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15 MILLION SHARES OF SHAWMUT NATIONAL CORPORATION COMMON STOCK OFFERED AT $12 PER SHARE

 15 MILLION SHARES OF SHAWMUT NATIONAL CORPORATION
 COMMON STOCK OFFERED AT $12 PER SHARE
 HARTFORD, Conn., April 7/PRNewswire/ -- Shawmut National Corporation ( NYSE: SNC) announced today the public offering of 15 million new shares of the corporation's common stock at a price of $12 per share. Shawmut National Corporation, currently has 73.7 million shares outstanding.
 Net proceeds of approximately $173.2 million from the sale of common stock in the offering will be used principally to make capital contributions to the corporation's bank subsidiaries.
 "When completed, this offering will give Shawmut National substantial additional capital," said Shawmut National Chairman and Chief Executive Officer Joel B. Alvord. "This additional capital would allow for expansion of the corporation's existing business lines."
 The corporation's leverage ratio will increase from 4.22 percent at year-end 1991 to 5.01 percent upon completion of the offering.
 The closing price of Shawmut National common stock on Feb. 13, prior to the original filing of the registration statement with the Securities and Exchange Commission, was $11.875 per share.
 Morgan Stanley & Co. Incorporated is the manager of the underwriting group. The corporation has granted the underwriters an option to purchase 2,250,000 additional shares to cover any over- allotments.
 Shawmut National Corporation is a multibank holding company with dual headquarters in Hartford, Conn., and Boston, Mass., The corporation focuses on offering a range of financial products and services to consumers and small- to medium-size companies. The corporation also offers financial services to corporate customers, correspondent banks, and governmental entities based in New England and select national markets. Shawmut National operates a total of 334 branches in southern New England.
 -0- 4/7/92
 /CONTACT: Brent S. Di Giorgio, 203-722-9300, or James R. Dorsey, 203-722-9300, of Shawmut National Corporation/ CO: Shawmut National Corporation ST: Massachusetts, Connecticut IN: FIN SU: OFR


TM -- NE003 -- 5723 04/07/92 09:38 EDT
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Publication:PR Newswire
Date:Apr 7, 1992
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