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FLEET FINANCIAL GROUP FILES TENDER OFFER FOR TWO SERIES OF PREFERRED STOCK

 PROVIDENCE, R.I., May 20 /PRNewswire/ -- Fleet Financial Group (NYSE: FLT) announced today that it has commenced a tender offer to purchase, for cash, portions of two series of preferred stock.
 The tender for the Series III depositary shares (each representing a one-fourth interest in a share of Fleet's Series III 10.12 percent Perpetual Preferred Stock) will be for up to 2 million depositary shares at a price of $30.50, net, per depositary share, plus dividends accrued from June 1, 1993 through the expiration date of the tender offer.
 The tender for the Series IV depositary shares (each representing a one-fourth interest in a share of Fleet's Series IV 9.375 percent Perpetual Preferred Stock) will be for up to 2 million depositary shares at a price of $29.25, net, per depositary share, plus dividends accrued from June 1, 1993 through the expiration date of the tender offer.
 The offer, proration period and withdrawal rights will expire at 5:00 p.m. (EDT) on June 18, 1993 unless the offer is extended. Based on such current expiration date of June 18, 1993 (assuming the offer is not extended for either series), the accrued dividends would be $0.1265 per Series III depositary share and $0.1172 per Series IV depositary share, resulting in a purchase price of $30.6265 per Series III depositary share and $29.3672 per Series IV depositary share.
 Merrill Lynch & Co. will act as dealer manager in connection with the tender offer.
 The offer will be made only by means of, and upon the terms and subject to the conditions set forth in, Fleet's offer to purchase dated May 19, 1993, and the related letters of transmittal.
 Separately, Fleet also announced that it has recently completed the repurchase of all of the $150 million of preferred stock issued to the FDIC in July 1991 in connection with the acquisition of the Bank of New England banking franchise.
 Fleet Financial Group is a $45-billion financial services company listed on the New York Stock Exchange with approximately 1,200 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- 5/20/93
 /CONTACT: Robert W. Lougee, Jr., vice president and director, corporate communications, 401-278-5879; Bruce P. Crooks, 401-278-6241; Thomas L. Lavelle, media, 401-278-3003; and Judith B. Ragge, investor, 401-278-6444, all of Fleet Financial Group/
 (FLT)


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

DJ -- NE003 -- 0601 05/20/93 08:52 EDT
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Publication:PR Newswire
Date:May 20, 1993
Words:423
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