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SHAWMUT NATIONAL CORPORATION NAMES EYLES TO NEW POST AS VICE CHAIRMAN AND CHIEF CREDIT POLICY OFFICER

 SHAWMUT NATIONAL CORPORATION NAMES EYLES TO NEW POST
 AS VICE CHAIRMAN AND CHIEF CREDIT POLICY OFFICER
 HARTFORD, Conn., Feb. 10 /PRNewswire/ -- David L. Eyles has been appointed vice chairman and chief credit policy officer for Shawmut National Corporation (NYSE: SNC). It is also anticipated that Eyles will serve as a director of Shawmut National's two principal bank subsidiaries, Connecticut National Bank and Shawmut Bank.
 In making the announcement, Joel B. Alvord, chairman and chief executive officer of Shawmut National Corporation, noted Eyles' more than 30 years of credit policy experience at Mellon Bank and Chemical Bank. "David Eyles is an important addition to our executive management team whose appointment signifies the consolidation of the credit function at the corporate level. He brings to the post the breadth of experience and depth of knowledge that will enable Shawmut to continue strengthening its credit processes while reinforcing a single, strong credit culture."
 Eyles joins Shawmut National following four years at Mellon Bank Corporation in Pittsburgh, where he served as vice chairman, member of the office of the chairman, and chairman of the credit policy committee. Eyles also spent 27 years with Chemical Banking Corporation in New York, rising to the post of executive vice president, chief credit officer and chairman of the credit policy committee.
 Eyles graduated from the Wharton School of Business at the University of Pennsylvania with a bachelor's degree in economics and from the Harvard Business School's Advanced Management Program.
 Shawmut National has recently experienced significant improvement in credit quality. Nonaccruing loans declined $92.4 million in the fourth quarter and $412.9 million for the full year 1991, marking the fourth consecutive quarterly decline in nonaccruing loans and a 28.5 percent decline in nonaccruing loans for the year. Reserve coverage has increased from 65 percent at year-end 1990 to 96 percent at year-end 1991. The ratio of the corporation's nonaccruing loans and foreclosed properties to total loans and foreclosed properties stood at 9.5 percent -- the first time this ratio has been below 10 percent since the third quarter in 1990.
 Shawmut National Corporation is a superregional bank holding company with headquarters in Hartford, Conn., and Boston. The corporation has a branch network of 350 offices in southern New England.
 -0- 2/10/92
 /CONTACT: Susan A. Rotner, 203-728-9300, or Brent S. DiGiorgio, 203-240-7632, of Shawmut National Corporation/ CO: Shawmut National Corporation ST: Connecticut, Massachusetts IN: FIN SU: PER


TM-SH -- NE024 -- 8412 02/10/92 15:20 EST
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Publication:PR Newswire
Date:Feb 10, 1992
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