; secondly, to ensure the availability of robust resources for small and medium-sized businesses; and third, in cooperation with Attorneys General Blumenthal and Harshbarger, to enhance the overall marketplace commitments to community reinvestment and local economic development initiatives," said Anne Slattery, Fleet Financial Group senior vice president and head of consumer and small business activities for the new entity. "Our selection of buyers will be based on preservation of jobs and several other points, including price and ease of systems conversion. We are especially interested in identifying buyers who exhibit a concern for the community and sensitivity to customer and employee needs," said Slattery. In addition, buyers must be acceptable to the Federal Reserve Board and the Department of Justice. In addition to these objectives, Fleet believes that the plan also meets concerns on the part of the Department of Justice, that primarily Shawmut branches be divested, and that the packages be divested to a single buyer in most markets, if possible. The Justice Department believes that if Shawmut branches rather than Fleet are divested, there will be less customer runoff at the divested branches. Many potential buyers have expressed interest in the proposed divestitures since the institutions announced the merger. Divestiture Figures Following is a summary by state of the deposits to be divested: Number Estimated of Branches Deposits (6/30/94--000 omitted) Massachusetts 18 $884,300 Connecticut 28 $1,641,500 Rhode Island 13 $504,300 New Hampshire 5 $210,200 64 $3,240,300 Community Dialogue Fleet and Shawmut will continue discussions with the Attorneys General in Connecticut and Massachusetts on issues of concern relating to the merged institution. Agnes J. Bundy, Fleet's director of community development, explained that community involvement would remain a primary objective now and after the merger transaction is completed and branches are divested. "Even though we are divesting some branches, we remain committed to our state and local communities, and our record will remain strong," said Bundy. "In fact, Fleet has committed to maintain the same combined Fleet-Shawmut levels of low- to middle-income lending (LMI) and charitable contributions in these markets for the next two years." Customer Concerns "We would like nothing more than to continue to serve all of the current customers now served by Fleet and Shawmut. However, that is not possible due to the divestiture," Slattery said. "We are committed to working very closely with the prospective buyers to ensure a smooth transition for all customers involved -- whether retail, small business, community or commercial. Our customers will receive an update on the situation shortly." After the merger with Shawmut National Corporation, the Fleet Financial Group (FFG) will be a New England-based $81 billion diversified financial services company listed on the New York Stock Exchange (NYSE-FLT). FFG's lines of business will include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, equipment leasing, investment management services and student loan processing. # # # EX-99.2 3 Exhibit 99.2 N E W S RE L E A S E Contacts: Meg Pier Vincent Loporchio Fleet Financial Group Shawmut National Corporation 401/278-3003 617/292-3239 Fleet and Shawmut Announce Divestiture Proposal Following Discussions with Federal Reserve, U. S. Department of Justice, and Attorney General Plan Guidelines Developed that Foster Competition, Preserve Jobs and Continue Meeting Customer Needs Throughout Connecticut Providence, Rhode Island, August 23, 1995 -- Fleet Financial Group and Shawmut National Corporation today announced their detailed divestiture proposal for Connecticut following extensive negotiations with the Federal Reserve, Justice Department officials, and Connecticut Attorney General Richard Blumenthal. The plan is subject to final approval by the Federal Reserve Board when it finally considers Fleet's application to merge with Shawmut later this year. It addresses the issues raised by Blumenthal that the package be fair and beneficial to consumers and businesses in Connecticut. Connecticut is one of four New England states in which a combined total of $3.2 billion (as of 6/30/94) of deposits will be sold to allow the merged institution to meet federal fair competition rules. In Connecticut, 28 branches with a total of $1.64 billion in deposits will be divested. "The divestiture discussions centered around three primary objectives: first, to foster a strong competitive environment; secondly, to ensure the availability of robust resources for small- and medium- sized businesses; and third, in cooperation with Attorney General Blumenthal, to enhance the overall marketplace commitments to community reinvestment and local economic development initiatives," said Anne Slattery, Fleet Financial Group senior vice president and head of consumer and small business activities for the new entity. "Our selection