SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 15, 1994
FLEET FINANCIAL GROUP,INC.
(Exact name of registrant as specified in its charter)
RHODE ISLAND
(State or other jurisdiction of incorporation)
1-6366 05-0341324
(Commission File Number) (IRS Employer Identification No.)
50 Kennedy Plaza, Providence, Rhode Island 02903
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 401-278-5800
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
Pursuant to Form 8-K, General Instructions F,
Registrant hereby incorporates by reference the press
release attached hereto as Exhibit 28.
Item 7. Financial Statements and Other Exhibits.
Exhibit No. Description
Exhibit 28 Fleet Financial Group,
Inc. Press Release
Dated August 15, 1994
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, as amended, the Registrant has duly caused this report
to be signed in its behalf by the undersigned hereunto duly
authorized.
FLEET FINANCIAL GROUP, INC.
Registrant
By /s/ William C. Mutterperl
William C. Mutterperl
Senior Vice President,
General Counsel and Secretary
Dated: August 15, 1994
EXHIBIT 28
Robert W. Lougee, Jr. Media:
Vice President and Director Thomas L. Lavelle
Corporate Communications (401) 278-3003
(401) 278-5879 Stacy Stout
(404) 392-2404
Bruce P. Crooks Investor:
(401) 278-6241 Judith B. Ragge
(401) 278-6444
Fleet Financial Group Completes Acquisition
of Sterling Bancshares Corp.
Providence, R.I., August 15, 1994: Fleet Financial Group
today completed its acquisition of Sterling Bancshares Corp.
(NASDAQ-STLG), Waltham, Mass., it was announced by Terrence
Murray, Fleet's chairman and chief executive officer.
Under terms of the acquisition, originally announced last
October, Fleet acquired the $1-billion parent company of
Sterling Bank for approximately $125 million in stock, or
$39.50 for each share of Sterling common stock.
Sterling operates 13 banking offices in eastern
Massachusetts, predominantly in Middlesex County. They will be
merged into the $9.2-billion Fleet Bank of Massachusetts, N.A.,
which has 154 branches throughout the state.
Murray terms the Sterling acquisition "a highly attractive
match" that will help Fleet expand its community lending
activities involving middle-market companies, as well as its
consumer banking and investment services businesses, in one of
New England's most attractive and affluent markets.
The acquisition agreement provides Sterling stockholders
with 1.096 shares of Fleet Financial Group stock for each
Sterling share. The transaction will be treated as a pooling
of interests and is anticipated to be tax-free to Sterling
shareholders.
Fleet Financial Group is a $48-billion diversified
financial services company listed on the New York Stock
Exchange (NYSE-FLT) with approximately 1,200 offices
nationwide. Its lines of business include commercial and
consumer banking, mortgage banking, consumer finance,
asset-based lending, equipment leasing, investment management,
and student loan processing.
