<PAGE> 1
As filed with the Securities and Exchange Commission on June 23, 1997.
REGISTRATION NO. 333-27803
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
AMENDMENT NO. 1 TO
FORM S-3
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
---------------------
<TABLE>
<S> <C> <C>
CONSECO, INC. INDIANA 35-1468632
CONSECO FINANCING TRUST IV DELAWARE APPLIED FOR
CONSECO FINANCING TRUST V DELAWARE APPLIED FOR
CONSECO FINANCING TRUST VI DELAWARE APPLIED FOR
CONSECO FINANCING TRUST VII DELAWARE APPLIED FOR
(Exact name of the Registrants (State or other (I.R.S. Employer
as specified in their respective charters) jurisdiction Identification No.)
of incorporation or
organization)
</TABLE>
11825 N. Pennsylvania St.
Carmel, Indiana 46032
(317) 817-6100
(Address, including zip code, and telephone number, including
area code, of each Registrant's principal executive offices)
---------------------
Karl W. Kindig, Esq.
Conseco, Inc.
11825 N. Pennsylvania St.
Carmel, Indiana 46032
(317) 817-6708
(Name, address, including zip code, and telephone number,
including area code, of agent for service for each Registrant)
---------------------
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: From time
to time after the Registration Statement becomes effective, as determined by
market conditions.
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box. [ ]
If any of the securities being registered on this Form are to be offered on
a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box. [X]
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [ ]
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. [ ]
(Continued on next page)
================================================================================
<PAGE> 2
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
======================================================================================================================
PROPOSED MAXIMUM PROPOSED MAXIMUM AMOUNT OF
TITLE OF EACH CLASS OF SECURITIES AMOUNT TO BE OFFERING PRICE AGGREGATE OFFERING REGISTRATION
TO BE REGISTERED REGISTERED(1) PER UNIT(3)(4) PRICE(3)(4) FEE(2)(4)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Debt Securities of Conseco,
Inc. ............................
Preferred Stock of Conseco, Inc.,
no par value(5)..................
Depositary Shares of Conseco,
Inc.(5)..........................
Common Stock of Conseco, Inc.,
no par value(5)..................
Warrants of Conseco, Inc. .........
- ----------------------------------------------------------------------------------------------------------------------
Preferred Securities of Conseco
Financing Trust IV...............
- ----------------------------------------------------------------------------------------------------------------------
Preferred Securities of Conseco
Financing Trust V................
- ----------------------------------------------------------------------------------------------------------------------
Preferred Securities of Conseco
Financing Trust VI...............
- ----------------------------------------------------------------------------------------------------------------------
Preferred Securities of Conseco
Financing Trust VII..............
- ----------------------------------------------------------------------------------------------------------------------
Guarantees of Preferred Securities
of Conseco Financing Trust IV,
Conseco Financing Trust V,
Conseco Financing Trust VI and
Conseco Financing Trust VII by
Conseco, Inc.(6).................
- ----------------------------------------------------------------------------------------------------------------------
Total.............................. $1,500,000,000 100% $1,500,000,000 $424,242.42
======================================================================================================================
</TABLE>
(1) Such indeterminate number or amount of Debt Securities, Preferred Stock,
Depository Shares, Common Stock and Warrants of Conseco, Inc. and Preferred
Securities of Conseco Financing Trust IV, Conseco Financing Trust V, Conseco
Financing Trust VI and Conseco Financing Trust VII (the "Conseco Trusts") as
may from time to time be issued at indeterminate prices. Debt Securities of
Conseco, Inc. may be issued and sold to the Conseco Trusts, in which event
such Debt Securities may later be distributed to the holders of Preferred
Securities of the Conseco Trusts upon a dissolution of any such Conseco
Trust and the distribution of the assets thereof. The amount registered is
in United States dollars or the equivalent thereof in any other currency,
currency unit or units, or composite currency or currencies.
(2) Does not include the filing fee of $30,303.03 associated with certain
securities which has been previously paid, being carried forward pursuant to
Rule 429 under the Securities Act of 1933, as described in the last
paragraph of this cover page.
(3) Estimated solely for the purpose of calculating the registration fee
pursuant to Rule 457. The aggregate offering price of the Debt Securities,
Preferred Stock, Depositary Shares, Common Stock, Warrants and Preferred
Securities, and the exercise price of any securities issuable upon exercise
of Warrants registered hereby; will not exceed $1,500,000,000.
(4) Exclusive of accrued interest and distributions, if any.
(5) Also includes such indeterminate number of shares of Preferred Stock and
Common Stock as may be issued upon conversion of or exchange for any Debt
Securities or Preferred Stock that provide for conversion or exchange into
other securities. No separate consideration will be received for the
Preferred Stock or Common Stock issuable upon conversion of or in exchange
for Debt Securities or Preferred Stock.
(6) Includes the rights of holders of the Preferred Securities under the
Guarantees of Preferred Securities and back-up undertakings, consisting of
obligations of Conseco, Inc. to provide certain indemnities in respect of,
and pay and be responsible for, certain expenses, costs, liabilities and
debts of, as applicable, the Conseco Trusts as set forth in the Declaration
of Trust (including the obligation to pay expenses of the Conseco Trusts);
the Indenture and any applicable supplemental indentures thereto, and the
Debt Securities issued to the Conseco Trusts, in each case as further
described in the Registration Statement. No separate consideration will be
received for the Guarantees or any back-up undertakings.
---------------------
THE REGISTRANTS HEREBY AMEND THIS REGISTRATION STATEMENT ON SUCH DATE OR
DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANTS
SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION
STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF
THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SECTION 8(A), MAY
DETERMINE.
PURSUANT TO RULE 429 UNDER THE SECURITIES ACT OF 1933, THE PROSPECTUS
CONTAINED HEREIN CONSTITUTES A COMBINED PROSPECTUS THAT ALSO RELATES TO
$100,000,000 UNSOLD PRINCIPAL AMOUNT OF THE SECURITIES PREVIOUSLY REGISTERED
PURSUANT TO THE REGISTRATION STATEMENT ON FORM S-3 OF CONSECO, INC. (FILE NO.
333-14991).
<PAGE> 3
PROSPECTUS
$1,500,000,000
CONSECO, INC.
DEBT SECURITIES, PREFERRED STOCK, DEPOSITARY SHARES, COMMON STOCK AND WARRANTS
CONSECO FINANCING TRUST IV
CONSECO FINANCING TRUST V
CONSECO FINANCING TRUST VI
CONSECO FINANCING TRUST VII
PREFERRED SECURITIES FULLY AND UNCONDITIONALLY GUARANTEED
BY CONSECO, INC.
------------------------
Conseco, Inc., an Indiana corporation ("Conseco" or the "Company"), may
offer and sell from time to time, in one or more series, (i) its debt
securities, consisting of debentures, notes and/or other evidences of
indebtedness representing unsecured obligations of Conseco (the "Debt
Securities"), (ii) shares of its preferred stock, no par value per share
("Preferred Stock"), which may be represented by depositary shares (the
"Depositary Shares") as described herein, (iii) shares of its common stock, no
par value per share ("Common Stock"), and (iv) warrants to purchase Debt
Securities, Preferred Stock, Common Stock or other securities or rights
("Warrants").
Conseco Financing Trust IV, Conseco Financing Trust V, Conseco Financing
Trust VI and Conseco Financing Trust VII (each, a "Conseco Trust"), statutory
business trusts formed under the laws of the State of Delaware, may offer, from
time to time, preferred securities, representing preferred undivided beneficial
interests in the assets of the respective Conseco Trusts ("Preferred
Securities"). The payment of periodic cash distributions ("Distributions") with
respect to Preferred Securities out of moneys held by each of the Conseco
Trusts, and payments on liquidation, redemption or otherwise with respect to
such Preferred Securities, will be guaranteed by the Company to the extent
described herein (each, a "Trust Guarantee"). See "Description of Preferred
Securities" and "Description of Trust Guarantees." The Company's obligations
under the Trust Guarantees will rank junior and subordinate in right of payment
to all other liabilities of the Company and pari passu with its obligations
under the senior most preferred or preference stock of the Company. See
"Description of Trust Guarantees -- Status of the Trust Guarantees."
Subordinated Debt Securities (as defined herein) may be issued and sold by the
Company in one or more series to a Conseco Trust or a trustee of such Conseco
Trust in connection with the investment of the proceeds from the offering of
Preferred Securities and Common Securities (as defined herein) of such Conseco
Trust. The Subordinated Debt Securities purchased by a Conseco Trust may be
subsequently distributed pro rata to holders of Preferred Securities and Common
Securities in connection with the dissolution of such Conseco Trust. The Debt
Securities, Preferred Stock, Depositary Shares, Common Stock, Warrants and
Preferred Securities are herein collectively referred to as the "Securities."
Certain specific terms of the particular Securities in respect of which
this Prospectus is being delivered will be set forth in an accompanying
supplement to this Prospectus (the "Prospectus Supplement"), which will
describe, without limitation and where applicable, the following: (i) in the
case of Debt Securities, the specific designation, aggregate principal amount,
ranking as senior or subordinated Debt Securities, denomination, maturity,
premium, if any, interest rate (which may be fixed or variable), time and method
of calculating interest, if any, place or places where principal of, premium, if
any, and interest, if any, on such Debt Securities will be payable, the
currencies or currency units in which principal of, premium, if any, and
interest, if any, on such Debt Securities will be payable, any terms of
redemption or conversion, any sinking fund provisions, the purchase price, any
listing on a securities exchange, any right of the Company to defer payment of
interest on the Debt Securities and the maximum length of such deferral period
and other special terms; (ii) in the case of Preferred Stock and Depositary
Shares, the specific designation, stated value and
<PAGE> 4
liquidation preference per share and number of shares offered, the purchase
price, dividend rate (which may be fixed or variable), method of calculating
payment of dividends, place or places where dividends on such Preferred Stock
will be payable, any terms of redemption, dates on which dividends shall be
payable and dates from which dividends shall accrue, any listing on a securities
exchange, voting and other rights, including conversion or exchange rights, if
any, and other special terms, including whether interests in the Preferred Stock
will be represented by Depositary Shares and, if so, the fraction of a share of
Preferred Stock represented by each Depositary Share; (iii) in the case of
Common Stock, the number of shares offered, the initial offering price, market
price and dividend information; (iv) in the case of Warrants, the specific
designation, the number, purchase price, exercise price and other terms thereof,
any listing of the Warrants or the underlying Securities on a securities
exchange or any other terms in connection with the offering, sale and exercise
of the Warrants, as well as the terms on which and the Securities for which such
Warrants may be exercised; and (v) in the case of Preferred Securities, the
specific designation, number of securities, liquidation amount per security, the
purchase price, any listing on a securities exchange, distribution rate (or
method of calculation thereof), dates on which distributions shall be payable
and dates from which distributions shall accrue, any voting rights, terms for
any conversion or exchange into other securities, any redemption, exchange or
sinking fund provisions, any other rights, preferences, privileges, limitations
or restrictions relating to the Preferred Securities and the terms upon which
the proceeds of the sale of the Preferred Securities shall be used to purchase a
specific series of Subordinated Debt Securities of the Company.
The offering price to the public of the Securities will be limited to U.S.
$1,500,000,000 in the aggregate (or its equivalent (based on the applicable
exchange rate at the time of issue), if Securities are offered for consideration
denominated in one or more foreign currencies or currency units as shall be
designated by the Company). The Debt Securities may be denominated in United
States dollars or, at the option of the Company if so specified in the
applicable Prospectus Supplement, in one or more foreign currencies or currency
units. The Debt Securities may be issued in registered form or bearer form, or
both. If so specified in the applicable Prospectus Supplement, Debt Securities
of a series may be issued in whole or in part in the form of one or more
temporary or permanent global securities.
The Securities may be sold to or through underwriters, through dealers or
agents or directly to purchasers. See "Plan of Distribution." The names of any
underwriters, dealers or agents involved in the sale of the Securities in
respect of which this Prospectus is being delivered and any applicable fee,
commission or discount arrangements with them will be set forth in a Prospectus
Supplement. See "Plan of Distribution" for possible indemnification arrangements
for dealers, underwriters and agents.
