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BANK OF BOSTON SUCCESSFULLY SELLS 8.5 MILLION SHARES OF COMMON STOCK; OFFERING RAISES $147 MILLION

BANK OF BOSTON SUCCESSFULLY SELLS 8.5 MILLION SHARES OF COMMON STOCK;
 OFFERING RAISES $147 MILLION
 BOSTON, April 2 /PRNewswire/ -- Bank of Boston Corporation (NYSE: BKB) announced today that it successfully sold 8.5 million shares of its common stock.
 As previously announced, the company sold the shares at $18 per share. The corporation intends to use the net proceeds from this offering for general corporate purposes, including investments in and advances to the corporation's subsidiaries, investments and financing for possible future acquisitions of deposits and banking assets, including possible acquisitions involving financial institutions offered by regulatory authorities.
 Proceeds also may be used for investments in and advances to the corporation's banking subsidiaries -- thereby strengthening capital levels which already meet and exceed current bank regulatory requirements. This additional capital will bring the corporation's total risk-based capital ratio to approximately 10 percent, well above the regulatory minimum of 8 percent required by the end of 1992.
 "We view the success of this offering as a strong vote of confidence in our turnaround, in our balanced bank strategy and in our prospects for growth," said Ira Stepanian, Bank of Boston Corporation's chairman and chief executive officer. "Because of our improved asset quality, disciplined approach to expense management, and core earnings, we believe that we will be able to maintain investor confidence. We are also very pleased that the interest was broad-based, as evidenced by the fact that the offering was purchased by the retail, institutional, as well as the international sectors."
 "Of equal importance," Stepanian noted, "this infusion of capital will strengthen our efforts to prudently provide credit to our current corporate customers and prospects."
 The offering was managed by Merrill Lynch & Co., PaineWebber Incorporated and Wertheim Schroder & Co. Incorporated. With the completion of this recent offering, Bank of Boston Corporation currently has approximately 84 million common shares outstanding.
 Bank of Boston Corporation, with assets of $32.7 billion at Dec. 31, 1991, is a New England-based superregional bank holding company with both national and international operations. Its major banking subsidiaries are The First National Bank of Boston, headquartered in Massachusetts; Casco Northern Bank, N.A., in Maine; Bank of Boston Connecticut; Rhode Island Hospital Trust; and Bank of Vermont. The corporation and its subsidiaries provide a broad range of financial services to individual, corporate, institutional and governmental customers, as well as to other banks. The corporation's common and preferred stocks are listed on the New York and Boston exchanges.
 -0- 4/2/92
 /CONTACT: Constance Hubbell of Bank of Boston, 617-434-6883/
 (BKB) CO: Bank of Boston Corporation ST: Massachusetts IN: FIN SU: OFR


EG -- NE009 -- 4376 04/02/92 12:12 EST
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Publication:PR Newswire
Date:Apr 2, 1992
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