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BANK OF BOSTON NAMES EDWARD A. O'NEAL TO HEAD NEW ENGLAND BANKING

 BANK OF BOSTON NAMES EDWARD A. O'NEAL TO HEAD NEW ENGLAND BANKING
 BOSTON, July 28 /PRNewswire/ -- Bank of Boston (NYSE: BKB) Chairman and Chief Executive Officer Ira Stepanian announced today the appointment of Edward A. O'Neal, currently senior executive vice president of Chemical Banking Corporation, as executive vice president and group executive for Bank of Boston's New England Banking Group. In that capacity, O'Neal will assume responsibility for all of Bank of Boston's personal and community banking activities, including BancBoston Mortgage Corporation (mortgage origination and servicing), The Private Bank (investment management and trust), retail branches, consumer finance, and small-business banking.
 O'Neal will serve as a member of the bank's Management Committee, and will play an active role in the governance of its state banks (Rhode Island Hospital Trust, Casco Northern in Maine, Bank of Vermont and Bank of Boston Connecticut). He replaces Peter C. Read, executive vice president and group executive for Bank of Boston's New England Banking Group, who will retire in August after 31 years of service.
 O'Neal, 48, has enjoyed a successful 23-year career at Chemical Bank, which he joined as a management trainee after graduating from the Harvard Business School and Amherst College. At Chemical, O'Neal has held several management positions in: consumer banking (group executive for consumer banking, responsible for all of the former Chemical Bank's branches and consumer activities including credit cards, consumer finance and mortgage banking), technology (vice chairman and director of the former Chemical Bank, managing all technology-oriented transaction service businesses, and currently senior executive vice president- operating services and nationwide consumer of the new Chemical Banking Corporation), and international banking (Paris branch general manager and then head of all international operations and administrative services).
 Commenting on the O'Neal appointment, Stepanian said, "In attracting Ed O'Neal to Bank of Boston, we have found a terrific match between institutional opportunity and professional experience. Building on a solid foundation of efficient retail branch operations here in New England, a profitable mortgage business that is national in scope and scale, a successful, integrated Private Bank, and a consumer finance and small-business portfolio, Bank of Boston benefits from Ed O'Neal's years of experience and accomplishments in all facets of retail and community banking in New York."
 Charles K. Gifford, Bank of Boston president, added, "Ed's talent has been tested in a bigger market with tough competitors, and he has consistently demonstrated the kind of personal leadership, technological innovation and customer orientation that we know is needed to fulfill Bank of Boston's promise and potential in community and personal banking. Ed is someone who has played every relevant key position, has achieved enormous success, and is a team player. His addition to our team adds experience and strength, and demonstrates Bank of Boston's commitment to achieve and sustain leadership in community, retail, small business, personal and private banking. Simply put: We have a winner, and we are delighted."
 At Chemical Bank, which recently merged with Manufacturer's Hanover Trust & Co. and created the third-largest bank in the nation, O'Neal was most recently responsible for technology-oriented transaction services that include: $6 billion in credit card receivables; mortgage banking that originates some $10 billion in new mortgages annually and services a portfolio of $27 billion; the second-largest national volume of nstitutions; and the market leader in stock transfer services.
 At Bank of Boston, O'Neal's scope of responsibilities will include: 234 retail branches that serve more than 1 million New England customers and include deposits of some $14 billion; BancBoston Mortgage Corporation, with more than $4 billion in annual mortgage originations and $20 billion in servicing portfolio; The Private Bank, with more than $10 billion in assets under management; the consumer finance division, with $1.8 billion in existing home equity, student and other unsecured loans; small-business activities; and First Community Bank, a division oriented to meet the banking needs of inner-city residents and businesses. O'Neal will reside in Newton, Mass., with his Dianne and their son.
 Bank of Boston Corporation, with assets of $32 billion at June 30, 1992, is a New England-based superregional bank holding company with both national and international operations. Its major banking subsidiaries are The First National Bank of Boston, with headquarters in Massachusetts; Casco Northern Bank, N.A., in Maine; Bank of Boston Connecticut; Rhode Island Hospital Trust National Bank, and Bank of Vermont. The corporation and its subsidiaries provide a broad range of financial services to individual, corporate, institutional and governmental customers, as well as to other banks. The corporation's common and preferred stocks are listed on the New York and Boston Stock Exchange.
 -0- 7/28/92
 /CONTACT: Karen Schwartzman of the Bank of Boston, 617-434-7594/
 (BKB) CO: Bank of Boston ST: Massachusetts IN: FIN SU: PER


CN -- NE009 -- 4027 07/28/92 11:06 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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