This Prospectus may not be used to consummate sales of Securities unless
accompanied by a Prospectus Supplement.
------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
The date of this Prospectus is June 24, 1997.
2
<PAGE> 5
FOR NORTH CAROLINA RESIDENTS: THESE SECURITIES HAVE NOT BEEN APPROVED OR
DISAPPROVED BY THE COMMISSIONER OF INSURANCE FOR THE STATE OF NORTH CAROLINA,
NOR HAS THE COMMISSIONER OF INSURANCE RULED UPON THE ACCURACY OR THE ADEQUACY OF
THIS DOCUMENT.
State insurance holding company laws and regulations applicable to the
Company generally provide that no person may acquire control of the Company, and
thus indirect control of its insurance subsidiaries, unless such person has
provided certain required information to, and such acquisition is approved (or
not disapproved) by, the appropriate insurance regulatory authorities.
Generally, any person acquiring beneficial ownership of 10% or more of the
Common Stock would be presumed to have acquired such control, unless the
appropriate insurance regulatory authorities upon advance application determine
otherwise.
NO DEALER, SALESMAN OR OTHER INDIVIDUAL HAS BEEN AUTHORIZED TO GIVE ANY
INFORMATION OR TO MAKE ANY REPRESENTATIONS NOT CONTAINED IN THIS PROSPECTUS, ANY
ACCOMPANYING PROSPECTUS SUPPLEMENT OR THE DOCUMENTS INCORPORATED OR DEEMED
INCORPORATED BY REFERENCE HEREIN. IF GIVEN OR MADE, SUCH INFORMATION OR
REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE COMPANY
OR ANY UNDERWRITER, DEALER OR AGENT. THIS PROSPECTUS DOES NOT CONSTITUTE AN
OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, ANY SECURITIES OTHER THAN
THE REGISTERED SECURITIES TO WHICH IT RELATES, OR AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY THOSE SECURITIES TO WHICH IT RELATES, IN ANY
JURISDICTION WHERE, OR TO ANY PERSON TO WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER
OR SOLICITATION. NEITHER THE DELIVERY OF THIS PROSPECTUS OR ANY PROSPECTUS
SUPPLEMENT NOR ANY SALE MADE HEREUNDER SHALL, UNDER ANY CIRCUMSTANCES, CREATE
ANY IMPLICATION THAT THERE HAS NOT BEEN ANY CHANGE IN THE FACTS SET FORTH IN
THIS PROSPECTUS OR IN THE AFFAIRS OF THE COMPANY SINCE THE DATE HEREOF.
AVAILABLE INFORMATION
The Company is subject to the informational requirements of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and, in accordance
therewith, files reports, proxy statements and other information with the
Securities and Exchange Commission (the "Commission"). Such reports, proxy
statements and other information filed by Conseco with the Commission can be
inspected and copied at the public reference facilities maintained by the
Commission at 450 Fifth Street, N.W., Room 1024, Washington, D.C. 20549, and at
the following regional offices of the Commission: New York Regional Office, 7
World Trade Center, 13th Floor, New York, New York 10048; and Chicago Regional
Office, Citicorp Center, 500 West Madison Street, Suite 1400, Chicago, Illinois
60661. Copies of such material can be obtained from the Public Reference Section
of the Commission at 450 Fifth Street, N.W., Washington, D.C. 20549, upon
payment of the prescribed rates. In addition, the Commission maintains a Web
site at http://www.sec.gov that contains reports, proxy and information
statements and other information regarding registrants, including the Company,
that file electronically with the Commission. Copies of such reports, proxy
statements and other information can also be inspected at the offices of the New
York Stock Exchange, 20 Broad Street, New York, New York 10005.
The Company and the Conseco Trusts have filed with the Commission a
Registration Statement on Form S-3 under the Securities Act of 1933, as amended
(the "Securities Act"), with respect to the Securities offered hereby. This
Prospectus, which constitutes part of the Registration Statement, does not
contain all of the information set forth in the Registration Statement and the
exhibits thereto, certain parts of which are omitted in accordance with the
rules and regulations of the Commission. Statements contained herein or in any
Prospectus Supplement concerning the provisions of any document do not purport
to be complete and, in each instance, are qualified in all respects by reference
to the copy of such document filed as an exhibit to the Registration Statement
or otherwise filed with the Commission. For further information with respect to
the Company, the Conseco Trusts and the Securities, reference is hereby made to
such Registration Statement, including the exhibits thereto and the documents
incorporated herein by reference, which can be examined at the Commission's
principal office, 450 Fifth Street, N.W., Washington, D.C. 20549, or copies of
which can be obtained from the Commission at such office upon payment of the
fees prescribed by the Commission.
No separate financial statements of the Conseco Trusts have been included
or incorporated by reference herein. The Company does not consider that such
financial statements would be material to holders of the
3
<PAGE> 6
Preferred Securities because (i) all of the voting securities of the Conseco
Trusts will be owned, directly or indirectly, by the Company, a reporting
company under the Exchange Act, (ii) the Conseco Trusts have and will have no
independent operations but exist for the sole purpose of issuing securities
representing undivided beneficial interests in their assets and investing the
proceeds thereof in Subordinated Debt Securities issued by the Company, and
(iii) the Company's obligations described herein and in any accompanying
prospectus supplement, under the Declaration (including the obligation to pay
expenses of the Conseco Trusts), the Subordinated Indenture and any supplemental
indentures thereto, the Subordinated Debt Securities issued to the Conseco Trust
and the Trust Guarantees taken together, constitute a full and unconditional
guarantee by the Company of payments due on the Preferred Securities. See
"Description of Preferred Securities of the Conseco Trusts" and "Description of
Trust Guarantees."
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents previously filed by the Company with the Commission
pursuant to the Exchange Act are incorporated herein by this reference:
1. Annual Report on Form 10-K for the fiscal year ended December 31, 1996
including Part III thereof which is incorporated by reference from the Company's
proxy statement dated April 10, 1997 for its annual meeting of shareholders (the
"Company's Annual Report");
2. Quarterly Report on Form 10-Q for the quarter ended March 31, 1997;
3. Current Reports on Form 8-K dated April 1, 1997 and April 30, 1997;
and
4. The description of the Company's Common Stock in its Registration
Statements filed pursuant to Section 12 of the Exchange Act, and any amendment
or report filed for the purpose of updating any such description.
All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Exchange Act subsequent to the date hereof and prior to the
termination of the offering made hereby shall be deemed to be incorporated by
reference in this Prospectus or any Prospectus Supplement and to be part hereof
from the date of filing of such documents.
Any statement contained herein, or in a document incorporated or deemed to
be incorporated by reference herein, shall be deemed to be modified or
superseded for purposes of this Prospectus to the extent that a statement
contained herein or in any other subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Prospectus or
any Prospectus Supplement. To the extent that any proxy statement is
incorporated by reference herein, such incorporation shall not include any
information contained in such proxy statement that is not, pursuant to the
Commission's rules, deemed to be "filed" with the Commission or subject to the
liabilities of Section 18 of the Exchange Act.
The Company will provide without charge to each person to whom this
Prospectus is delivered, upon the written or oral request of such person, a copy
of any or all of the documents incorporated herein by reference (other than
exhibits to such documents unless such exhibits are specifically incorporated by
reference into such documents). Any such request should be directed to James W.
Rosensteele, Senior Vice President, Corporate Communications, Conseco, Inc.,
11825 N. Pennsylvania Street, Carmel, Indiana 46032 (telephone number: (317)
817-2893).
4
<PAGE> 7
THE COMPANY
The Company is a financial services holding company. The Company develops,
markets and administers annuity, individual health insurance and individual life
insurance products. The Company's operating strategy is to grow the insurance
business within its subsidiaries by focusing its resources on the development
and expansion of profitable products and strong distribution channels. The
Company has supplemented such growth by acquiring companies that have profitable
niche products, strong distribution systems and progressive management teams who
can work with the Company to implement the Company's operating and growth
strategies. Once a company has been acquired, the Company's operating strategy
has been to consolidate and streamline management and administrative functions,
to realize superior investment returns through active asset management, to
eliminate unprofitable products and distribution channels, and to expand and
develop the profitable distribution channels and products.
The Company's principal executive offices are located at 11825 N.
Pennsylvania Street, Carmel, Indiana 46032. Its telephone number is (317)
817-6100.
THE CONSECO TRUSTS
Each of the Conseco Trusts is a statutory business trust formed under
Delaware law pursuant to (i) a declaration of trust (each a "Declaration")
executed by the Company as sponsor for such trust (the "Sponsor"), and the
Conseco Trustees (as defined herein) of such trust and (ii) the filing of a
certificate of trust with the Secretary of State of the State of Delaware on May
23, 1997. Each Conseco Trust exists for the exclusive purposes of (i) issuing
and selling the Preferred Securities and common securities representing common
undivided beneficial interests in the assets of such Conseco Trust (the "Common
Securities" and, together with the Preferred Securities, the "Trust
Securities"), (ii) using the gross proceeds from the sale of the Trust
Securities to acquire the Subordinated Debt Securities and (iii) engaging in
only those other activities necessary, appropriate, convenient or incidental
thereto. All of the Common Securities will be directly or indirectly owned by
the Company. The Common Securities will rank pari passu, and payments will be
made thereon pro rata, with the Preferred Securities, except that, if an event
of default under the Declaration has occurred and is continuing, the rights of
the holders of the Common Securities to payment in respect of distributions and
payments upon liquidation, redemption and otherwise will be subordinated to the
rights of the holders of the Preferred Securities. The Company will directly or
indirectly acquire Common Securities, in an aggregate liquidation amount equal
to at least 3% of the total capital of each Conseco Trust.
Each Conseco Trust has a term of approximately 55 years but may terminate
earlier, as provided in the Declaration. Each Conseco Trust's business and
affairs will be conducted by the trustees (the "Conseco Trustees") appointed by
the Company as the direct or indirect holder of all of the Common Securities.
The holder of the Common Securities will be entitled to appoint, remove or
replace any of, or increase or reduce the number of, the Conseco Trustees of
each Conseco Trust. The duties and obligations of the Conseco Trustees shall be
governed by the Declaration of such Conseco Trust. A majority of the Conseco
Trustees (the "Regular Trustees") of each Conseco Trust will be persons who are
employees or officers of or who are affiliated with the Company. One Conseco
Trustee of each Conseco Trust will be a financial institution that is not
affiliated with the Company and has a minimum amount of combined capital and
surplus of not less than $50,000,000, which shall act as property trustee and as
indenture trustee for the purposes of compliance with the provisions of Trust
Indenture Act of 1939, as amended (the "Trust Indenture Act"), pursuant to the
terms set forth in the applicable Prospectus Supplement (the "Property
Trustee"). In addition, unless the Property Trustee maintains a principal place
of business in the State of Delaware and otherwise meets the requirements of
applicable law, one Conseco Trustee of each Conseco Trust will be an entity
having a principal place of business in, or a natural person resident of, the
State of Delaware (the "Delaware Trustee"). The Company will pay all fees and
expenses related to the Conseco Trusts and the offering of the Trust Securities.
The Property Trustee for each Conseco Trust is Fleet National Bank, 777
Main Street, Hartford, Connecticut 06115. The Delaware Trustee for each Conseco
Trust is First Union Trust Company, National Association, and its address in the
State of Delaware is One Rodney Square, 920 King Street, Wilmington, Delaware
19801. The principal place of business of each Conseco Trust shall be c/o
Conseco, Inc., 11825 N. Pennsylvania Street, Carmel, Indiana 46032; telephone
(317) 817-6100.
