SHAWMUT BANK NAMED PRIORITY LENDER BY EXPORT-IMPORT BANK OF THE U.S.
HARTFORD, Conn., May 27 /PRNewswire/ -- Shawmut Bank announced today that it has been designated a Priority Lender by the Export-Import Bank of the United States, making it the first in Connecticut to achieve that status. The Priority Lender designation enables Shawmut to expedite the handling of international trade financing requiring payment guarantees from the Eximbank. Paul Pirrotta, vice president in charge of trade finance for Shawmut, said, "The fact that Shawmut is now a Priority Lender is a real advantage for our customers. This designation will enable us to cut the turn-around time on borrowers' requests for Eximbank guarantees to 10 days from a month or more." Shawmut is a leader in trade finance in New England and this year expects to finance in excess of $1 billion of export and import sales. Exports play a vital role in to the New England economy. It is estimated that Connecticut and Massachusetts exports last year totaled $16 billion. Eximbank guarantees are important to the ability of many businesses to sell their goods and services to foreign customers. The Eximbank guarantee gives lenders added assurance and therefore the ability to finance overseas sales. Shawmut Bank is a unit of Shawmut National Corporation (NYSE: SNC) with dual headquarters in Hartford, Conn., and Boston, Mass. The corporation serves the financial needs of consumers and businesses through a network of 300 branches in Massachusetts, Connecticut and Rhode Island. -0- 5/27/93 /CONTACT: Brent S. Di Giorgio, 203-240-7632; or Marjorie Seus, 617-292-3239, both of Shawmut/ (SNC)
CO: Shawmut National Corporation ST: Connecticut IN: FIN SU:
DD -- NE003 -- 2768 05/27/93 08:04 EDT
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|Date:||May 27, 1993|
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