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FLEET FINANCIAL GROUP RESTRUCTURES CONSUMER BANKING OPERATION; EXEMPLARY CUSTOMER SERVICE KEY FOCUS OF NEW MANAGEMENT TEAM

 PROVIDENCE, R.I., Aug. 3 /PRNewswire/ -- As part of the company's continuing goals to provide optimum customer service, Fleet Financial Group (NYSE: FLT) has dramatically restructured the management team and delivery system of its Consumer Banking Division which covers a Northeast franchise of more than 800 retail offices, it was announced today by Michael R. Zucchini, vice chairman.
 "Fleet is a recognized leader in technology, product development, and retail marketing. By linking these elements together to support a new consumer banking operation, Fleet will be better equipped to service the consumer banking mass market in the Northeast," Zucchini said. "These measures will help us attain our goal of 100 percent customer satisfaction."
 According to Zucchini, who heads all of Fleet's consumer business nationwide, Fleet's retail banking operations will be directed by two, newly appointed managers working in separate Northeast regions where Fleet's banks operate.
 David M. DeFazio and Dennis M. Murphy, both executive vice presidents from Fleet's banking subsidiaries, have been named to manage, respectively, a consumer banking region comprised of branches in Maine, New Hampshire and New York; and a second region comprised of branches in Connecticut, Massachusetts and Rhode Island.
 Zucchini explained that DeFazio and Murphy's top priority will be creating a customer-driven operation shaped by proactive research, employee retraining, quality management, and regular assessments of Fleet's performance within the marketplace.
 "Delivering the highest quality products and services is a primary underpinning of our restructured consumer banking business," Zucchini said. "I am highly confident that existing and future customers will be well served by the talents and expertise that both David and Dennis are bringing to their new positions. These executives have been with Fleet for many years and I am certain that each will continue to make significant contributions to the prominence of Fleet's retail banking operations."
 DeFazio, 53, was most recently executive vice president and head of the Consumer Banking Division at Fleet Bank of New York, Albany. He was responsible for all facets of consumer banking, including consumer lending, branch operations, community lending, and sales and marketing throughout a 248-branch network spanning upstate, central and western New York.
 DeFazio joined the Financial Services Division of Norstar Bancorp., which merged with Fleet in 1988, as a vice president, marketing in 1985, and was named a senior vice president in 1988.
 Previously, he was a senior vice president with Citizen's Fidelity Bank, Louisville, Ky., where he was responsible for all retail and wholesale marketing activities for the $3 billion institution. DeFazio was also a marketing vice president at First National Bank of Pennsylvania, and a field manager with Ford Motor Co.
 Murphy, 45, was most recently executive vice president, community banking, at Fleet Bank of Massachusetts since 1991. He had been responsible for consumer lending and products and services, as well as the administration of more than 160 Fleet branches statewide. He also managed the bank's community lending group, which provided financing and non-credit banking services to small businesses with sales up to $5 million and borrowing requirements of up $500,000.
 Murphy joined Fleet in 1972 and during his 21-year tenure has held a variety of positions. Immediately prior to joining Fleet's Massachusetts bank, he served from 1989 to 1991 as an executive vice president and Consumer Banking Division manager at Fleet Bank-R.I. He directed all consumer banking activities including the branch network, residential mortgage, bank card services, consumer loan production, educational finance departments and small business lending.
 From 1984 to 1988, Murphy was the national credit manager for Fleet's asset-based lending affiliate.
 With overall accountability for customer service, sales of Fleet products, and the financial performance of Fleet's branch network, DeFazio and Murphy will each direct supervisory staff who will manage four key functions. These will include 11 market and support areas, consumer banking administration, sales and marketing administration, and specialized services.
 "The team of consumer banking executives reporting to Dave and Dennis are extremely knowledgeable," stressed Zucchini.
 "Collectively, they will devote their fullest attention to the development and delivery of top-of-the-line products and services to meet the changing demands of increasingly sophisticated customers."
 Fleet Financial Group is a $45 billion diversified 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- 8/3/93
 /CONTACT: Robert W. Lougee, Jr., vice president and director, corporate communications, 401-278-5879; Bruce P. Crooks, 401-278-6241; Thomas L. Lavelle, 401-278-3003, all of Fleet Financial/
 (FLT)


CO: Fleet Financial Corp. ST: Rhode Island IN: FIN SU:

DJ -- NE008 -- 8846 08/03/93 11:11 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
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