Printer Friendly

FLEET FINANCIAL GROUP COMPLETES SALES OF PROBLEM ASSETS

 PROVIDENCE, R.I., Dec. 23 /PRNewswire/ -- Fleet Financial Group (NYSE: FLT) today completed sales of approximately $525 million of problem assets to multiple buyers, its was announced by Terrence Murray, chairman and chief executive officer.
 The assets included commercial loans, commercial real estate loans and residential real estate loans and OREO (other real estate owned).
 Approximately 70 percent to 75 percent of the portfolio of assets sold were classified as nonperforming as of Sept. 30, 1992. The purchase prices averaged 50 percent to 55 percent of book value.
 The loan sales further improve Fleet's balance sheet, especially its asset quality ratios, Murray said. The sales also will reduce costs associated with managing troubled assets, and they better position the company for future growth.
 Fleet's third quarter results included a $115 million pre-tax charge to earnings in anticipation of the sale of these assets. No additional charge is required as a result of the purchase prices attained in the sales.
 Fleet Financial Group is a $45-billion diversified financial services company listed on the New York Stock Exchange (NYSE: FLT) with approximately 1,300 offices nationwide. Its lines of business include commercial and consumer banking, mortgage banking, consumer finance, asset-based lending and leasing, investment management, and student loan processing.
 -0- 12/23/92
 /CONTACT: Robert W. Lougee, Jr., 401-278-5879; Bruce P. Crooks, 401-278-6241; (media) Thomas L. Lavelle, 401-278-3003; or Judith B. Ragge (investors) 401-278-6444, all of Fleet Financial/
 (FLT)


CO: Fleet Financial Group ST: Rhode Island IN: FIN SU:

DH-CH -- NE005 -- 9496 12/23/92 10:49 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 23, 1992
Words:256
Previous Article:PERSEPTIVE BIOSYSTEMS INC., ANNOUNCES FORMATION OF PERSEPTIVE TECHNOLOGIES CORPORATION
Next Article:CHASE MORTGAGE FINANCE CORP. SERIES 1992M CLASS A 'AAA' BY FITCH -- FITCH FINANCIAL WIRE
Topics:


Related Articles
FLEET FINANCIAL GROUP REPORTS THIRD QUARTER EARNINGS OF $76.6 MILLION
DUFF & PHELPS: FLEET FINANCIAL GROUP $150 MILLION SUBORDINATED NOTES RATED 'BBB+'
FLEET FINANCIAL GROUP REPORTS FIRST QUARTER EARNINGS OF $133 MILLION
FLEET FINANCIAL GROUP COMPLETES ACQUISITION OF STERLING BANCSHARES CORP.
PLAZA HOME MORTGAGE CORP. EXECUTES AMENDED AND RESTATED MERGER AGREEMENT WITH FLEET NATIONAL BANK
SHAWMUT NATIONAL CORPORATION STOCKHOLDERS APPROVE MERGER WITH FLEET FINANCIAL GROUP INC.
FLEET AND SHAWMUT RECEIVE MERGER APPROVAL FROM CONNECTICUT DEPARTMENT OF BANKING
FLEET FINANCIAL GROUP AGREES TO ACQUIRE NATWEST BANK N.A.
FLEET AND NATIONAL WESTMINSTER RECEIVE ALL REGULATORY APPROVALS ON MERGER
Fleet Bank Announces Sale Of Upstate New York Branches

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters