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SHAWMUT RESCHEDULES AUCTION OF $30 MILLION IN COMMERCIAL REAL ESTATE FOR MARCH 6-7

 BOSTON and HARTFORD, Conn., Feb. 4 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) today announced that it has rescheduled for March 6 and 7 a commercial real estate auction of approximately 130 properties with a combined carrying value of about $30 million. An auction, originally scheduled for Dec. 12 and 13, 1992, was postponed due to the blizzard that hit New England that weekend.
 The auction, which is believed to be the largest bank-sponsored auction of commercial properties in New England to date, involves foreclosed offices, industrial buildings, retail stores, vacant land, and multifamily buildings in Mass., Conn., R.I., N.H., and Maine. No one-to four-family homes will be offered.
 Gunnar S. Overstrom, president and chief operating officer to Shawmut National, said, "We have been working to reduce our nonperforming assets with all the appropriate means at our disposal. This auction is simply another tool to dispose of problem assets in an accelerated manner."
 William T. Bromage, executive vice presient of Shawmut National, said, "The auction format benefits both Shawmut and the bidders. Bidders will have an opportunity to purchase properties at a discount from market value and Shawmut saves the expenses of carrying these properties until they can be sold in a conventional manner."
 The oral auction will be held over a two-day period. It will begin at 12:00 noon Saturday, March 6, at the Boston Newton Marriott Hotel in Newton, Mass. The auction will resume at 12:00 noon Sunday, March 7, at the Sheraton Hartford Hotel in Hartford, Conn. Buyers should arrive at each location no later than 11:00 a.m.
 The auctioneer will be Kennedy-Wilson, Inc., a national auction marketing firm with East Coast headquarters in Boston. Jon Gollinger, managing director of Kennedy-Wilson, said, "Some properties will have a seller's reserve, below which the property will not be sold without bank confirmation. But the majority of the properties in this auction will be auctioned absolute to the highest bidder, regardless of price."
 Auction catalogues may be obtained by calling 800-522-6664 from 9:00 a.m. to 9:00 p.m. seven days a week.
 In addition, prior to the auction, the auctioneer will conduct free seminars to acquaint buyers and brokers with the auction process. The first seminar will be held at 7:00 p.m., Tuesday, March 2, at the Boston Newton Marriott Hotel in Newton, Mass. The second seminar will be held at 7:00 p.m., Wednesday, March 3, at the Sheraton Hartford Hotel in Hartford, Conn.
 Shawmut National Corporation, with $25.3 billion in assets, is the leading provider of financial services in southern New England, serving consumers and small- to medium-sized businesses through a network of 311 offices.
 -0- 2/4/93
 /CONTACT: Brent S. Di Giorgio, 203-240-7632 or Robert L. Guenther, 203-240-1267, of Shawmut National Corporation/
 (SNC)


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

SJ -- NE013 -- 3090 02/04/93 14:49 EST
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Publication:PR Newswire
Date:Feb 4, 1993
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