of buyers will be based on preservation of jobs and several other points, including price and ease of systems conversion. We are especially interested in identifying buyers who exhibit concern for the community and sensitivity to customer and employee needs," said Slattery. In addition,buyers must be acceptable to the Federal Reserve Board and the Department of Justice. In addition to these objectives, Fleet believes that the plan also meets concerns on the part of the Department of Justice, that primarily Shawmut branches be divested, and that the packages be divested to a single buyer in most markets, if possible. The Justice Department believes that if Shawmut branches rather than Fleet are divested, there will be less customer run-off at the divested branches. Many potential buyers have expressed interest in the proposed divestitures since the institutions announced the merger. "This plan takes into consideration the special needs of Connecticut. By addressing the need to preserve jobs and see to it that small- to medium-sized businesses have access to sufficient credit and related financial services, Fleet and Shawmut are demonstrating our continuing support for the state," said Eileen S. Kraus, president of Shawmut Bank Connecticut and, following the merger, chairman of Fleet Bank CT. "During the divestiture process, we are looking for buyers who exhibit our same concern for the community and have the ability and desire to meet customer and employee needs." Community Support "Although we are divesting some branches in Connecticut, we are maintaining our commitment to the communities of the state," said Kraus. "In fact, Fleet has committed to maintain current combined Fleet- Shawmut levels of low- to middle-income lending (LMI) and charitable contributions in Connecticut for the next two years." In addition to these commitments, Fleet and Shawmut will continue discussions with Attorney General Blumenthal to ensure his satisfaction with the institution's continuing commitment to economic development and community reinvestment initiatives in the state. Customer Concerns "We are committed to working very closely with the prospective buyers to ensure a smooth transition for all customers involved -- whether retail, small business, community or commercial," Slattery said. "Our customers will receive an update on the situation shortly, but until then, we are happy to answer any questions customers may have." After the merger with Shawmut National Corporation, the Fleet Financial Group (FFG) will be a New England-based $81 billion diversified financial services company listed on the New York Stock Exchange (NYSE-FLT). FFG's lines of business will include commercial and consumer banking, mortgage banking, consumer finance, asset- based lending, equipment leasing, investment management services and student loan processing. # # # EDITOR'S NOTE: Attached is a list of Connecticut branches scheduled to be divested. FLEET FINANCIAL GROUP/SHAWMUT NATIONAL CORPORATION Connecticut Divestiture News Release Attachment List of Connecticut Branches to be Sold 8/23/95 Branch (Fleet/Shawmut) Address & Town BRANCH NAME (F/S) ADDRESS Bishops Corner (F) 726 North Main St., West Hartford Brooklyn (F) 580 Providence Rd., Route 6, Brooklyn Essex (F) 20 Main St., Essex Westbrook (F) 1238 Boston Post Rd., Westbrook Bloomfield (S-NE*) 782 Park Ave., Bloomfield Burr Corners (S-NE*) 1147 Tolland Turnpike, Manchester Farmington Valley Mall (S-NE*) 530 Bushy Hill Rd., Simsbury Northeast Plaza (S-NE*) 50 State House Square, Hartford Berlin (S) 40 Webster Square Rd., Berlin Bristol (S) 594 Farmington Ave., Bristol City Place (S) 185 Asylum St., Hartford Cromwell (S) 5 Coles Rd., Cromwell East Hartford (S) 1085 Main St., East Hartford Elmwood (S) 1114 New Britain Ave., West Hartford Enfield (S) 50 Freshwater Blvd., Enfield Farmington Village (S) High Street, Farmington Glastonbury (S) 141 Hebron Dr., Glastonbury Middle Turnpike (S) 320 Middle Turnpike West, Manchester Middletown Central (S) 363 Main St., Middletown Newington Plaza (S) 3180 Berlin Turnpike, Newington Northwest (S) 410 Homestead Ave., Hartford Silas Deane (S) 1039 Silas Deane Highway, Wethersfield Simsbury (S) 690 Hopmeadow St., Simsbury Southington (S) 132 Main St., Southington West Hartford Center (S) 65 LaSalle Rd., West Hartford West Main (S) 741 West Main St., New Britain Wethersfield Avenue (S) 655 Wethersfield Ave., Hartford Windsor Center (S) 270 Broad St., Windsor * NE - Former Northeast Savings EX-99.3 4 Exhibit 99.3 N E W S R E L E A S E Contacts: Meg Pier Vincent Loporchio Fleet Financial Group Shawmut National Corporation 401/278-3003 617/292-3239 Fleet and Shawmut Announce Divestiture Proposal Following Discussions with Federal Reserve, U. S. Department of Justice and Attorney General Plan Guidelines Developed that Foster Competition, Preserve Jobs and Continue Meeting Customer Needs Throughout Massachusetts Providence, Rhode Island, August 23, 1995 -- Fleet Financial Group and Shawmut