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): September 7, 1999
FLEET FINANCIAL GROUP, INC.
(Exact Name of Registrant as Specified in its Charter)
Rhode Island 1-6366 05-0341324
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) Number)
One Federal Street, Boston, Massachusetts 02110
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(Address of principal executive offices) (zip code)
(617) 346-4000
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(Registrant's telephone number, including area code)
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Item 5. Other Events.
On March 14, 1999, Fleet Financial Group, Inc. ("Fleet") and BankBoston
Corporation ("BankBoston") entered into an Agreement and Plan of Merger
providing for the Merger of BankBoston with and into Fleet. In connection with
obtaining required regulatory approvals from the Board of Governors of the
Federal Reserve and the United States Department of Justice, Fleet and certain
Fleet and BankBoston banking subsidiaries have entered into an agreement to sell
278 branch offices, 160 offsite ATMs and 389 onsite ATMs, associated small
business and middle market lending relationships and portions of support
operations to Sovereign Bancorp ("Sovereign"). It is anticipated that the
divestiture will be consummated in the first half of the year 2000.
The approximately $1.4 billion pre-tax transaction which equates to a 12%
premium, includes approximately $12 billion in deposits and approximately $8
billion in loans. It includes about 176 branch offices and 116 remote ATMs in
Massachusetts, 13 branches and 9 remote ATMs in New Hampshire, 50 branch offices
and 17 remote ATMs in Rhode Island, and 39 branches and 18 remote ATMs in
Connecticut. Also included in the acquisition are associated regional
middle-market and small business loans, as well as portions of: BankBoston's
branch support units in Dorchester, MA; the BankBoston Consumer Lending Center
in Providence, RI; and the BankBoston Telebanking Center in East Providence, RI.
The final aggregate purchase price will be calculated at closing and will
be based upon the level of deposits at closing.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunder duly authorized.
FLEET FINANCIAL GROUP, INC.
By: /s/ William C. Mutterperl
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Name: William C. Mutterperl
Title: Secretary and General Counsel
Date: September 7, 1999
