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SHAWMUT NATIONAL CORPORATION ANNOUNCES INTRODUCTION OF SHAWMUT MUTUAL FUNDS

 BOSTON and HARTFORD, Conn., Feb. 23 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) today introduced its own family of seven mutual funds, The Shawmut Funds, through its 311 branches in Massachusetts, Connecticut and Rhode Island.
 "Shawmut is introducing mutual funds in an effort to better meet the full range of our customers' financial needs," said Michael J. Rothmeier, executive vice president, and head of the Bank's Investment Services Division. "The trends in the industry are very compelling. Our customers, like all bank customers, are seeking a better return on their savings and investment dollars. The Shawmut Funds are intended to meet that need. There is no doubt that mutual funds are today's investment vehicle of choice. Now our customers can invest in mutual fund with someone they know and trust -- Shawmut."
 According to Rothmeier, no other bank in New England is better equipped to establish a leadership position in this business. In addition to its extensive branch network, Shawmut has a 100-year history of managing assets for both personal and institutional clients. Currently, Shawmut has over $13 billion in assets under new management.
 "Our long-term strategy is to offer a more complete line of investment products and to capitalize on our superb distribution capabilities. Mutual funds will fill what is currently the largest gap in our investment services product line. And of course mutual funds appeal to the broadest segment of our customer base," said Rothmeier.
 Rothmeier continued, "We also believe that a trusted name like Shawmut coupled with one of the leading branch networks in the region will encourage more people to invest in our mutual funds. Today, about 30 percent of all households have purchased mutual funds, generating $1.6 trillion in mutual fund assets. Banks currently own a 10 percent share of that total, and the banks' share is growing. An additional 36 percent of households have enough assets to be potential buyers of mutual funds. I believe a larger percentage of this group will invest in mutual funds through their bank. It is a great opportunity."
 Gunnar S. Overstrom, president and chief operating officer, Shawmut National Corporation, added, "We consider our Investment Services Business Line to be a key strategic initiative and source of continued growth for our company. The introduction of mutual funds will enable us to meet our strategic goals in this area, by generating additional fee income for our company as well as enabling us to remain true to our customer service focus."
 To deliver these funds to customers, Shawmut will rely upon a team of mutual fund specialists, who have undergone extensive training and passed the licensing exam required by the National Association of Securities Dealers.
 Eileen S. Kraus, president, Shawmut Bank Connecticut, and head of Shawmut's Consumer Banking Group, stressed, "We also will build upon our reputation to provide quality customer service through people that our customers have come to know and trust. And, because we will be making mutual funds available primarily through face-to-face communication, we will be able to provide our customers with the kind of personalized attention and counseling that they desire."
 The Shawmut Funds currently have $600 million under management. On December 15, Shawmut converted certain collective investment trusts into The Shawmut Funds.
 The new Shawmut family of funds includes both growth and income- oriented vehicles. Specifically, the corporation is introducing seven new funds to its retail customers; Shawmut Prime Money Market Fund, Shawmut Limited-Term Income Fund, Shawmut Intermediate Government Income Fund, Shawmut Fixed Income Fund, Shawmut Growth and Income Equity Fund, Shawmut Growth Equity Fund and Shawmut Small Capitalization Equity Fund.
 All the Shawmut funds except the Shawmut Prime Money Market Fund will carry moderate front-end load.
 Shawmut also is providing Fidelity mutual funds options to customers including Fidelity Advisor Government Investment Portfolio, Fidelity Advisor Income and Growth Portfolio, Fidelity Capital Reserves Municipal Money Market, Fidelity Advisor High Income Municipal Portfolio, and money market funds which will be individually tailored for Connecticut and Massachusetts residents.
 "We believe we have a balanced and diversified product line to offer customers," said Rothmeier. "In fact, the product performance of our funds is excellent and will allow us to be very competitive in the marketplace."
 Shawmut Mutual Funds are advised by Shawmut Bank, and distributed by Federated Securities Corp. of Pittsburgh.
 Mutual funds are available by prospectus only, through licensed representatives of Shawmut Brokerage, Inc. an affiliate of Shawmut Bank. Mutual funds are not bank deposits nor are they FDIC-insured, and they are not endorsed or guaranteed by Shawmut Bank or its affiliates. Persons seeking more complete information about a particular mutual fund, including charges and expenses, should ask for a prospectus from your local Shawmut Bank office or by calling 1-800-SHAWMUT. The customer should read it carefully before investing or sending money.
 Shawmut National Corporation is a leading provider of financial services to consumers, businesses, institutions and public sector customers in southern New England. The coporation has $25.3 billion in assets and maintains dual headquarters in Boston and Hartford, Conn.
 -0- 2/23/93
 /CONTACT: Marjorie M. Seus, 617-292-3239, and Robert L. Guenther, 203-240-1267, both of Shawmut National Corporation/
 (SNC)


CO: Shawmut National Corporation ST: Massachusetts, Connecticut IN: FIN SU: OFR

SJ -- NE004 -- 9298 02/23/93 09:52 EST
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Date:Feb 23, 1993
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