National Corporation today announced their detailed divestiture proposal for Massachusetts following extensive negotiations with the Federal Reserve, Justice Department officials, and Massachusetts Attorney General Scott Harshbarger. The plan is subject to final approval by the Federal Reserve Board when it finally considers Fleet's application to merge with Shawmut later this year. It addresses the issues raised by Harshbarger that the package be fair and beneficial to consumers and businesses in Massachusetts. Massachusetts is one of four New England states in which a combined total of $3.2 billion (as of 6/30/94) of deposits will be sold to allow the merged institution to meet federal fair competition rules. In Massachusetts, 18 branches with a total of $884.3 million in deposits will be divested. "The divestiture discussions centered around three primary objectives: first, to foster a strong competitive environment; secondly, to ensure the availability of robust resources for small- and medium-sized businesses; and third, to enhance in cooperation with Attorney General Harshbarger the overall marketplace commitments to community reinvestment and local economic development initiatives," said Anne Slattery, Fleet Financial Group senior vice president and head of consumer and small business activities for the new entity. "Our selection of buyers will be based on preservation of jobs and several other points, including price and ease of systems conversion. We are especially interested in identifying buyers who exhibit concern for the community and sensitivity to customer and employee needs," said Slattery. In addition, buyers must be acceptable to the Federal Reserve Board and the Department of Justice. In addition to these objectives, Fleet believes that the plan also meets concerns on the part of the Department of Justice, that primarily Shawmut branches be divested, and that the packages be divested to a single buyer in most markets, if possible. The Justice Department believes that if Shawmut branches rather than Fleet are divested, there will be less customer run-off at the divested branches. Many potential buyers have expressed interest in the proposed divestitures since the institutions announced the merger. "This plan takes into consideration the special needs of Massachusetts. By addressing the need to preserve jobs and see to it that small- to medium-sized businesses have access to sufficient credit and related financial services, Fleet and Shawmut are demonstrating our continuing support for the state," said John P. Hamill, president, Fleet Bank of Massachusetts. "During the divestiture process, we are looking for buyers who exhibit our same concern for the community and have the ability and desire to meet customer and employee needs." Community Support "Although we are divesting some branches in Massachusetts, we are maintaining our commitment to the communities of the state," said Hamill. "In fact, Fleet has committed to maintain current combined Fleet-Shawmut levels of low- to middle-income lending (LMI) and charitable contributions in Massachusetts for the next two years." In addition to these commitments, Fleet and Shawmut will continue discussions with Attorney General Harshbarger to ensure his satisfaction with the institution's continuing commitment to economic development and community reinvestment initiatives in the state. Customer Concerns "We are committed to working very closely with the prospective buyers to ensure a smooth transition for all customers involved -- whether retail, small business, community or commercial," Slattery said. "Our customers will receive an update on the situation shortly, but until then, we are happy to answer any questions customers may have." After the merger with Shawmut National Corporation, the Fleet Financial Group (FFG) will be a New England-based $81 billion diversified financial services company listed on the New York Stock Exchange (NYSE-FLT). FFG's lines of business will include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, equipment leasing, investment management services and student loan processing. # # # EDITOR'S NOTE: Attached is a list of Massachusetts branches scheduled to be divested. FLEET FINANCIAL GROUP/SHAWMUT NATIONAL CORPORATION Massachusetts Divestiture News Release Attachment List of Massachusetts Branches to be Sold 8/23/95 Branch (Fleet/Shawmut) Address & Town BRANCH NAME (F/S) ADDRESS Mattapoisett (F) 28 County Rd., Mattapoisett Hadley (S) 140 Russell St., Hadley Hampshire Plaza (S) North King Street, Northampton Triangle Street (S) 243 Triangle St., Amherst John Fitch Highway (S) 420 John Fitch Highway, Fitchburg Leominster-Main Street (S) 15 North Main St., Leominster Greenfield (S) 324 Main St., Greenfield Lund's Corner (S) 2206 Acushnet Ave., New Bedford New Bedford-Pleasant Street (S) 545 Pleasant St., New Bedford South Dartmouth (S) 686 Dartmouth St., South Dartmouth Sturbridge (S) Route 131, Sturbridge Plaza 44 (S) 280 Winthrop