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FLEET FINANCIAL GROUP ANNOUNCES SECOND DIVIDEND INCREASE IN SIX MONTHS

 PROVIDENCE, R.I., May 19 /PRNewswire/ -- The Board of Directors of Fleet Financial Group (NYSE: FLT) today increased the quarterly common stock dividend 11 percent to 25 cents per share, it was announced by Terrence Murray, chairman and chief executive officer. Fleet's new annualized dividend rate is $1.00 per share.
 "This action marks the second time in the past six months that we have increased the common stock dividend to reward our stockholders and permit them to share in Fleet's steadily improving earnings momentum," Murray said.
 The increased dividend will be payable on July 1, 1993, to stockholders of record on June 3, 1993. Effective Jan. 1, 1993, Fleet had increased the quarterly common stock dividend from 20 cents to 22.5 cents per share. Combined, these actions have produced a total increase of 25 percent in the six-month period.
 "As we have told our shareholders frequently over the past few years, we are committed to rewarding them, as the corporation's earnings improve, for their confidence in Fleet," Murray said.
 Fleet has paid dividends in every year since 1792, the third longest payment record among companies listed on the New York Stock Exchange.
 The Board also declared dividends of $3.00 per share on the corporation's preferred stock, Series I, and $1.625 per share on its preferred stock, Series II. The preferred stock dividends are payable on July 15, 1993, to stockholders of record on June 30, 1993.
 Fleet Financial Group is a $45-billion diversified financial services company listed on the New York Stock Exchange with approximately 1,200 offices nationwide. Its lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, investment management, and student loan processing.
 -0- 5/19/93
 /CONTACT: Robert W. Lougee, Jr., 401-278-5879; Bruce P. Crooks, 401-278-6241; Thomas L. Lavelle, 401-278-3003; Judith B. Ragge, 401-278-6444, all of Fleet Financial Group/
 (FLT)


CO: Fleet Financial Group ST: Rhode Island IN: FIN SU: DIV

JK -- NE011 -- 0304 05/19/93 12:26 EDT
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Publication:PR Newswire
Date:May 19, 1993
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