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SHAWMUT NATIONAL CORPORATION CREATES NEW UNIT TO MEET THE BANKING NEEDS OF SMALL BUSINESSES

 BOSTON, and HARTFORD, Conn., May 5 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) announced the creation of the Small Business Banking Unit to serve the special banking needs of businesses with annual sales of $2.5 million or less.
 The new unit, which is headed by Jan A. Miller, senior vice president of Shawmut Bank, is responsible for relationships with more than 30,000 small businesses in Massachusetts, Connecticut and Rhode Island and more than $400 million in loans.
 Joel B. Alvord, chairman and chief executive officer of Shawmut National, said, "Small businesses have borne the brunt of the recession. This has made New England's economic recovery all the more problematic because small businesses are the engines of job growth. By dedicating a new unit solely to the banking needs of small businesses, we are saying: Small business is important to Shawmut and to our economy."
 The Small Business Banking Unit reports to Eileen S. Kraus, Shawmut's vice chairman in charge of consumer and small business banking. Kraus said, "Our aim is to give small business owners prompt service, attentive bankers who understand their needs, simplified application procedures, and a full line of products."
 By dedicating this unit to small business customers, Shawmut is taking a new approach. Banks typically assign both large and small businesses to the same group of officers. However, that organizational structure tends to favor the needs of larger customers over those of small businesses.
 The components of the new Small Business Banking Unit are:
 -- Forty specially-trained community business bankers have been assigned to work with small businesses through Shawmut's three-state branch network. Community business bankers will focus on serving current small businesses and identifying new ones. Each community business banker will have a territory of from five to 12 branches.
 Gaylord Horn and John F. Weeks, both vice presidents, are the senior sales managers for Connecticut and Massachusetts, respectively.
 -- Two centralized small business banking centers -- one in Framingham, Mass., and the other in Hartford, Conn. -- are handling all underwriting, credit approval and administration for the community business bankers.
 Jeanette Cody, senior vice president, heads the Hartford center, and the Framingham center is under Joseph P. Scholl, vice president.
 -- Loan documents as well as loan products have been standardized to simplify the credit process. Standard small business loan products will include lines of credit for seasonal working capital needs; term loans for fixed asset acquisition or refinance; revolving loans for permanent working capital; commercial mortgage loans; time notes for short-term bridge financing; and amortizing installment loans. Loan applicants will be required to have a deposit relationship with Shawmut.
 -- Within the Small Business Banking unit, Shawmut is establishing a specialized Urban Business Banking group to meet the banking needs of small businesses in inner cities. The Urban Business Banking pilot efforts will be located in Boston and Hartford initially and later in New Haven.
 William L. Fuller, vice president, will manage the Boston Urban Business Banking group which will have eight bankers assigned to it. The Urban Business Bankers will have the same responsibilities as Community Business Bankers but will do more community outreach, such as seminars and one-on-one counseling.
 Shawmut is the leading bank serving small businesses in southern New England. Of the region's 280,000 small businesses, or businesses having annual sales of $2.5 million or less, Shawmut has relationships with about 20 percent.
 Shawmut National Corporation is a regional banking company with $25 billion in assets. It serves consumers, businesses, institutions, and state and local governments through a network of 305 branches in Massachusetts, Connecticut and Rhode Island. The corporation has dual headquarters in Hartford, Conn., and Boston.
 -0- 5/5/93
 /CONTACT: Marjorie Seus, 617-292-3239, or Brent S. Di Giorgio, 203-240-7632, both of Shawmut National Corp./
 (SNC)


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

DJ -- NE004 -- 4752 05/05/93 09:32 EDT
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Date:May 5, 1993
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