St., Taunton Auburn (S-NE*) 56 Auburn St., Auburn Greendale (S) 460 West Boylston St., Worcester Park Avenue (S) 295 Park Ave., Worcester Rice Square (S) 11 Massasoit Rd., Worcester Shrewsbury (S) 200 Boston Turnpike, Shrewsbury Webster Square (S) 1227 Main St., Worcester * NE - Former Northeast Savings EX-99.4 5 Exhibit 99.4 N E W S R E L E A S E Contacts: Meg Pier Vincent Loporchio Fleet Financial Group Shawmut National Corporation 401/278-3003 617/292-3239 Divestiture Proposal for New Hampshire Announced by Fleet and Shawmut Plan Guidelines Developed that Foster Competition, Preserve Jobs and Continue Meeting Customer Needs Throughout New Hampshire Providence, Rhode Island, August 23, 1995 -- Fleet Financial Group and Shawmut National Corporation today announced a detailed divestiture proposal for New Hampshire following discussions with regulators on the branch divestitures needed to meet antitrust guidelines. The plan is also subject to final approval by the Federal Reserve Board when it finally considers Fleet's application to merge with Shawmut later this year. New Hampshire is one of four New England states in which a combined total of $3.2 billion (as of 6/30/94) of deposits will be sold to allow the merged institution to meet federal fair competition rules. In New Hampshire, 5 branches with a total of $210.2 million in deposits will be divested. "The divestiture discussions centered around three primary objectives: first, to foster a strong competitive environment; secondly, to ensure the availability of robust resources for small- and medium-sized businesses; and third, to enhance the overall marketplace commitments to community reinvestment and local economic development initiatives," said Anne Slattery, Fleet Financial Group senior vice president and head of consumer and small business activities for the new entity. "Our selection of buyers will be based on the preservation of jobs and several other points, including price and ease of systems conversion. We are especially interested in identifying buyers who exhibit concern for the community and sensitivity to customer and employee needs," said Slattery. In addition, buyers must be acceptable to the Federal Reserve Board and the Department of Justice. In addition to these objectives, Fleet believes that the plan also meets concerns on the part of the Department of Justice, that primarily Shawmut branches be divested, and that the packages be divested to a single buyer in most markets, if possible. The Justice Department believes that if Shawmut branches rather than Fleet are divested, there will be less customer run-off at the divested branches. Many potential buyers have expressed interest in the proposed divestitures since the institutions announced the merger. "This plan takes into consideration the special needs of New Hampshire. By addressing the need to preserve jobs and see to it that small- to medium-sized businesses have access to sufficient credit and related financial services, Fleet and Shawmut are demonstrating our continuing support for the state," said George Russell, president of Shawmut Bank of New Hampshire. "During the divestiture process, we are looking for buyers who exhibit our same concern for the community and have the ability and desire to meet customer and employee needs." Community Support "Although we are divesting some branches in New Hampshire, we are maintaining our commitment to the communities of the state," said Russell. "In fact, Fleet has committed to maintain current combined Fleet-Shawmut levels of low- to middle-income lending (LMI) and charitable contributions in New Hampshire for the next two years." Customer Concerns "We are committed to working very closely with the prospective buyers to ensure a smooth transition for all customers involved -- whether retail, small business, community or commercial," Slattery said. "Our customers will receive an update on the situation shortly, but until then, we are happy to answer any questions customers may have." After the merger with Shawmut National Corporation, the Fleet Financial Group (FFG) will be a New England-based $81 billion diversified financial services company listed on the New York Stock Exchange (NYSE-FLT). FFG's lines of business will include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, equipment leasing, investment management services and student loan processing. # # # EDITOR'S NOTE: Attached is a list of New Hampshire branches scheduled to be divested. FLEET FINANCIAL GROUP/SHAWMUT NATIONAL CORPORATION New Hampshire Divestiture News Release Attachment List of New Hampshire Branches to be Sold 8/23/95 Branch (Fleet/Shawmut) Address & Town BRANCH NAME (F/S) ADDRESS Northwest Boulevard-Nashua (S) 4 Northwest Blvd., Nashua Littleton-Main (S) 85 Main St.,Littleton Bedford (S) Route 101 & Chestnut St., Bedford Hanover Street (S) 156 Hanover St., Manchester South Willow (S) 1255 South Willow St., Manchester EX-99.5 6 Exhibit 99.5 N E W S R E L E A S E Contacts: Meg Pier