5
<PAGE> 8
USE OF PROCEEDS
Unless otherwise indicated in the accompanying Prospectus Supplement, the
net proceeds received by the Company from the sale of any Debt Securities,
Common Stock, Preferred Stock, Depositary Shares or Warrants offered hereby are
expected to be used for general corporate purposes. The proceeds from the sale
of Preferred Securities by the Conseco Trusts will be invested in the
Subordinated Debt Securities of the Company. Except as may otherwise be
described in the Prospectus Supplement relating to such Preferred Securities,
the Company expects to use the net proceeds from the sale of such Subordinated
Debt Securities to the Conseco Trusts for general corporate purposes. Any
specific allocation of the proceeds to a particular purpose that has been made
at the date of any Prospectus Supplement will be described therein.
RATIOS OF EARNINGS TO FIXED CHARGES, EARNINGS TO FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS
AND EARNINGS TO FIXED CHARGES, PREFERRED STOCK DIVIDENDS
AND DISTRIBUTIONS ON COMPANY-OBLIGATED MANDATORILY
REDEEMABLE PREFERRED SECURITIES OF SUBSIDIARY TRUSTS
The following table sets forth the Company's ratios of earnings to fixed
charges, earnings to fixed charges and preferred stock dividends and earnings to
fixed charges, preferred stock dividends and distributions on Company-obligated
mandatorily redeemable preferred securities of subsidiary trusts for each of the
five years ended December 31, 1996 and for the three months ended March 31, 1996
and 1997.
<TABLE>
<CAPTION>
THREE MONTHS
YEAR ENDED DECEMBER 31, ENDED MARCH 31,
------------------------------------- ---------------
1992 1993 1994 1995 1996 1996 1997
----- ----- ----- ----- ----- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
Ratio of earnings to fixed charges:
As reported............................ 1.54X 2.19X 2.26X 1.57X 1.61X 1.69X 1.89X
Excluding interest on annuities and
financial products(1)(2)............ 6.24X 8.85X 4.55X 3.80X 4.55X 4.51X 7.36X
Ratio of earnings to fixed charges and
preferred dividends:
As reported......................... 1.50X 2.04X 1.95X 1.50X 1.50X 1.54X 1.84X
Excluding interest on annuities and
financial products(1)(2).......... 5.09X 6.00X 3.14X 3.06X 3.14X 3.01X 6.21X
Ratio of earnings to fixed charges,
preferred dividends and distributions
on Company-obligated mandatorily
redeemable preferred securities of
subsidiary trusts:
As reported......................... 1.50X 2.04X 1.95X 1.50X 1.49X 1.54X 1.74X
Excluding interest on annuities and
financial products(1)(2).......... 5.09X 6.00X 3.14X 3.06X 3.06X 3.01X 4.54X
</TABLE>
- ---------------
(1) These ratios are included to assist the reader in analyzing the impact of
interest on annuities and financial products (which is not generally
required to be paid in cash in the period it is recognized). Such ratios are
not intended to, and do not, represent the following ratios prepared in
accordance with generally accepted accounting principles ("GAAP"): the ratio
of earnings to fixed charges; the ratio of earnings to fixed charges and
preferred dividends; or the ratio of earnings to fixed charges, preferred
dividends and distributions on Company-obligated mandatorily redeemable
preferred securities of subsidiary trusts.
(2) Excludes interest credited to annuity and financial products of $506.8
million, $408.5 million, $134.7 million, $585.4 million and $668.6 million
for the years ended December 31, 1992, 1993, 1994, 1995 and 1996,
respectively, and $139.1 million and $189.9 million for the three months
ended March 31, 1996 and 1997, respectively.
6
<PAGE> 9
DESCRIPTION OF DEBT SECURITIES
The Debt Securities offered hereby, consisting of notes, debentures and
other evidences of indebtedness, are to be issued in one or more series
constituting either senior Debt Securities ("Senior Debt Securities") or
subordinated Debt Securities ("Subordinated Debt Securities"). The Debt
Securities will be issued pursuant to indentures described below (as applicable,
the "Senior Indenture" or the "Subordinated Indenture", each, an "Indenture"
and, together, the "Indentures"), in each case between the Company and the
trustee identified therein (the "Trustee"), the forms of which have been filed
as exhibits to the Registration Statement of which this Prospectus forms a part.
Except for the subordination provisions of the Subordinated Indenture, for which
there are no counterparts in the Senior Indenture, the provisions of the
Subordinated Indenture are substantially identical in substance to the
provisions of the Senior Indenture that bear the same section numbers.
The statements herein relating to the Debt Securities and the following
summaries of certain general provisions of the Indentures do not purport to be
complete and are subject to, and are qualified in their entirety by reference
to, all the provisions of the Indentures (as they may be amended or supplemented
from time to time), including the definitions therein of certain terms
capitalized in this Prospectus. All article and section references appearing
herein are to articles and sections of the applicable Indenture and whenever
particular Sections or defined terms of the Indentures (as they may be amended
or supplemented from time to time) are referred to herein or in a Prospectus
Supplement, such Sections or defined terms are incorporated herein or therein by
reference.
GENERAL
The Debt Securities will be unsecured obligations of the Company. The
Indentures do not limit the aggregate amount of Debt Securities which may be
issued thereunder, nor do they limit the incurrence or issuance of other secured
or unsecured debt of the Company. The Debt Securities issued under the Senior
Indenture will be unsecured and will rank pari passu with all other unsecured
and unsubordinated obligations of the Company. The Debt Securities issued under
the Subordinated Indenture will be subordinate and junior in right of payment,
to the extent and in the manner set forth in the Subordinated Indenture, to all
Senior Indebtedness of the Company. See "-- Subordination under the Subordinated
Indenture."
Reference is made to the applicable Prospectus Supplement which will
accompany this Prospectus for a description of the specific series of Debt
Securities being offered thereby, including: (1) the title, designation and
purchase price, of such Debt Securities; (2) any limit upon the aggregate
principal amount of such Debt Securities; (3) the date or dates on which the
principal of and premium, if any, on such Debt Securities will mature or the
method of determining such date or dates; (4) the rate or rates (which may be
fixed or variable) at which such Debt Securities will bear interest, if any, or
the method of calculating such rate or rates; (5) the date or dates from which
interest, if any, will accrue or the method by which such date or dates will be
determined; (6) the date or dates on which interest, if any, will be payable and
the record date or dates therefor; (7) the place or places where principal of,
premium, if any, and interest, if any, on such Debt Securities will be payable;
(8) the right, if any, of the Company to defer payment of interest on Debt
Securities and the maximum length of any such deferral period; (9) the period or
periods within which, the price or prices at which, the currency or currencies
(including currency unit or units) in which, and the terms and conditions upon
which, such Debt Securities may be redeemed, in whole or in part, at the option
of the Company; (10) the obligation, if any, of the Company to redeem or
purchase such Debt Securities pursuant to any sinking fund or analogous
provisions or upon the happening of a specified event and the period or periods
within which, the price or prices at which and the other terms and conditions
upon which, such Debt Securities shall be redeemed or purchased, in whole or in
part, pursuant to such obligations; (11) the denominations in which such Debt
Securities are authorized to be issued; (12) the currency or currency unit for
which Debt Securities may be purchased or in which Debt Securities may be
denominated and/or the currency or currencies (including currency unit or units)
in which principal of, premium, if any, and interest, if any, on such Debt
Securities will be payable and whether the Company or the holders of any such
Debt Securities may elect to receive payments in respect of such Debt Securities
in a currency or currency unit other than that in which such Debt Securities are
stated to be payable; (13) if other than the principal amount
7
<PAGE> 10
thereof, the portion of the principal amount of such Debt Securities which will
be payable upon declaration of the acceleration of the maturity thereof or the
method by which such portion shall be determined; (14) the person to whom any
interest on any such Debt Security shall be payable if other than the person in
whose name such Debt Security is registered on the applicable record date; (15)
any addition to, or modification or deletion of, any Event of Default or any
covenant of the Company specified in the Indenture with respect to such Debt
Securities; (16) the application, if any, of such means of defeasance or
covenant defeasance as may be specified for such Debt Securities; (17) whether
such Debt Securities are to be issued in whole or in part in the form of one or
more temporary or permanent global securities and, if so, the identity of the
depositary for such global security or securities; (18) any United States
Federal income tax considerations applicable to holders of the Debt Securities;
and (19) any other special terms pertaining to such Debt Securities. Unless
otherwise specified in the applicable Prospectus Supplement, the Debt Securities
will not be listed on any securities exchange. (Section 3.1.)
Unless otherwise specified in the applicable Prospectus Supplement, Debt
Securities will be issued in fully-registered form without coupons. Where Debt
Securities of any series are issued in bearer form, the special restrictions and
considerations, including special offering restrictions and special Federal
income tax considerations, applicable to any such Debt Securities and to payment
on and transfer and exchange of such Debt Securities will be described in the
applicable Prospectus Supplement. Bearer Debt Securities will be transferable by
delivery. (Section 3.5.)
Debt Securities may be sold at a substantial discount below their stated
principal amount, bearing no interest or interest at a rate which at the time of
issuance is below market rates. Certain Federal income tax consequences and
special considerations applicable to any such Debt Securities, or to Debt
Securities issued at par that are treated as having been issued at a discount,
will be described in the applicable Prospectus Supplement.
If the purchase price of any of the Debt Securities is payable in one or
more foreign currencies or currency units or if any Debt Securities are
denominated in one or more foreign currencies or currency units or if the
principal of, premium, if any, or interest, if any, on any Debt Securities is
payable in one or more foreign currencies or currency units, or by reference to
commodity prices, equity indices or other factors, the restrictions, elections,
certain U.S. Federal income tax considerations, specific terms and other
information with respect to such issue of Debt Securities and such foreign
currency or currency units or commodity prices, equity indices or other factors
will be set forth in the applicable Prospectus Supplement. In general, holders
of such series of Debt Securities may receive a principal amount on any
principal payment date, or a payment of premium, if any, on any premium interest
payment date or a payment of interest on any interest payment date, that is
greater than or less than the amount of principal, premium, if any, or interest
otherwise payable on such dates, depending on the value on such dates of the
applicable currency, commodity, equity index or other factor.
PAYMENT, REGISTRATION, TRANSFER AND EXCHANGE
Unless otherwise provided in the applicable Prospectus Supplement, payments
in respect of the Debt Securities will be made in the designated currency at the
office or agency of the Company maintained for that purpose as the Company may
designate from time to time, except that, at the option of the Company, interest
payments, if any, on Debt Securities in registered form may be made (i) by
checks mailed to the holders of Debt Securities entitled thereto at their
registered addresses or (ii) by wire transfer to an account maintained by the
person entitled thereto as specified in the Register. (Sections 3.7(a) and 9.2.)
Unless otherwise indicated in the applicable Prospectus Supplement, payment of
any installment of interest on Debt Securities in registered form will be made
to the person in whose name such Debt Security is registered at the close of
business on the regular record date for such interest. (Section 3.7(a).)
Payment in respect of Debt Securities in bearer form will be made in the
currency and in the manner designated in the Prospectus Supplement, subject to
any applicable laws and regulations, at such paying agencies outside the United
States as the Company may appoint from time to time. The paying agents outside
the United States initially appointed by the Company for a series of Debt
Securities will be named in the
8
<PAGE> 11
Prospectus Supplement. The Company may at any time designate additional paying
agents or rescind the designation of any paying agents, except that, if Debt
Securities of a series are issuable as Registered Securities, the Company will
be required to maintain at least one paying agent in each Place of Payment for
such series and, if Debt Securities of a series are issuable as Bearer
Securities, the Company will be required to maintain a paying agent in a Place
of Payment outside the United States where Debt Securities of such series and
any coupons appertaining thereto may be presented and surrendered for payment.
(Section 9.2.)
Unless otherwise provided in the applicable Prospectus Supplement, Debt
Securities in registered form will be transferable or exchangeable at the agency
of the Company maintained for such purpose as designated by the Company from
time to time. (Sections 3.5 and 9.2.) Debt Securities may be transferred or
exchanged without service charge, other than any tax or other governmental
charge imposed in connection therewith. (Section 3.5.)
GLOBAL DEBT SECURITIES
The Debt Securities of a series may be issued in whole or in part in the
form of one or more fully registered global securities (a "Registered Global
Security") that will be deposited with a depository (the "Depository") or with a
nominee for the Depository identified in the applicable Prospectus Supplement.
