FLEET BANK OF MASSACHUSETTS, N.A., ASSUMES DEPOSITS OF GUARANTY FIRST TRUST CO., WALTHAM, MASS.
FLEET BANK OF MASSACHUSETTS, N.A., ASSUMES DEPOSITS OF GUARANTY FIRST TRUST CO., WALTHAM, MASS. BOSTON, Nov. 13 /PRNewswire/ -- Fleet Bank of Massachusetts, N.A., today assumed approximately $318 million in deposits and other liabilities of Guaranty First Trust Co., Waltham, Mass., from the receiving and liquidating agent, the Federal Deposit Insurance Corp. (FDIC), it was announced by Leo R. Breitman, chairman and chief executive officer of Fleet Bank of Massachusetts. Guaranty First Trust has 13 offices: five in Waltham, two in Natick, and one each in Boston, Framingham, Sudbury, Norwood, Holliston and Newton. "Fleet Bank is committed to expanding its already significant presence throughout the Commonwealth," Breitman said. "The assumption of Guaranty's deposits affords us an outstanding opportunity to broaden our customer base. We look forward to meeting the financial needs of our new customers in these communities." Fleet did not purchase the majority of Guaranty's loans. Fleet Bank of Massachusetts operates more than 140 banking offices and has in excess of $7 billion in assets and deposits of $5.9 billion. Fleet Bank of Massachusetts is a subsidiary of Fleet Financial Group, a $45 billion diversified financial services company listed on the New York Stock Exchange (NYSE: FLT). Fleet Financial Group has approximately 1,300 offices nationwide. Its lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending, investment management, and student loan processing. -0- 11/13/92 /CONTACT: Robert Lougee, Jr., 401-278-5879, Bruce P. Crooks, 401-278-6241, Thomas L. Lavelle, 401-278-3003, or Meg Pier, 617-573-7733, for Fleet Bank/ (FLT) CO: Fleet Bank of Massachusetts ST: Massachusetts IN: FIN SU: TNM
TM -- NE010 -- 0815 11/13/92 15:41 EST
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|Date:||Nov 13, 1992|
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