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SHAWMUT INTRODUCES TARGET SAVINGS, A GOAL-ORIENTED SAVINGS PROGRAM

 HARTFORD, Conn., and BOSTON, June 15 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) today introduced Shawmut Target Savings(sm), a goal-oriented savings program that allows consumers to save on a regular basis for specific long-term goals. Shawmut will assist clients in quantifying their goals based on the objectives they have identified; will create a customized plan to reach the goals; and will provide a graphed monthly statement of savings progress. This product is unique to the industry and is only available at Shawmut banks.
 "Our research indicates that consumers are anxious about meeting long-term savings goals," said Eileen S. Kraus, vice chairman of Shawmut National Corporation, and head of Consumer Banking and Marketing for the corporation. "Consumers are not confident that their current savings will meet future needs. Baby boomers are especially concerned because they are having children later in life and, therefore, must save for education and retirement needs simultaneously."
 For example, a couple in their late thirties who are the parents of a child born in 1990 might expect to pay more than $57,000 each year for a child to attend a private New England university starting in the year 2007. The final cost could be more than $230,000. While the child is in college, those same parents will also be in their peak earnings years and nearing retirement, for which they must begin to save if they have not already done so.
 "Shawmut's Target Savings program simplifies the process and allows clients to focus on and achieve their objective rather than continue to be overwhelmed by a seemingly unobtainable goal," Kraus added. Trained Target Savings specialists have resources that will help to quantify a customer's goal, for example current statistics on average college, housing, and retirement costs. Using these resources, Target Savings specialists will be able to estimate total savings needs for sending a child or children to college, purchasing a home, or planning a comfortable retirement, among other goals.
 "Strategic financial planning is essential to achieving a long-term objective," Kraus noted. "Adding Target Savings to its full range of products and services, Shawmut has the people, the experience, and the resources to help clients plan for and achieve their life ambitions."
 After savings goals are identified and quantified, a Target Savings specialist will gather a client's financial information; assess a client's propensity for risk; and then develop a plan, customized to a client's savings capability, to achieve a unique goal. Because Target Savings specialists are Series 6 licensed by the National Association of Securities Dealers, they may counsel consumers on a variety of investment selections, including stocks, bonds, mutual funds, including Shawmut's own family of funds, and certificates of deposits, to name several.
 Once a customized plan is created, a monthly amount will be automatically deducted from a Shawmut checking account or from a paycheck. As a client's goal or income changes, the Target Savings plan can be adjusted accordingly. Each month, a client will receive a statement that graphs actual savings against the set "target" so clients can visually identify progress.
 "Convenience and flexibility are important to today's busy consumer," said Hal R. Tovin, senior vice president of Marketing and Advertising for Shawmut National Corporation. "By debiting a checking account or automatically deducting a specified amount from a payroll check, Shawmut is making the savings process as simple as possible. The graph on the monthly statement shows clients how they're doing based on the goal or goals they've targeted. Positive reinforcement, especially at the start of a savings plan, is instrumental to success. The Target
 Savings product will help client's meet their needs as they establish a new or augment an existing Shawmut relationship. This long- term approach to financial planning benefits both the customer and the bank alike."
 For additional information on the Target Savings product, consumers may call 1-800-SHAWMUT or visit their local Shawmut branch in Connecticut, Massachusetts, or Rhode Island.
 Shawmut National Corporation is a $25 billion superregional bank holding company with dual headquarters in Hartford, Conn., and Boston. Shawmut National is a leading lender to consumers and small- to medium- sized businesses in Connecticut, Massachusetts, Rhode Island, and select national markets.
 /NOTE TO EDITORS: Sample Target Savings graphed statement available from Shawmut press contacts./
 -0- 6/15/93
 /CONTACT: Robert L. Guenther, 203-240-1267, or Brent S. DiGiorgio, 203-240-7632/
 (SNC)


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

DJ -- NE004 -- 2006 06/15/93 10:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Date:Jun 15, 1993
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