In such a case, one or more Registered Global Securities will be issued in a
denomination or aggregate denominations equal to the portion of the aggregate
principal amount of outstanding Debt Securities of the series to be represented
by such Registered Global Security or Securities. (Section 3.3 of each
Indenture.) Unless and until it is exchanged in whole or in part for Debt
Securities in definitive certificated form, a Registered Global Security may not
be registered for transfer or exchange except as a whole by the Depository for
such Registered Global Security to a nominee of such Depository or by a nominee
of such Depository to such Depository or another nominee of such Depository or
by such Depository or any such nominee to a successor Depository for such series
or a nominee of such successor Depository and except in the circumstances
described in the applicable Prospectus Supplement. (Section 3.5.)
The specific terms of the depository arrangement with respect to any
portion of a series of Debt Securities to be represented by a Registered Global
Security will be described in the applicable Prospectus Supplement. The Company
expects that the following provisions will apply to such depository
arrangements.
Ownership of beneficial interests in a Registered Global Security will be
limited to participants or persons that may hold interests through participants
(as such term is defined below). Upon the issuance of any Registered Global
Security, and the deposit of such Registered Global Security with or on behalf
of the Depository for such Registered Global Security, the Depository will
credit, on its book-entry registration and transfer system, the respective
principal amounts of the Debt Securities represented by such Registered Global
Security to the accounts of institutions ("participants") that have accounts
with the Depository or its nominee. The accounts to be credited will be
designated by the underwriters or agents engaging in the distribution of such
Debt Securities or by the Company, if such Debt Securities are offered and sold
directly by the Company. Ownership of beneficial interests by participants in
such Registered Global Security will be shown on, and the transfer of such
beneficial interests will be effected only through, records maintained by the
Depository for such Registered Global Security or by its nominee. Ownership of
beneficial interests in such Registered Global Security by persons that hold
through participants will be shown on, and the transfer of such beneficial
interests within such participants will be effected only through, records
maintained by such participants. The laws of some jurisdictions require that
certain purchasers of securities take physical delivery of such securities in
certificated form. The foregoing limitations and such laws may impair the
ability to transfer beneficial interests in such Registered Global Security.
So long as the Depository for a Registered Global Security, or its nominee,
is the registered owner of such Registered Global Security, such Depository or
such nominee, as the case may be, will be considered the sole owner or holder of
the Debt Securities represented by such Registered Global Security for all
purposes under the applicable Indenture. Unless otherwise specified in the
applicable Prospectus Supplement and except as specified below, owners of
beneficial interests in such Registered Global Security will not be entitled to
have Debt Securities of the series represented by such Registered Global
Security registered in their names, will not
9
<PAGE> 12
receive or be entitled to receive physical delivery of Debt Securities of such
series in certificated form and will not be considered the holders thereof for
any purposes under the relevant Indenture. (Section 3.8.) Accordingly, each
person owning a beneficial interest in such Registered Global Security must rely
on the procedures of the Depository and, if such person is not a participant, on
the procedures of the participant through which such person owns its interest,
to exercise any rights of a holder under the relevant Indenture. The Depository
may grant proxies and otherwise authorize participants to give or take any
request, demand, authorization, direction, notice, consent, waiver or other
action which a holder is entitled to give or take under the relevant Indenture.
The Company understands that, under existing industry practices, if the Company
requests any action of holders or if any owner of a beneficial interest in such
Registered Global Security desires to give any notice or take any action which a
holder is entitled to give or take under the relevant Indenture, the Depository
would authorize the participants to give such notice or take such action, and
such participants would authorize beneficial owners owning through such
participants to give such notice or take such action or would otherwise act upon
the instructions of beneficial owners owning through them.
Unless otherwise specified in the applicable Prospectus Supplement,
payments with respect to principal, premium, if any, and interest, if any, on
Debt Securities represented by a Registered Global Security registered in the
name of a Depository or its nominee will be made to such Depository or its
nominee, as the case may be, as the registered owner of such Registered Global
Security.
The Company expects that the Depositary for any Debt Securities represented
by a Registered Global Security, upon receipt of any payment of principal,
premium or interest, will immediately credit participants' accounts with
payments in amounts proportionate to their respective beneficial interests in
the principal amount of such Registered Global Security as shown on the records
of such Depositary. The Company also expects that payments by participants to
owners of beneficial interests in such Registered Global Security held through
such participants will be governed by standing instructions and customary
practices, as is now the case with the securities held for the accounts of
customers registered in "street names," and will be the responsibility of such
participants. None of the Company, the respective Trustees or any agent of the
Company or the respective Trustees shall have any responsibility or liability
for any aspect of the records relating to or payments made on account of
beneficial interests of a Registered Global Security, or for maintaining,
supervising or reviewing any records relating to such beneficial interests.
(Section 3.8.)
Unless otherwise specified in the applicable Prospectus Supplement, if the
Depository for any Debt Securities represented by a Registered Global Security
is at any time unwilling or unable to continue as Depository or ceases to be a
clearing agency registered under the Exchange Act and a duly registered
successor Depository is not appointed by the Company within 90 days, the Company
will issue such Debt Securities in definitive certificated form in exchange for
such Registered Global Security. In addition, the Company may at any time and in
its sole discretion determine not to have any of the Debt Securities of a series
represented by one or more Registered Global Securities and, in such event, will
issue Debt Securities of such series in definitive certificated form in exchange
for all of the Registered Global Security or Securities representing such Debt
Securities. (Section 3.5.)
The Debt Securities of a series may also be issued in whole or in part in
the form of one or more bearer global securities (a "Bearer Global Security")
that will be deposited with a depository, or with a nominee for such depository,
identified in the applicable Prospectus Supplement. Any such Bearer Global
Security may be issued in temporary or permanent form. (Section 3.4.) The
specific terms and procedures, including the specific terms of the depository
arrangement, with respect to any portion of a series of Debt Securities to be
represented by one or more Bearer Global Securities will be described in the
applicable Prospectus Supplement.
10
<PAGE> 13
CONSOLIDATION, MERGER OR SALE BY THE COMPANY
The Company shall not consolidate with or merge into any other corporation
or sell its assets substantially as an entirety, unless: (i) the corporation
formed by such consolidation or into which the Company is merged or the
corporation which acquires its assets is organized in the United States; (ii)
the corporation formed by such consolidation or into which the Company is merged
or which acquires the Company's assets substantially as an entirety expressly
assumes all of the obligations of the Company under each Indenture; (iii)
immediately after giving effect to such transaction, no Default or Event of
Default shall have happened and be continuing, and (iv) if, as a result of such
transaction, properties or assets of the Company would become subject to an
encumbrance which would not be permitted by the terms of any series of Debt
Securities, the Company or the successor corporation, as the case may be, shall
take such steps as are necessary to secure such Debt Securities equally and
ratably with all indebtedness secured thereunder. Upon any such consolidation,
merger or sale, the successor corporation formed by such consolidation, or into
which the Company is merged or to which such sale is made, shall succeed to, and
be substituted for the Company under each Indenture. (Section 7.1.)
EVENTS OF DEFAULT, NOTICE AND CERTAIN RIGHTS ON DEFAULT
Each Indenture provides that, if an Event of Default specified therein
occurs with respect to the Debt Securities of any series and is continuing, the
Trustee for such series or the holders of 25% in aggregate principal amount of
all of the outstanding Debt Securities of that series, by written notice to the
Company (and to the Trustee for such series, if notice is given by such holders
of Debt Securities), may declare the principal of (or, if the Debt Securities of
that series are Original Issue Discount Securities or Indexed Securities, such
portion of the principal amount specified in the Prospectus Supplement) and
accrued interest on all the Debt Securities of that series to be due and payable
(provided, with respect to any Debt Securities issued under the Subordinated
Indenture, that the payment of principal and interest on such Debt Securities
shall remain subordinated to the extent provided in Article 12 of the
Subordinated Indenture). (Section 5.2.)
Events of Default with respect to Debt Securities of any series are defined
in each Indenture as being: (a) default for 30 days in payment of any interest
on any Debt Security of that series or any coupon appertaining thereto or any
additional amount payable with respect to Debt Securities of such series as
specified in the applicable Prospectus Supplement when due; (b) default in
payment of principal, or premium, if any, at maturity or on redemption or
otherwise, or in the making of a mandatory sinking fund payment of any Debt
Securities of that series when due; (c) default for 60 days after notice to the
Company by the Trustee for such series, or by the holders of 25% in aggregate
principal amount of the Debt Securities of such series then outstanding, in the
performance of any other agreement in the Debt Securities of that series, in the
Indenture or in any supplemental indenture or board resolution referred to
therein under which the Debt Securities of that series may have been issued; (d)
default resulting in acceleration of other indebtedness of the Company for
borrowed money where the aggregate principal amount so accelerated exceeds $25
million and such acceleration is not rescinded or annulled within 30 days after
the written notice thereof to the Company by the Trustee or to the Company and
the Trustee by the holders of 25% in aggregate principal amount of the Debt
Securities of such series then outstanding, provided that such Event of Default
will be remedied, cured or waived if the default that resulted in the
acceleration of such other indebtedness is remedied, cured or waived; and (e)
certain events of bankruptcy, insolvency or reorganization of the Company.
(Section 5.1.) The definition of "Event of Default" in each Indenture
specifically excludes a default under a secured debt under which the obligee has
recourse (exclusive of recourse for ancillary matters such as environmental
indemnities, misapplication of funds, costs of enforcement, etc.) only to the
collateral pledged for repayment, and where the fair market value of such
collateral does not exceed two percent of Total Assets (as defined in the
Indenture) at the time of the default. Events of Default with respect to a
specified series of Debt Securities may be added to the Indenture and, if so
added, will be described in the applicable Prospectus Supplement. (Sections 3.1
and 5.1(7).)
Each Indenture provides that the Trustee will, within 90 days after the
occurrence of a Default with respect to the Debt Securities of any series, give
to the holders of the Debt Securities of that series notice of all Defaults
known to it unless such Default shall have been cured or waived; provided that
except in the case of a Default in payment on the Debt Securities of that
series, the Trustee may withhold the notice if and so long
11
<PAGE> 14
as a committee of its Responsible Officers in good faith determines that
withholding such notice is in the interests of the holders of the Debt
Securities of that series. (Section 6.6.) "Default" means any event which is, or
after notice or passage of time or both, would be, an Event of Default. (Section
1.1.)
Each Indenture provides that the holders of a majority in aggregate
principal amount of the Debt Securities of each series affected (with each such
series voting as a class) may, subject to certain limited conditions, direct the
time, method and place of conducting any proceeding for any remedy available to
the Trustee for such series, or exercising any trust or power conferred on such
Trustee. (Section 5.8.)
Each Indenture includes a covenant that the Company will file annually with
the Trustee a certificate as to the Company's compliance with all conditions and
covenants of such Indenture. (Section 9.5.)
The holders of a majority in aggregate principal amount of any series of
Debt Securities by notice to the Trustee for such series may waive, on behalf of
the holders of all Debt Securities of such series, any past Default or Event of
Default with respect to that series and its consequences except a Default or
Event of Default in the payment of the principal of, premium, if any, or
interest, if any, on any Debt Security, and except in respect of an Event of
Default resulting from the breach of a covenant or provision of either Indenture
which, pursuant to the applicable Indenture, cannot be amended or modified
without the consent of the holders of each outstanding Debt Security of such
series affected. (Section 5.7.)
