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FLEET/NORSTAR FINANCIAL GROUP TO ASK STOCKHOLDERS TO APPROVE NAME CHANGE; SUBSIDIARY IDENTITY CHANGES ALSO PLANNED

 FLEET/NORSTAR FINANCIAL GROUP TO ASK STOCKHOLDERS TO APPROVE NAME
 CHANGE; SUBSIDIARY IDENTITY CHANGES ALSO PLANNED
 PROVIDENCE, R.I., Feb. 12 /PRNewswire/ -- The management of Fleet/Norstar Financial Group (NYSE: FNG) will ask stockholders to approve a proposal changing the corporation's name to Fleet Financial Group, it was announced by Terrence Murray, chairman and chief executive officer.
 Stockholders will vote on the proposal at the corporation's annual meeting on April 15 in Albany, N.Y. If approved, the new name will take effect immediately.
 Fleet Financial Group was the company's name before its Jan. 1, 1988, merger with the former Norstar Bancorp, based in Albany.
 Murray said the following changes regarding subsidiary identities also are planned:
 --The corporation' s downstate New York bank, currently Norstar Bank, will be renamed Fleet Bank. Headquartered in Melville, Long Island, the $3 billion bank has 73 branches and its market area encompasses all of Long Island and metropolitan New York;
 --Fleet's two upstate New York banks -- Albany-based Norstar Bank of Upstate NY and Buffalo-based Norstar Bank, N.A. -- will adopt the Fleet name as Fleet Bank of New York and Fleet Bank of New York, N.A., respectively;
 --Most of the corporation's nonbank subsidiaries not currently using the Fleet name will begin using that name by the end of the second quarter.
 Murray said the principal reason for seeking corporate and bank name changes is to "achieve a common identification throughout our major markets." He noted that all of the corporation's banks in New England and many of its nonbank subsidiaries throughout the United States are identified by the Fleet name.
 "We are proud of our Norstar heritage," Murray said, "and the Norstar name will always be an important reminder of events and people who have helped to shape our organization. At the same time, we believe it is appropriate for the company to move forward this year under a unified identity."
 Robert L. Mushkin, vice chairman of Fleet/Norstar and head of the Consumer Financial Services Division, said, "A single name for the corporation and virtually all of its subsidiaries will offer distinct advantages, particularly in marketing our products and services." He enumerated the major benefits as follows:
 --The ability to name and market products and services in a unified manner;
 --Improved public and investor recognition regarding the corporation and its business activities;
 --Elimination of confusion regarding names of the corporation's operating units and their affiliation with the parent company;
 --Substantial efficiencies and cost savings in such areas as marketing, advertising, communications and operations;
 --Benefits arising as customers and potential customers begin to see tangible signs of Fleet's size and breadth as they travel throughout the Northeast and nationally.
 Mushkin said management proposed the name change to stockholders following a comprehensive study by the well-known corporate and product identity firm of Landor Associates, San Francisco. Landor is the company that coordinated the corporation's 1982 name change from Industrial National Corp. to Fleet Financial Group. Surveys conducted by Landor, involving customers, employees and other groups, indicated overwhelming sentiment in favor of changing the Fleet/Norstar name back to Fleet Financial Group, Mushkin said.
 Fleet/Norstar Financial Group is a diversified financial services company listed on the New York Stock Exchange with approximately 1,300 offices nationwide. Its lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, trust banking, and student loan processing.
 -0- 2/12/92
 /CONTACT: Robert W. Lougee, Jr., 401-278-5879, or Charles T. Conway, Jr., 401-278-6240, or Bruce P. Crooks, 401-278-6241, or Thomas L. Lavelle, 617-573-7733, all of Fleet/Norstar/
 (FNG) CO: Fleet/Norstar Financial Group ST: Rhode Island, New York IN: FIN SU:


SH -- NE005 -- 9158 02/12/92 10:40 EST
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Publication:PR Newswire
Date:Feb 12, 1992
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