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CONNECTICUT NATIONAL BANK MAKES $6 MILLION LOAN TO MILFORD RIVET AS PART OF STATE LOAN GUARANTEE PROGRAM

 CONNECTICUT NATIONAL BANK MAKES $6 MILLION LOAN TO MILFORD RIVET
 AS PART OF STATE LOAN GUARANTEE PROGRAM
 MILFORD, Conn., Sept. 17 /PRNewswire/ -- Connecticut National Bank announced that it had approved a $6 million loan to Milford Rivet and Machine Company under the Connecticut Development Authority's loan guarantee program.
 The loan, the second largest loan made to date under the CDA program, will enable Milford Rivet to expand its plant in Connecticut instead of moving operations to South Carolina. Between 172 and 210 jobs are affected.
 Eileen S. Kraus, president of Connecticut National Bank, said, "This loan is good news for Milford Rivet, its employees and the City of Milford. The rest of Connecticut can take heart, too. This loan shows what we can accomplish when private businesses, lenders and the public sector demonstrate imagination, commitment and hard work to keep jobs in the state. "Connecticut National Bank is proud to do its share to get our economy growing."
 The $6.04 million loan includes a $2.2 million construction loan for plant expansion and the refinancing of Milford Rivet's existing $3.8 million mortgage. Milford Rivet is a privately owned supplier of automotive parts.
 Under the loan program, the State of Connecticut is guaranteeing 38 percent of the loan. Connecticut National Bank, the state's largest bank, has more than $10 billion in assets and is one of two flagship institutions of Shawmut National Corporation (NYSE: SNC). In January, Connecticut National Bank will be changing its name to Shawmut, the same name as its Massachusetts affiliate.
 Shawmut National is a $22 billion bank holding company headquartered in Hartford, Conn., and Boston. It is the leading lender in southern New England to consumers and small- and medium-sized businesses.
 -0- 9/17/92
 /CONTACT: Robert L. Guenther, 203-240-1267 or Brent Di Giorgio, 203-240-7632 both of Shawmut National Corporation/
 (SNC) CO: Shawmut National Corporation ST: Connecticut IN: FIN SU:


TM -- NE009 -- 0636 09/17/92 12:00 EDT
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Publication:PR Newswire
Date:Sep 17, 1992
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