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REGULATORY RESTRICTIONS LIFTED ON SHAWMUT NATIONAL CORPORATION

 HARTFORD, Conn. and BOSTON, Oct. 28 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) announced today that the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank of Boston have lifted regulatory agreements under which the corporation and its subsidiary banks have been operating.
 "The lifting of these restrictions is a recognition of the dramatic improvement in Shawmut's asset quality, earnings capacity, and credit procedures," said Joel B. Alvord, chairman and chief executive officer of Shawmut National Corporation. "While the improvements in our business have been evident for some time, the lifting of these restrictions is a formal acknowledgement that our recovery is complete."
 Alvord added, "We are now focusing our energies on making New England's finest banking franchise even better. That means pursuing strategic acquisitions, introducing new products, and reducing our overhead costs."
 The OCC Formal Agreement was entered into in August, 1990. The Memorandum of Understanding and Written Agreement with the Federal Reserve Bank of Boston were signed in July, 1990 and October, 1991, respectively. Each focused on the need to improve asset quality and credit administration policies.
 Shawmut National Corporation is a superregional bank holding company with assets of $27 billion and dual headquarters in Hartford, Conn. and Boston, Mass. Shawmut is a leading lender to consumers, small-to medium- sized business, and governmental entities in Connecticut, Massachusetts, Rhode Island, and select national markets.
 -0- 10/28/93
 /CONTACT: Brent S. Di Giorgio, 203-240-7632; or Robert L. Guenther 203-240-1267, both of Shawmut Bank/
 (SNC)


CO: Shawmut National Corporation ST: Massachusetts, Connecticut IN: FIN SU:

CM -- NE009 -- 8104 10/28/93 16:00 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
Words:267
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