MODIFICATION OF THE INDENTURES
Each Indenture contains provisions permitting the Company and the Trustee
to enter into one or more supplemental indentures without the consent of the
holders of any of the Debt Securities in order (i) to evidence the succession of
another corporation to the Company and the assumption of the covenants of the
Company by a successor to the Company; (ii) to add to the covenants of the
Company or surrender any right or power of the Company; (iii) to add additional
Events of Default with respect to any series of Debt Securities; (iv) to add or
change any provisions to such extent as necessary to permit or facilitate the
issuance of Debt Securities in bearer form; (v) to change or eliminate any
provision affecting only Debt Securities not yet issued; (vi) to secure the Debt
Securities; (vii) to establish the form or terms of Debt Securities; (viii) to
evidence and provide for successor Trustees; (ix) if allowed without penalty
under applicable laws and regulations, to permit payment in respect of Debt
Securities in bearer form in the United States; (x) to correct any defect or
supplement any inconsistent provisions or to make any other provisions with
respect to matters or questions arising under such Indenture, provided that such
action does not adversely affect the interests of any holder of Debt Securities
of any series; or (xi) to cure any ambiguity or correct any mistake. The
Subordinated Indenture also permits the Company and the Trustee thereunder to
enter into such supplemental indentures to modify the subordination provisions
contained in the Subordinated Debenture except in a manner adverse to any
outstanding Debt Securities. (Section 8.1.)
Each Indenture also contains provisions permitting the Company and the
Trustee, with the consent of the holders of a majority in aggregate principal
amount of the outstanding Debt Securities affected by such supplemental
indenture (with the Debt Securities of each series voting as a class), to
execute supplemental indentures adding any provisions to or changing or
eliminating any of the provisions of such Indenture or any supplemental
indenture or modifying the rights of the holders of Debt Securities of such
series, except that, without the consent of the holder of each Debt Security so
affected, no such supplemental indenture may: (i) change the time for payment of
principal or premium, if any, or interest on any Debt Security; (ii) reduce the
principal of, or any installment of principal of, or premium, if any, or
interest on any Debt Security, or change the manner in which the amount of any
of the foregoing is determined; (iii) reduce the amount of premium, if any,
payable upon the redemption of any Debt Security; (iv) reduce the amount of
principal payable upon acceleration of the maturity of any Original Issue
Discount or Index Security; (v) change the currency or currency unit in which
any Debt Security or any premium or interest thereon is payable; (vi) impair the
right to institute suit for the enforcement of any payment on or with respect to
any Debt Security; (vii) reduce the percentage in principal amount of the
outstanding Debt Securities affected thereby the consent of whose holders is
required for modification or amendment of such Indenture or for waiver of
compliance with certain provisions of the Indenture or for waiver of certain
defaults; (viii) change the
12
<PAGE> 15
obligation of the Company to maintain an office or agency in the places and for
the purposes specified in such Indenture; (ix) modify the provisions relating to
the subordination of outstanding Debt Securities of any series in a manner
adverse to the holders thereof; or (x) modify the provisions relating to waiver
of certain defaults or any of the foregoing provisions. (Section 8.2.)
SUBORDINATION UNDER THE SUBORDINATED INDENTURE
In the Subordinated Indenture, the Company will covenant and agree that any
Subordinated Debt Securities issued thereunder are subordinate and junior in
right of payment to all Senior Indebtedness to the extent provided in the
Subordinated Indenture. (Section 12.1 of the Subordinated Indenture.) The
Subordinated Indenture defines the term "Senior Indebtedness" as the principal,
premium, if any, and interest on: (i) all indebtedness of the Company, whether
outstanding on the date of the issuance of Subordinated Debt Securities or
thereafter created, incurred or assumed, which is for money borrowed, or
evidenced by a note or similar instrument given in connection with the
acquisition of any business, properties or assets, including securities; (ii)
any indebtedness of others of the kinds described in the preceding clause (i)
for the payment of which the Company is responsible or liable as guarantor or
otherwise; and (iii) amendments, renewals, extensions and refundings of any such
indebtedness, unless in any instrument or instruments evidencing or securing
such indebtedness or pursuant to which the same is outstanding, or in any such
amendment, renewal, extension or refunding, it is expressly provided that such
indebtedness is not superior in right of payment to Subordinated Debt
Securities. The Senior Indebtedness shall continue to be Senior Indebtedness and
entitled to the benefits of the subordination provisions irrespective of any
amendment, modification or waiver of any term of the Senior Indebtedness or
extension or renewal of the Senior Indebtedness. (Section 12.2 of the
Subordinated Indenture.)
If (i) the Company defaults in the payment of any principal, or premium, if
any, or interest on any Senior Indebtedness when the same becomes due and
payable, whether at maturity or at a date fixed for prepayment or declaration or
otherwise or (ii) an event of default occurs with respect to any Senior
Indebtedness permitting the holders thereof to accelerate the maturity thereof
and written notice of such event of default (requesting that payments on
Subordinated Debt Securities cease) is given to the Company by the holders of
Senior Indebtedness, then unless and until such default in payment or event of
default shall have been cured or waived or shall have ceased to exist, no direct
or indirect payment (in cash, property or securities, by set-off or otherwise)
shall be made or agreed to be made on account of the Subordinated Debt
Securities or interest thereon or in respect of any repayment, redemption,
retirement, purchase or other acquisition of Subordinated Debt Securities.
(Section 12.4 of the Subordinated Indenture.)
In the event of (i) any insolvency, bankruptcy, receivership, liquidation,
reorganization, readjustment, composition or other similar proceeding relating
to the Company, its creditors or its property, (ii) any proceeding for the
liquidation, dissolution or other winding-up of the Company, voluntary or
involuntary, whether or not involving insolvency or bankruptcy proceedings,
(iii) any assignment by the Company for the benefit of creditors or (iv) any
other marshalling of the assets of the Company, all Senior Indebtedness
(including, without limitation, interest accruing after the commencement of any
such proceeding, assignment or marshalling of assets) shall first be paid in
full before any payment or distribution, whether in cash, securities or other
property, shall be made by the Company on account of Subordinated Debt
Securities. In any such event, any payment or distribution, whether in cash,
securities or other property (other than securities of the Company or any other
corporation provided for by a plan of reorganization or readjustment, the
payment of which is subordinate, at least to the extent provided in the
subordination provisions of the Subordinated Indenture with respect to the
indebtedness evidenced by Subordinated Debt Securities, to the payment of all
Senior Indebtedness at the time outstanding and to any securities issued in
respect thereof under any such plan of reorganization or readjustment), which
would otherwise (but for the subordination provisions) be payable or deliverable
in respect of Subordinated Debt Securities (including any such payment or
distribution which may be payable or deliverable by reason of the payment of any
other indebtedness of the Company being subordinated to the payment of
Subordinated Debt Securities) shall be paid or delivered directly to the holders
of Senior Indebtedness, or to their representative or trustee, in accordance
with the priorities then existing among such holders until all Senior
Indebtedness shall have been paid in full.
13
<PAGE> 16
(Section 12.3 of the Subordinated Indenture.) No present or future holder of any
Senior Indebtedness shall be prejudiced in the right to enforce subordination of
the indebtedness evidenced by Subordinated Debt Securities by any act or failure
to act on the part of the Company. (Section 12.9 of the Subordinated Indenture.)
Senior Indebtedness shall not be deemed to have been paid in full unless
the holders thereof shall have received cash, securities or other property equal
to the amount of such Senior Indebtedness then outstanding. Upon the payment in
full of all Senior Indebtedness, the holders of Subordinated Debt Securities
shall be subrogated to all the rights of any holders of Senior Indebtedness to
receive any further payments or distributions applicable to the Senior
Indebtedness until all Subordinated Debt Securities shall have been paid in
full, and such payments or distributions received by any holder of Subordinated
Debt Securities, by reason of such subrogation, of cash, securities or other
property which otherwise would be paid or distributed to the holders of Senior
Indebtedness, shall, as between the Company and its creditors other than the
holders of Senior Indebtedness, on the one hand, and the holders of Subordinated
Debt Securities, on the other, be deemed to be a payment by the Company on
account of Senior Indebtedness, and not on account of Subordinated Debt
Securities. (Section 12.7 of the Subordinated Indenture.)
The Subordinated Indenture provides that the foregoing subordination
provisions, insofar as they relate to any particular issue of Subordinated Debt
Securities, may be changed prior to such issuance. Any such change would be
described in the applicable Prospectus Supplement relating to such Subordinated
Debt Securities.
DEFEASANCE AND COVENANT DEFEASANCE
If indicated in the applicable Prospectus Supplement, the Company may elect
either (i) to defease and be discharged from any and all obligations with
respect to the Debt Securities of or within any series (except as otherwise
provided in the relevant Indenture) ("defeasance") or (ii) to be released from
its obligations with respect to certain covenants applicable to the Debt
Securities of or within any series ("covenant defeasance"), upon the deposit
with the relevant Trustee (or other qualifying trustee), in trust for such
purpose, of money and/or Government Obligations which through the payment of
principal and interest in accordance with their terms will provide money in an
amount sufficient, without reinvestment, to pay the principal of and any premium
or interest on such Debt Securities to Maturity or redemption, as the case may
be, and any mandatory sinking fund or analogous payments thereon. As a condition
to defeasance or covenant defeasance, the Company must deliver to the Trustee an
Opinion of Counsel to the effect that the Holders of such Debt Securities will
not recognize income, gain or loss for Federal income tax purposes as a result
of such defeasance or covenant defeasance and will be subject to Federal income
tax on the same amounts and in the same manner and at the same times as would
have been the case if such defeasance or covenant defeasance had not occurred.
Such Opinion of Counsel, in the case of defeasance under clause (i) above, must
refer to and be based upon a ruling of the Internal Revenue Service or a change
in applicable Federal income tax law occurring after the date of the relevant
Indenture. (Article 4.) If indicated in the applicable Prospectus Supplement, in
addition to obligations of the United States or an agency or instrumentality
thereof, Government Obligations may include obligations of the government or an
agency or instrumentality of the government issuing the currency or currency
unit in which Debt Securities of such series are payable. (Section 3.1.)
In addition, with respect to the Subordinated Indenture, in order to be
discharged no event or condition shall exist that, pursuant to certain
provisions described under "-- Subordination under the Subordinated Indenture"
above, would prevent the Company from making payments of principal of (and
premium, if any) and interest on Subordinated Debt Securities at the date of the
irrevocable deposit referred to above. (Section 4.6(j) of the Subordinated
Indenture.)
The Company may exercise its defeasance option with respect to such Debt
Securities notwithstanding its prior exercise of its covenant defeasance option.
If the Company exercises its defeasance option, payment of such Debt Securities
may not be accelerated because of a Default or an Event of Default. (Section
4.4.) If the Company exercises its covenant defeasance option, payment of such
Debt Securities may not be accelerated by reason of a Default or an Event of
Default with respect to the covenants to which such covenant defeasance
14
<PAGE> 17
is applicable. However, if such acceleration were to occur by reason of another
Event of Default, the realizable value at the acceleration date of the money and
Government Obligations in the defeasance trust could be less than the principal
and interest then due on such Debt Securities, in that the required deposit in
the defeasance trust is based upon scheduled cash flow rather than market value,
which will vary depending upon interest rates and other factors.
THE TRUSTEES
LTCB Trust Company will be the Trustee under the Senior Indenture. Fleet
National Bank will be the Trustee under the Subordinated Indenture. The Company
may also maintain banking and other commercial relationships with each of the
Trustees and their affiliates in the ordinary course of business.
DESCRIPTION OF CAPITAL STOCK
At May 16, 1997, the authorized capital stock of the Company was
1,020,000,000 shares, consisting of:
(a) 20,000,000 shares of Preferred Stock, of which 2,177,500 shares of
Preferred Redeemable Increased Dividend Equity Securities, 7% PRIDES,
were outstanding; and
(b) 1,000,000,000 shares of Common Stock, of which 179,880,594 shares were
outstanding.
In general, the classes of authorized capital stock are afforded
preferences with respect to dividends and liquidation rights in the order listed
above. The Board of Directors of the Company is empowered, without approval of
the shareholders, to cause the Preferred Stock to be issued in one or more
series, with the numbers of shares of each series and the rights, preferences
and limitations of each series to be determined by it including, without
limitation, the dividend rights, conversion rights, redemption rights and
liquidation preferences, if any, of any wholly unissued series of Preferred
Stock (or of the entire class of Preferred Stock if none of such shares have
been issued), the number of shares constituting each such series and the terms
and conditions of the issue thereof. The descriptions set forth below do not
purport to be complete and are qualified in their entirety by reference to the
Amended and Restated Articles of Incorporation of the Company, as amended (the
"Articles of Incorporation").
