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SHAWMUT NATIONAL CORPORATION WILL AUCTION $46 MILLION IN COMMERCIAL REAL ESTATE IN DECEMBER

 SHAWMUT NATIONAL CORPORATION WILL AUCTION $46 MILLION
 IN COMMERCIAL REAL ESTATE IN DECEMBER
 HARTFORD, Conn., and BOSTON, Nov. 3 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) announced today that it will auction 162 commercial properties with a combined carrying value of about $46 million in December.
 The auction, which is believed to be the largest bank-sponsored auction of commercial properties in New England to date, involves foreclosed offices, industrial buildings, retail stores, vacant land and multi-family buildings scattered across Massachusetts, Connecticut, Rhode Island and New Hampshire. No one- to four-family homes will be offered.
 Gunnar S. Overstrom, president and chief operating officer of Shawmut National, said, "We have been working at reducing our nonperforming assets with every means at our disposal. This auction is simply another tool to dispose of problem assets in an accelerated manner."
 William T. Bromage, executive vice president of Shawmut National, said, "The auction format benefits both ourselves and the bidders. The bidders will have an opportunity to buy properties at a discount from market value and can choose from an impressive array of properties. The auction saves the corporation the added expenses of carrying these properties until they can be sold in a conventional manner."
 The auction is divided into two parts -- an oral bid portion and a sealed bid portion. The oral auction will be held over two days and will feature about 142 properties. It will begin at 11:00 a.m., Saturday, December 12 at the Marriott Hotel in Cambridge, Mass. The auction will resume at 11:00 a.m., Sunday, December 13, at the Sheraton Hartford Hotel in Hartford, Conn. The sealed bid portion involves 20 properties with a carrying value of about $20 million. The due date for sealed bids is December 10.
 The auctioneer is Kennedy-Wilson, Inc., a national auction marketing firm with East Coast headquarters in Boston.
 Jon Gollinger, managing director of Kennedy-Wilson, said, "In the oral bid portion, a majority of the properties will be auctioned absolute to the highest bidder, regardless of price. In the sealed bid portion, the seller has established a reserve, or minimum, price that is published in the auction catalogue."
 Auction catalogues, information packages and registration forms can be obtained by calling 800-522-6664 from 9 a.m. to 9 p.m. seven days a week. In addition, prior to the auction, the auctioneer will conduct free seminars to acquaint buyers and brokers with the auction process.
 The first seminar will be held 7 p.m., Tuesday, December 8 at the Marriott Hotel in Cambridge, Mass. The second seminar will be held at 7 p.m., Wednesday, December 9, at the Sheraton Hartford Hotel.
 Shawmut National Corporation is the leading bank in southern New England serving consumers and small- to medium-sized businesses through a network of 311 branches. Its flagship institutions are Boston-based Shawmut Bank and Hartford-based Connecticut National Bank. On January 11, 1993, Connecticut National Bank will change its name to Shawmut.
 -0- 11/3/92
 /CONTACT: Robert L. Guenther, 203-240-1267, or Brent S. DiGiorgio, 203-240-7632, both of Shawmut National Corp./
 (SNC) CO: Shawmut National Corporation ST: Connecticut, Massachusetts IN: FIN SU:


DH -- NE002 -- 1976 11/03/92 10:12 EST
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Publication:PR Newswire
Date:Nov 3, 1992
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