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SHAWMUT NATIONAL COMPLETES COMMON STOCK OFFERING GENERATING $199.3 MILLION IN NEW CAPITAL FOR THE CORPORATION

 SHAWMUT NATIONAL COMPLETES COMMON STOCK OFFERING
 GENERATING $199.3 MILLION IN NEW CAPITAL FOR THE CORPORATION
 HARTFORD, Conn., April 14 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) announced today completion of the public offering of 17.25 million new shares of the corporation's common stock at a price to the public of $12 per share, resulting in net proceeds of $199.3 million to the corporation. Based on year-end 1991 results, the new capital increases Shawmut National's leverage ratio from 4.22 percent to 5.01 percent.
 Proceeds of the sale will be used principally to make capital contributions to the corporation's bank subsidiaries which will allow for expansion within the corporation's existing business lines.
 Morgan Stanley & Co. Incorporated was the manager of the underwriting group. The underwriters have exercised an option to purchase 2,250,000 additional shares to cover any over-allotments in the 15 million share offering.
 "The success of our public offering strengthens our capital base and positions the corporation to take advantage of future opportunities in the southern New England banking arena," said Shawmut National Chairman and Chief Executive Officer Joel B. Alvord. "This additional capital also adds to our ability to make loans to creditworthy customers who wish to grow their businesses and create jobs to help restore New England's economic health."
 Shawmut National Corporation is a multibank holding company with dual headquarters in Hartford, Conn., and Boston, Mass. The company focuses on offering a range of financial products and services to consumers and small- to medium-size companies. The company also offers financial services to correspondent banks, governmental entities, and corporate customers based in New England and select national markets. Shawmut National operates a total of 334 branches in southern New England.
 -0- 4/14/92
 /CONTACT: James R. Dorsey, 203-722-9300, or Brent S. Di Giorgio, 203-240-7632, of Shawmut National/
 (SNC) CO: Shawmut National Corporation ST: Connecticut, Massachusetts IN: FIN SU: OFR


SH -- NE016 -- 5926 04/14/92 14:45 EDT
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Publication:PR Newswire
Date:Apr 14, 1992
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