The Prospectus Supplement relating to an offering of Common Stock will
describe terms relevant thereto, including the number of shares offered, the
initial offering price, market price and dividend information.
The applicable Prospectus Supplement will describe the following terms of
any Preferred Stock in respect of which this Prospectus is being delivered (to
the extent applicable to such Preferred Stock): (i) the specific designation,
number of shares, seniority and purchase price; (ii) any liquidation preference
per share; (iii) any date of maturity; (iv) any redemption, repayment or sinking
fund provisions; (v) any dividend rate or rates and the dates on which any such
dividends will be payable (or the method by which such rates or dates will be
determined); (vi) any voting rights; (vii) if other than the currency of the
United States of America, the currency or currencies, including composite
currencies, in which such Preferred Stock is denominated and/or in which
payments will or may be payable; (viii) the method by which amounts in respect
of such Preferred Stock may be calculated and any commodities, currencies or
indices, or value, rate or price, relevant to such calculation; (ix) whether the
Preferred Stock is convertible or exchangeable and, if so, the securities or
rights into which such Preferred Stock is convertible or exchangeable (which may
include other Preferred Stock, Debt Securities, Common Stock or other securities
or rights of the Company (including rights to receive payment in cash or
securities based on the value, rate or price of one or more specified
commodities, currencies or indices) or a combination of the foregoing), and the
terms and conditions upon which such conversions or exchanges will be effected,
including the initial conversion or exchange prices or rates, the conversion or
exchange period and any other related provisions; (x) the place or places where
dividends and other payments on the Preferred Stock will be payable; and (xi)
any additional voting, dividend, liquidation, redemption and other rights,
preferences, privileges, limitations and restrictions.
15
<PAGE> 18
As described under "Description of Depositary Shares", the Company may, at
its option, elect to offer Depositary Shares evidenced by depositary receipts
("Depositary Receipts"), each representing an interest (to be specified in the
applicable Prospectus Supplement relating to the particular series of the
Preferred Stock) in a share of the particular series of the Preferred Stock
issued and deposited with a Preferred Stock Depositary (as defined herein).
All shares of Preferred Stock offered hereby, or issuable upon conversion,
exchange or exercise of Securities, will, when issued, be fully paid and
non-assessable.
COMMON STOCK
Dividends. Except as provided below, holders of Common Stock are entitled
to receive dividends and other distributions in cash, stock or property of the
Company, when, as and if declared by the Board of Directors out of assets or
funds of the Company legally available therefor and shall share equally on a per
share basis in all such dividends and other distributions (subject to the rights
of holders of Preferred Stock).
Voting Rights. At every meeting of shareholders, every holder of Common
Stock is entitled to one vote per share. Subject to any voting rights which may
be granted to holders of Preferred Stock any action submitted to shareholders is
approved if the number of votes cast in favor of such action exceeds the number
of votes against, except where other provision is made by law and subject to
applicable quorum requirements.
Liquidation Rights. In the event of any liquidation, dissolution or
winding-up of the business of the Company, whether voluntary or involuntary (any
such event, a "Liquidation"), the holders of Common Stock are entitled to share
equally in the assets available for distribution after payment of all
liabilities and provision for the liquidation preference of any shares of
Preferred Stock then outstanding.
Miscellaneous. The holders of Common Stock have no preemptive rights,
cumulative voting rights, subscription rights, or conversion rights and the
Common Stock is not subject to redemption.
The transfer agent and registrar with respect to the Common Stock and the
PRIDES is First Union National Bank of North Carolina.
All shares of Common Stock offered hereby, or issuable upon conversion,
exchange or exercise of Securities, will, when issued, be fully paid and
non-assessable. The Common Stock is traded on the New York Stock Exchange under
the symbol "CNC".
PRIDES
General. The PRIDES are shares of convertible preferred stock and rank
prior to the Common Stock as to payment of dividends and distribution of assets
upon liquidation. The shares of PRIDES mandatorily convert into shares of Common
Stock on February 1, 2000, (the "Mandatory Conversion Date"), and the Company
has the option to redeem the shares of PRIDES, in whole or in part, at any time
and from time to time on or after February 1, 1999 and prior to the Mandatory
Conversion Date pursuant to the terms described below and payable in shares of
Common Stock. In addition, the shares of PRIDES are convertible into shares of
Common Stock at the option of the holder at any time prior to the Mandatory
Conversion Date as set forth below.
Dividends. Holders of shares of PRIDES are entitled to receive annual
cumulative dividends at a rate per annum of 7% of the stated liquidation
preference (equivalent to $4.279 per each share of PRIDES) payable quarterly in
arrears on each February 1, May 1, August 1, and November 1.
Mandatory Conversion. On the Mandatory Conversion Date, unless previously
redeemed or converted, each outstanding share of PRIDES will mandatorily convert
into (i) two shares of Common Stock, subject to adjustment in certain events,
and (ii) the right to receive cash in an amount equal to all accrued and unpaid
dividends thereon (other than previously declared dividends payable to a holder
of record as of a prior date).
Optional Redemption. Shares of PRIDES are not redeemable prior to February
1, 1999. At any time and from time to time on or after February 1, 1999 and
ending immediately prior to the Mandatory Conversion Date, the Company may
redeem any or all of the outstanding shares of PRIDES. Upon any such
16
<PAGE> 19
redemption, each holder will receive, in exchange for each share of PRIDES, the
number of shares of Common Stock equal to the Call Price (which is the sum of
(i) $62.195, declining after February 1, 1999 to $61.125 until the Mandatory
Conversation Date and (ii) all accrued and unpaid dividends thereon (other than
previously declared dividends payable to a holder of record as of a prior date))
divided by the current market price on the applicable date of determination, but
in no event less than 3.42 shares of Common Stock, subject to adjustment. The
number of shares of Common Stock to be delivered in payment of the applicable
Call Price will be determined on the basis of the current market price of the
Common Stock prior to the announcement of the redemption.
Conversion at the Option of the Holder. At any time prior to the Mandatory
Conversion Date, unless previously redeemed, each share of PRIDES is convertible
at the option of the holder thereof into 3.42 shares of Common Stock (the
"Optional Conversion Rate"), equivalent to the conversion price of $17.8728 per
share of Common Stock, subject to adjustment as described herein. The right of
holders to convert shares of PRIDES called for redemption will terminate
immediately prior to the close of business on the redemption date.
Voting Rights. The holders of shares of PRIDES will have the right with
the holders of Common Stock to vote in the election of directors and upon each
other matter coming before any meeting of the holders of Common Stock on the
basis of 4/5 of one vote for each share of PRIDES. On such matters, the holders
of shares of PRIDES and the holders of Common Stock will vote together as one
class except as otherwise provided by law or the Company's Articles of
Incorporation. In addition, (i) whenever dividends on the shares of PRIDES or
any other series of the Company's preferred stock with like voting rights are in
arrears and unpaid for six quarterly dividend periods, and in certain other
circumstances, the holders of the shares of PRIDES (voting separately as a class
with the holders of all other series of the Company's preferred stock with like
voting rights that are exercisable) will be entitled to vote, on the basis of
one vote for each share of PRIDES, for the election of two directors of the
Company, such directors to be in addition to the number of directors
constituting the Board of Directors immediately prior to the accrual of such
right, and (ii) the holders of the shares of PRIDES may have voting rights with
respect to certain alterations of the Company's Articles of Incorporation and
certain other matters, voting on the same basis or separately as a series.
Liquidation Preference and Ranking. The shares of PRIDES rank prior to the
Common Stock as to payment of dividends and distribution of assets upon
liquidation. The liquidation preference of each share of PRIDES is an amount
equal to the sum of (i) $61.125 per share and (ii) all accrued and unpaid
dividends thereon.
CERTAIN PROVISIONS OF THE ARTICLES OF INCORPORATION AND BY-LAWS OF CONSECO
Certain provisions of the Articles of Incorporation and the Code of By-laws
of the Company (the "By-laws") may make it more difficult to effect a change in
control of the Company if the Board of Directors determines that such action
would not be in the best interests of the shareholders. It could be argued,
contrary to the belief of the Board of Directors, that such provisions are not
in the best interests of the shareholders to the extent that they will have the
effect of tending to discourage possible takeover bids, which might be at prices
involving a premium over then recent market quotations for the Common Stock. The
most important of those provisions are described below.
The Articles of Incorporation authorize the establishment of a classified
Board of Directors pursuant to the By-laws. The By-laws, in turn, provide that
the Directors serve staggered three-year terms, with the members of only one
class being elected in any year.
A classified Board of Directors may increase the difficulty of removing
incumbent directors, providing such directors with enhanced ability to retain
their positions. A classified Board of Directors may also make the acquisition
of control of the Company by a third party by means of a proxy contest more
difficult. In addition, the classification may make it more difficult to replace
a majority of directors for business reasons unrelated to a change in control.
17
<PAGE> 20
The Articles of Incorporation provide that holders of the Company's voting
stock shall not be entitled to vote on certain business transactions (defined to
include, among other things, certain mergers, consolidations, sales, leases,
transfers or other dispositions of a substantial part of the Company's assets)
with certain related persons (which includes persons beneficially owning more
than 10% of the Company's outstanding voting stock), nor may such business
combination transactions be effected, unless (i) the relevant business
combination shall have been approved by two-thirds of the continuing directors
or (ii) the aggregate amount of the cash and the fair value of any consideration
other than cash to be received by any holder of the Company's Common Stock or
Preferred Stock in the business combination for each such share of Common Stock
or Preferred Stock shall be at least equal to the highest per share price paid
by the related person in order to acquire any shares of Common Stock or
Preferred Stock, as the case may be, beneficially owned by such related person.
As discussed above, Preferred Stock may be issued from time to time in one
or more series with such rights, preferences, limitations and restrictions as
may be determined by the Board of Directors. The issuance of Preferred Stock
could be used, under certain circumstances, as a method of delaying or
preventing a change of control of the Company and could have a detrimental
effect on the rights of holders of Common Stock, including loss of voting
control.
The provisions of the Articles of Incorporation regarding the classified
Board of Directors and certain business combination transactions may not be
amended without the affirmative approval of holders of not less than 80% of the
outstanding voting stock of the Company.
The By-laws may be amended by majority vote of the Board of Directors.
CERTAIN PROVISIONS OF CORPORATE AND INSURANCE LAWS
In addition to the Articles of Incorporation and By-laws, certain
provisions of Indiana law may delay, deter or prevent a merger, tender offer or
other takeover attempt of the Company.
Under the Indiana Business Corporation Law (the "IBCL"), a director may, in
considering the best interests of a corporation, consider the effects of any
action on shareholders, employees, suppliers and customers of the corporation,
on communities in which offices or other facilities of the corporation are
located, and any other factors the director considers pertinent.
The IBCL provides that no business combination (defined to include certain
mergers, sales of assets, sales of 5% or more of outstanding stock, loans,
recapitalizations or liquidations or dissolutions) involving a corporation and
an interested shareholder (defined to include any holder of 10% or more of such
corporation's voting stock) may be entered into unless (1) it has been approved
by the board of directors of the corporation or (2) (a) five years have expired
since the acquisition of shares of the corporation by the interested
shareholder, (b) all requirements of the corporation's articles of incorporation
relating to business combinations have been satisfied and (c) either (i) a
majority of shareholders of the corporation (excluding the interested
shareholder) approve the business combination or (ii) all shareholders are paid
fair value (as defined in the statute) for their stock. However, such law does
not restrict any offer to purchase all of a corporation's shares.