Vincent Loporchio Fleet Financial Group Shawmut National Corporation 401/278-3003 617/292-3239 Divestiture Proposal for Rhode Island Announced by Fleet and Shawmut Plan Guidelines Developed that Foster Competition, Preserve Jobs and Continue Meeting Customer Needs Throughout Rhode Island Providence, Rhode Island, August 23, 1995 -- Fleet Financial Group and Shawmut National Corporation today announced a detailed divestiture proposal for Rhode Island following discussions with regulators on the branch divestitures needed to meet antitrust guidelines. The plan is also subject to final approval by the Federal Reserve Board when it finally considers Fleet's application to merge with Shawmut later this year. Rhode Island is one of four New England states in which a combined total of $3.2 billion (as of 6/30/94) of deposits will be sold to allow the merged institution to meet federal fair competition rules. In Rhode Island, 13 branches with a total of $504.3 million in deposits will be divested. "The divestiture discussions centered around three primary objectives: first, to foster a strong competitive environment; secondly, to ensure the availability of robust resources for small- and medium-sized businesses; and third, to enhance the overall marketplace commitments to community reinvestment and local economic development initiatives," said Anne Slattery, Fleet Financial Group senior vice president and head of consumer and small business activities for the new entity. "Our selection of buyers will be based on the preservation of jobs and several other points, including price and ease of systems conversion. We are especially interested in identifying buyers who exhibit concern for the community and sensitivity to customer and employee needs," said Slattery. In addition, buyers must be acceptable to the Federal Reserve Board and the Department of Justice. In addition to these objectives, Fleet believes that the plan also meets concerns on the part of the Department of Justice, that primarily Shawmut branches be divested, and that the packages be divested to a single buyer in most markets, if possible. The Justice Department believes that if Shawmut branches rather than Fleet are divested, there will be less customer run-off at the divested branches. Many potential buyers have expressed interest in the proposed divestitures since the institutions announced the merger. "This plan takes into consideration the special needs of Rhode Island. By addressing the need to preserve jobs and see to it that small- to medium- sized businesses have access to sufficient credit and related financial services, Fleet and Shawmut are demonstrating our continuing support for the state," said Eileen S. Kraus, president of Shawmut Bank Connecticut, with responsibility for Shawmut's Rhode Island franchise. "During the divestiture process, we are looking for buyers who exhibit our same concern for the community and have the ability and desire to meet customer and employee needs." Community Support "Although we are divesting some branches in Rhode Island, we are maintaining our commitment to the communities of the state," said Kraus. "In fact, Fleet has committed to maintain current combined FleetShawmut levels of low- to middle- income lending (LMI) and charitable contributions in Rhode Island for the next two years." Customer Concerns "We are committed to working very closely with the prospective buyers to ensure a smooth transition for all customers involved -- whether retail, small business, community or commercial," Slattery said. "Our customers will receive an update on the situation shortly, but until then, we are happy to answer any questions customers may have." After the merger with Shawmut National Corporation, the Fleet Financial Group (FFG) will be a New England-based $81 billion diversified financial services company listed on the New York Stock Exchange (NYSE-FLT). FFG's lines of business will include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, equipment leasing, investment management services and student loan processing. # # # EDITOR'S NOTE: Attached is a list of Rhode Island branches scheduled to be divested. FLEET FINANCIAL GROUP/SHAWMUT NATIONAL CORPORATION Rhode Island Divestiture News Release Attachment List of Rhode Island Branches to be Sold 8/23/95 Branch (Fleet/Shawmut) Address & Town BRANCH NAME (F/S) ADDRESS Atwood Avenue (S) 383 Atwood Ave., Cranston Barrington (S) 326 County Rd., Barrington Centreville (S) 1062 Centreville Rd.,Warwick Coventry (S) Route 117, Coventry East Providence (S) 195 Taunton Ave., East Providence Governor Francis (S) 1300 Warwick Ave., Warwick Johnston (S) 1440 Hartford Ave., Johnston Park Avenue (S) 1047 Park Ave., Cranston Smithfield (S) 445 Putnam Pike, Smithfield South Broadway (S) 999 South Broadway, East Providence Turks Head (S) 1 Turks Head Place, Providence Warwick Mall (S) 233 Lambert Lind Highway, Warwick Wayland Square (S) 144 Medway St., Providence -----END PRIVACY-ENHANCED MESSAGE-----