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SHAWMUT BANK LENDS $12.5 MILLION TO CONNECTICUT MANUFACTURER/EXPORTER; CDA, EXIMBANK LOAN GUARANTEES ENABLE MANUFACTURER TO ADD JOBS

 HARTFORD, Conn., June 3 /PRNewswire/ -- Shawmut Bank today said that it had loaned a total of $12.5 million to Intergrated Industrial Systems Inc. of Yalesville, Conn. A portion of the loans will be used to finance the manufacturing and sale of a cold rolling steel mill to the Pengda Steel Sheet Co. Ltd. in Hainan Province of the People's Republic of China.
 The financing is noteworthy because it represents the first time that loan guarantees from the Connecticut Development Authority and the Export-Import Bank of the U.S. have been wedded in the same transaction.
 The unusual financing has two components. The first is an $8 million working capital loan that carries a 30 percent guarantee against loss from the Connecticut Development Authority. The second element is a $4.5 million loan guaranteed by the Export-Import Bank for the export of the mill to China.
 The financing has enabled privately-held Intergrated Industrial Systems to increase its work force and expand its plant in Yalesville for the fourth time in eight years. Intergrated Industrial began exporting in 1987 and now has customers in Korea, Taiwan, and China.
 Eileen S. Kraus, president of Shawmut Bank, said, "This financing is an excellent example of a bank, a business and state and federal officials working together creatively. We were able to tie together two excellent state and federal programs in such a way that we are opening new markets for a growing Connecticut business and creating new jobs for the state's residents."
 Joseph P. Campanelli, Shawmut senior vice president for asset-based lending, said, "We are convinced that there are other companies in this region with the same potential as Intergrated to export their goods. These companies simply need a creative and committed banker. Shawmut has the diverse products to meet businesses' needs."
 Payments under the contract will be made through the Industrial and Commercial Bank of China, which is wholly-owned by the Chinese government.
 The Export-Import Bank's working capital guarantee program facilitates expansion of U.S. exports by encouraging commercial lender to make loans to U.S. businesses for various export-related activities. The program assists small and medium-sized businesses that could export but lack the money to produce the goods or services for export.
 Shawmut Bank is a unit of Shawmut National Corporation (NYSE: SNC) with dual headquarters in Hartford, Conn., and Boston. Shawmut National is a leading bank serving the credit, trade finance, cash management, and investment needs of small- to medium-sized businesses in Connecticut, Massachusetts, and Rhode Island.
 /NOTE TO EDITORS: The correct spelling of the company's name is "Intergrated"./
 -0- 6/3/93
 /CONTACT: Robert L. Guenther, 203-240-1267; Brent S. Di Giorgio, 203-240-7632, both of Shawmut National Corporation/
 (SNC)


CO: Shawmut National Corporation ST: Connecticut IN: FIN SU:

DJ -- NE001 -- 4745 06/03/93 08:00 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
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