The IBCL also provides that when a target corporation (such as the
Company), incorporated in Indiana and having its principal place of business,
principal office or substantial assets in Indiana, has a certain threshold of
ownership by Indiana residents, any acquisition which, together with its
previous holdings, gives the acquiror at least 20% of the target's voting stock
triggers a shareholder approval mechanism. If the acquiror files a statutorily
required disclosure statement, the target's management has 50 days within which
to hold a special meeting of shareholders at which all disinterested
shareholders of the target (those not affiliated with the acquiror or any
officer or inside director of the target) consider and vote upon whether the
acquiror shall have voting rights with respect to the shares of the target held
by it. Without shareholder approval, the shares acquired by the acquiror have no
voting rights. If the acquiror fails to file the statutorily required disclosure
statement, the target can redeem the acquiror's shares at a price to be
determined according to
18
<PAGE> 21
procedures devised by the target. In order for these provisions of the IBCL not
to apply to a particular Indiana company, the company must affirmatively so
provide in its articles of incorporation or bylaws.
In addition, the insurance laws and regulations of the jurisdictions in
which the Company's insurance subsidiaries do business may impede or delay a
business combination involving the Company.
DESCRIPTION OF DEPOSITARY SHARES
The description set forth below of certain provisions of the Deposit
Agreement (as defined below) and of the Depositary Shares and Depositary
Receipts summarizes the material terms of the Deposit Agreement and of the
Depositary Shares and Depositary Receipts and is qualified in its entirety by
reference to the form of Deposit Agreement and form of Depositary Receipts
relating to each series of the Preferred Stock, as well as the Articles of
Incorporation or any required amendment thereto describing the applicable series
of Preferred Stock.
GENERAL
The Company may, as its option, elect to have shares of Preferred Stock be
represented by Depositary Shares. The shares of any series of the Preferred
Stock underlying the Depositary Shares will be deposited under a separate
deposit agreement (the "Deposit Agreement") to be entered into by the Company
and a bank or trust company selected by the Company (the "Preferred Stock
Depositary") a form of which will be filed as an exhibit to a Current Report on
Form 8-K. The Prospectus Supplement relating to a series of Depositary Shares
will set forth the name and address of the Preferred Stock Depositary. Subject
to the terms of the Deposit Agreement, each owner of a Depositary Share will be
entitled, proportionately, to all the rights, preferences and privileges of the
Preferred Stock represented thereby (including dividend, voting, redemption,
conversion, exchange and liquidation rights).
The Depositary Shares will be evidenced by Depositary Receipts issued
pursuant to the Deposit Agreement, each of which will represent the fractional
interest in the number of shares of a particular series of the Preferred Stock
described in the applicable Prospectus Supplement.
DIVIDENDS AND OTHER DISTRIBUTIONS
The Preferred Stock Depositary will distribute all cash dividends or other
cash distributions in respect of the series of Preferred Stock represented by
the Depositary Shares to the record holders of Depositary Receipts in
proportion, insofar as possible, to the number of Depositary Shares owned by
such holders. The Depositary, however, will distribute only such amount as can
be distributed without attributing to any Depositary Share a fraction of one
cent, and any balance not so distributed will be added to and treated as part of
the next sum received by the Depositary for distribution to record holders of
Depositary Receipts then outstanding.
In the event of a distribution other than in cash in respect of the
Preferred Stock, the Preferred Stock Depositary will distribute property
received by it to the record holders of Depositary Receipts in proportion,
insofar as possible, to the number of Depositary Shares owned by such holders,
unless the Preferred Stock Depositary determines (after consultation with the
Company) that it is not feasible to make such distribution, in which case the
Preferred Stock Depositary may, with the approval of the Company, adopt such
method as it deems equitable and practicable for the purpose of effecting such
distribution, including a public or private sale, of such property, and
distribution of the net proceeds from such sale to such holders.
The amount so distributed to record holders of Depositary Receipts in any
of the foregoing cases will be reduced by any amount required to be withheld by
the Company or the Preferred Stock Depositary on account of taxes.
CONVERSION AND EXCHANGE
If any series of Preferred Stock underlying the Depositary Shares is
subject to provisions relating to its conversion or exchange, as set forth in
the applicable Prospectus Supplement relating thereto, each record
19
<PAGE> 22
holder of Depositary Receipts will have the right or obligation to convert or
exchange the Depositary Shares represented by such Depositary Receipts pursuant
to the terms thereof.
REDEMPTION OF DEPOSITARY SHARES
If any series of Preferred Stock underlying the Depositary Shares is
subject to redemption, the Depositary Shares will be redeemed from the proceeds
received by the Preferred Stock Depositary resulting from the redemption, in
whole or in part, of the Preferred Stock held by the Preferred Stock Depositary.
Whenever the Company redeems Preferred Stock from the Preferred Stock
Depositary, the Preferred Stock Depositary will redeem as of the same redemption
date a proportionate number of Depositary Shares representing the shares of
Preferred Stock that were redeemed. If less than all the Depositary Shares are
to be redeemed, the Depositary Shares to be redeemed will be selected by lot or
pro rata as may be determined by the Company.
After the date fixed for redemption, the Depositary Shares so called for
redemption will no longer be deemed to be outstanding and all rights of the
holders of the Depositary Shares will cease, except the right to receive the
redemption price upon such redemption. Any funds deposited by the Company with
the Preferred Stock Depositary for any Depositary Shares which the holders
thereof fail to redeem shall be returned to the Company after a period of two
years from the date such funds are so deposited.
VOTING
Upon receipt of notice of any meeting at which the holders of any shares of
Preferred Stock underlying the Depositary Shares are entitled to vote, the
Preferred Stock Depositary will mail the information contained in such notice to
the record holders of the Depositary Receipts. Each record holder of such
Depositary Receipts on the record date (which will be the same date as the
record date for the Preferred Stock) will be entitled to instruct the Preferred
Stock Depositary as to the exercise of the voting rights pertaining to the
number of shares of Preferred Stock underlying such holder's Depositary Shares.
The Preferred Stock Depositary will endeavor, insofar as practicable, to vote
the number of shares of Preferred Stock underlying such Depositary Shares in
accordance with such instructions, and the Company will agree to take all
reasonable action which may be deemed necessary by the Preferred Stock
Depositary in order to enable the Preferred Stock Depositary to do so. The
Preferred Stock Depositary will abstain from voting any of the Preferred Stock
to the extent it does not receive specific written instructions from holders of
Depositary Receipts representing such Preferred Stock.
RECORD DATE
Whenever (i) any cash dividend or other cash distribution shall become
payable, any distribution other than cash shall be made, or any rights,
preferences or privileges shall be offered with respect to the Preferred Stock,
or (ii) the Preferred Stock Depositary shall receive notice of any meeting at
which holders of Preferred Stock are entitled to vote or of which holders of
Preferred Stock are entitled to notice, or of the mandatory conversion of, or
any election on the part of the Company to call for the redemption of, any
Preferred Stock, the Preferred Stock Depositary shall in each such instance fix
a record date (which shall be the same as the record date for the Preferred
Stock) for the determination of the holders of Depositary Receipts (x) that
shall be entitled to receive such dividend, distribution, rights, preferences or
privileges or the net proceeds of the sale thereof or (y) that shall be entitled
to give instructions for the exercise of voting rights at any such meeting or to
receive notice of such meeting or of such redemption or conversion, subject to
the provisions of the Deposit Agreement.
WITHDRAWAL OF PREFERRED STOCK
Upon surrender of Depositary Receipts at the principal office of the
Preferred Stock Depositary, upon payment of any unpaid amount due the Preferred
Stock Depositary, and subject to the terms of the Deposit Agreement, the owner
of the Depositary Shares evidenced thereby is entitled to delivery of the number
of whole shares of Preferred Stock and all money and other property, if any,
represented by such Depositary Shares. Partial shares of Preferred Stock will
not be issued. If the Depositary Receipts delivered by the holder
20
<PAGE> 23
evidence a number of Depositary Shares in excess of the number of Depositary
Shares representing the number of whole shares of Preferred Stock to be
withdrawn, the Preferred Stock Depositary will deliver to such holder at the
same time a new Depositary Receipt evidencing such excess number of Depositary
Shares. Holders of Preferred Stock thus withdrawn will not thereafter be
entitled to deposit such shares under the Deposit Agreement or to receive
Depositary Receipts evidencing Depositary Shares therefor.
AMENDMENT AND TERMINATION OF THE DEPOSIT AGREEMENT
The Deposit Agreement will provide that the form of Depositary Receipt and
any provision of the Deposit Agreement may at any time be amended by agreement
between the Company and the Preferred Stock Depositary. However, any amendment
which imposes or increases any fees, taxes or other charges payable by the
holders of Depositary Receipts (other than taxes and other governmental charges,
fees and other expenses payable by such holders as stated under "Charges of
Preferred Stock Depositary"), or which otherwise prejudices any substantial
existing right of holders of Depositary Receipts, will not take effect as to
outstanding Depositary Receipts until the expiration of 90 days after notice of
such amendment has been mailed to the record holders of outstanding Depositary
Receipts.
Whenever so directed by the Company, the Preferred Stock Depositary will
terminate the Deposit Agreement by mailing notice of such termination to the
record holders of all Depositary Receipts then outstanding at least 30 days
prior to the date fixed in such notice for such termination. The Preferred Stock
Depositary may likewise terminate the Deposit Agreement if at any time 45 days
shall have expired after the Preferred Stock Depositary shall have delivered to
the Company a written notice of its election to resign and a successor
depositary shall not have been appointed and accepted its appointment. If any
Depositary Receipts remain outstanding after the date of termination, the
Preferred Stock Depositary thereafter will discontinue the transfer of
Depositary Receipts, will suspend the distribution of dividends to the holders
thereof, and will not give any further notices (other than notice of such
termination) or perform any further acts under the Deposit Agreement except as
provided below and except that the Preferred Stock Depositary will continue (i)
to collect dividends on the Preferred Stock and any other distributions with
respect thereto and (ii) to deliver the Preferred Stock together with such
dividends and distributions and the net proceeds of any sales of rights,
preferences, privileges or other property, without liability for interest
thereon, in exchange for Depositary Receipts surrendered. At any time after the
expiration of two years from the date of termination, the Preferred Stock
Depositary may sell the Preferred Stock then held by it at public or private
sales, at such place or places and upon such terms as it deems proper, and may
thereafter hold the net proceeds of any such sale, together with any money and
other property then held by it, without liability for interest thereon, for the
pro rata benefit of the holders of Depositary Receipts which have not been
surrendered.
CHARGES OF PREFERRED STOCK DEPOSITARY
The Company will pay all charges of the Preferred Stock Depositary
including charges in connection with the initial deposit of the Preferred Stock,
the initial issuance of the Depositary Receipts, the distribution of information
to the holders of Depositary Receipts with respect to matters on which Preferred
Stock is entitled to vote, withdrawals of the Preferred Stock by the holders of
Depositary Receipts or redemption or conversion of the Preferred Stock, except
for taxes (including transfer taxes, if any) and other governmental charges and
such other charges as are expressly provided in the Deposit Agreement to be at
the expense of holders of Depositary Receipts or persons depositing Preferred
Stock.
MISCELLANEOUS
The Preferred Stock Depositary will make available for inspection by
holders of Depositary Receipts, at its Corporate Office and its New York Office,
all reports and communications from the Company which are delivered to the
Preferred Stock Depositary as the holder of Preferred Stock.
Neither the Preferred Stock Depositary nor the Company will be liable if it
is prevented or delayed by law or any circumstance beyond its control in
performing its obligations under the Deposit Agreement. The obligations of the
Preferred Stock Depositary under the Deposit Agreement are limited to performing
its
21
<PAGE> 24
duties thereunder without negligence or bad faith. The obligations of the
Company under the Deposit Agreement are limited to performing its duties
thereunder in good faith. Neither the Company nor the Preferred Stock Depositary
is obligated to prosecute or defend any legal proceeding in respect of any
Depositary Shares or Preferred Stock unless satisfactory indemnity is furnished.
The Company and the Preferred Stock Depositary are entitled to rely upon advice
of or information from counsel, accountants or other persons believed to be
competent and on documents believed to be genuine.
The Preferred Stock Depositary may resign at any time or be removed by the
Company, effective upon the acceptance by its successor of its appointment;
provided, that if a successor Preferred Stock Depositary has not been appointed
or accepted such appointment within 45 days after the Preferred Stock Depositary
has delivered a notice of election to resign to the Company, the Preferred Stock
Depositary may terminate the Deposit Agreement. See "Amendment and Termination
of the Deposit Agreement" above.
DESCRIPTION OF WARRANTS
GENERAL
The Company may issue Warrants to purchase Debt Securities, Preferred
Stock, Common Stock or any combination thereof, and such Warrants may be issued
independently or together with any such Securities and may be attached to or
separate from such Securities. Each series of Warrants will be issued under a
separate warrant agreement (each a "Warrant Agreement") to be entered into
between the Company and a warrant agent ("Warrant Agent") a form of which will
be filed as an exhibit to a Current Report on Form 8-K. The Warrant Agent will
act solely as an agent of the Company in connection with the Warrants of each
such series and will not assume any obligation or relationship of agency for or
with holders or beneficial owners of Warrants. The following sets forth certain
general terms and provisions of the Warrants offered hereby. Further terms of
the Warrants and the applicable Warrant Agreement will be set forth in the
applicable Prospectus Supplement.
The applicable Prospectus Supplement will describe the terms of any
Warrants in respect of which this Prospectus is being delivered, including the
following: (i) the title of such Warrants; (ii) the aggregate number of such
Warrants; (iii) the price or prices at which such Warrants will be issued; (iv)
the currency or currencies, including composite currencies, in which the price
of such Warrants may be payable; (v) the designation and terms of the Securities
(other than Preferred Securities and Common Securities) purchasable upon
exercise of such Warrants; (vi) the price at which and the currency or
currencies, including composite currencies, in which the Securities (other than
Preferred Securities and Common Securities) purchasable upon exercise of such
Warrants may be purchased; (vii) the date on which the right to exercise such
Warrants shall commence and the date on which such right shall expire; (viii)
whether such Warrants will be issued in registered form or bearer form; (ix) if
applicable, the minimum or maximum amount of such Warrants which may be
exercised at any one time; (x) if applicable, the designation and terms of the
Securities (other than Preferred Securities and Common Securities) with which
such Warrants are issued and the number of such Warrants issued with each such
Security; (xi) if applicable, the date on and after which such Warrants and the
related Securities (other than Preferred Securities and Common Securities) will
be separately transferable; (xii) information with respect to book-entry
procedures, if any; (xiii) if applicable, a discussion of certain United States
federal income tax considerations; and (xiv) any other terms of such Warrants,
including terms, procedures and limitations relating to the exchange and
exercise of such Warrants.
DESCRIPTION OF PREFERRED SECURITIES OF THE CONSECO TRUSTS
GENERAL
Each Conseco Trust may issue, from time to time, only one series of
Preferred Securities having terms described in the Prospectus Supplement
relating thereto. The Declaration of each Conseco Trust authorizes the Regular
Trustees of such Conseco Trust to issue on behalf of such Conseco Trust one
series of Preferred Securities. Each Declaration will be qualified as an
indenture under the Trust Indenture Act. The Property Trustee, an independent
trustee, will act as indenture trustee for the Preferred Securities for purposes
of
22
<PAGE> 25
compliance with the provisions of the Trust Indenture Act. The Preferred
Securities will have such terms, including distributions, redemption, voting,
liquidation rights and such other preferred, deferred or other special rights or
such restrictions as shall be established by the Regular Trustees in accordance
with the applicable Declaration or as shall be set forth in the Declaration or
made part of the Declaration by the Trust Indenture Act. Reference is made to
any Prospectus Supplement relating to the Preferred Securities of a Conseco
Trust for specific terms of the Preferred Securities, including, to the extent
applicable, (i) the distinctive designation of such Preferred Securities, (ii)
the number of Preferred Securities issued by such Conseco Trust, (iii) the
annual distribution rate (or method of determining such rate) for Preferred
Securities issued by such Conseco Trust and the date or dates upon which such
distributions shall be payable (provided, however, that distributions on such
Preferred Securities shall, subject to any deferral provisions, and any
provisions for payment of defaulted distributions, be payable on a quarterly
basis to holders of such Preferred Securities as of a record date in each
quarter during which such Preferred Securities are outstanding), (iv) any right
of such Conseco Trust to defer quarterly distributions on the Preferred
Securities as a result of an interest deferral right exercised by the Company on
the Subordinated Debt Securities held by such Conseco Trust; (v) whether
distributions on Preferred Securities shall be cumulative, and, in the case of
Preferred Securities having such cumulative distribution rights, the date or
dates or method of determining the date or dates from which distributions on
Preferred Securities shall be cumulative, (vi) the amount or amounts which shall
be paid out of the assets of such Conseco Trust to the holders of Preferred
Securities upon voluntary or involuntary dissolution, winding-up or termination
of such Conseco Trust, (vii) the obligation or option, if any, of such Conseco
Trust to purchase or redeem Preferred Securities and the price or prices at
which, the period or periods within which and the terms and conditions upon
which Preferred Securities shall be purchased or redeemed, in whole or in part,
pursuant to such obligation or option with such redemption price to be specified
in the applicable Prospectus Supplement, (viii) the voting rights, if any, of
Preferred Securities in addition to those required by law, including the number
of votes per Preferred Security and any requirement for the approval by the
holders of Preferred Securities as a condition to specified action or amendments
to the Declaration, (ix) the terms and conditions, if any, upon which
Subordinated Debt Securities held by such Conseco Trust may be distributed to
holders of Preferred Securities, and (x) any other relevant rights, preferences,
privileges, limitations or restrictions of Preferred Securities consistent with
the Declaration or with applicable law. All Preferred Securities offered hereby
will be guaranteed by the Company to the extent set forth below under
"Description of Trust Guarantees." The Trust Guarantee issued to each Conseco
Trust, when taken together with the Company's back-up undertakings, consisting
of its obligations under each Declaration (including the obligation to pay
expenses of each Conseco Trust), the Indenture and any applicable supplemental
indentures thereto and the Subordinated Debt Securities issued to any Conseco
Trust will provide a full and unconditional guarantee by the Company of amounts
due on the Preferred Securities issued by each Conseco Trust. The payment terms
of the Preferred Securities will be the same as the Subordinated Debt Securities
issued to the applicable Conseco Trust by the Company.
Each Declaration authorizes the Regular Trustees to issue on behalf of the
applicable Trust one series of Common Securities having such terms including
distributions, redemption, voting, liquidation rights or such restrictions as
shall be established by the Regular Trustees in accordance with the Declaration
or as shall otherwise be set forth therein. The terms of the Common Securities
issued by each Conseco Trust will be substantially identical to the terms of the
Preferred Securities issued by such Conseco Trust, and the Common Securities
will rank pari passu, and payments will be made thereon pro rata, with the
Preferred Securities except that, if an event of default under such Declaration
has occurred and is continuing, the rights of the holders of the Common
Securities to payment in respect of distributions and payments upon liquidation,
redemption and otherwise will be subordinated to the rights of the holders of
the Preferred Securities. The Common Securities will also carry the right to
vote and to appoint, remove or replace any of the Conseco Trustees of such
Conseco Trust. All of the Common Securities of each Conseco Trust will be
directly or indirectly owned by the Company.
The financial statements of any Conseco Trust that issues Preferred
Securities will be reflected in the Company's consolidated financial statements
with the Preferred Securities shown as Company-obligated mandatorily-redeemable
preferred securities of a subsidiary trust under minority interest in
consolidated subsidiaries. In a footnote to the Company's audited financial
statements there will be included statements
23
<PAGE> 26
that the applicable Conseco Trust is wholly-owned by the Company and that the
sole asset of such Conseco Trust is the Subordinated Debt Securities (indicating
the principal amount, interest rate and maturity date thereof).
DESCRIPTION OF TRUST GUARANTEES
Set forth below is a summary of information concerning the Trust Guarantees
that will be executed and delivered by the Company for the benefit of the
holders, from time to time, of Preferred Securities. Each Trust Guarantee will
be qualified as an indenture under the Trust Indenture Act. Fleet National Bank
will act as independent indenture trustee for Trust Indenture Act purposes under
each Trust Guarantee (the "Preferred Securities Guarantee Trustee"). The terms
of each Trust Guarantee will be those set forth in such Trust Guarantee and
those made part of such Trust Guarantee by the Trust Indenture Act. The
following summary does not purport to be complete and is subject to and
qualified in its entirety by reference to the provisions of the form of Trust
Guarantee, a copy of which has been filed as an exhibit to the Registration
Statement of which this Prospectus is a part, and the Trust Indenture Act. Each
Trust Guarantee will be held by the Preferred Securities Guarantee Trustee for
the benefit of the holders of the Preferred Securities of the applicable Conseco
Trust.
GENERAL
Pursuant to each Trust Guarantee, the Company will agree, to the extent set
forth therein, to pay in full to the holders of the Preferred Securities, the
Guarantee Payments (as defined below) (except to the extent paid by such Conseco
Trust), as and when due, regardless of any defense, right of set-off or
counterclaim which such Conseco Trust may have or assert. The following payments
or distributions with respect to the Preferred Securities (the "Guarantee
Payments"), to the extent not paid by such Conseco Trust, will be subject to the
Trust Guarantee (without duplication): (i) any accrued and unpaid distributions
that are required to be paid on such Preferred Securities, to the extent such
Conseco Trust shall have funds available therefor, (ii) the redemption price,
including all accrued and unpaid distributions to the date of redemption (the
"Redemption Price"), to the extent such Conseco Trust has funds available
therefor, with respect to any Preferred Securities called for redemption by such
Conseco Trust and (iii) upon a voluntary or involuntary dissolution, winding-up
or termination of such Conseco Trust (other than in connection with such
distribution of Subordinated Debt Securities to the holders of Preferred
Securities or the redemption of all of the Preferred Securities upon maturity or
redemption of the Subordinated Debt Securities) the lesser of (a) the aggregate
of the liquidation amount and all accrued and unpaid distributions on such
Preferred Securities to the date of payment, to the extent such Conseco Trust
has funds available therefor or (b) the amount of assets of such Conseco Trust
remaining for distribution to holders of such Preferred Securities in
liquidation of such Conseco Trust. The Company's obligation to make a Guarantee
Payment may be satisfied by direct payment of the required amounts by the
Company to the holders of Preferred Securities or by causing the applicable
Conseco Trust to pay such amounts to such holders.
Each Trust Guarantee will not apply to any payment of distributions except
to the extent the applicable Conseco Trust shall have funds available therefor.
If the Company does not make interest or principal payments on the Subordinated
Debt Securities purchased by such Conseco Trust, such Conseco Trust will not pay
distributions on the Preferred Securities issued by such Conseco Trust and will
not have funds available therefore.
The Company has also agreed to guarantee the obligations of each Conseco
Trust with respect to the Common Securities (the "Common Guarantee") issued by
such Conseco Trust to the same extent as the Trust Guarantee, except that, if an
Event of Default under the Subordinated Indenture has occurred and is
continuing, holders of Preferred Securities under the Trust Guarantee shall have
priority over holders of the Common Securities under the Trust Common Guarantee
with respect to distributions and payments on liquidation, redemption or
otherwise.
24
<PAGE> 27
CERTAIN COVENANTS OF THE COMPANY
In each Trust Guarantee, the Company will covenant that, so long as any
Preferred Securities issued by the applicable Conseco Trust remain outstanding,
if there shall have occurred any event of default under such Trust Guarantee or
under the Declaration of such Conseco Trust, then (a) the Company will not
declare or pay any dividend on, make any distributions with respect to, or
redeem, purchase, acquire or make a liquidation payment with respect to, any of
its capital stock; (b) the Company shall not make any payment of interest,
principal or premium, if any, on or repay, repurchase or redeem any debt
securities (including guarantees) issued by the Company which rank pari passu
with or junior to the Subordinated Debt Securities issued to the applicable
Conseco Trust and (c) the Company shall not make any guarantee payments with
respect to the foregoing (other than pursuant to a Trust Guarantee); provided,
however, that the Company may (i) declare and pay a stock dividend where the
dividend stock is the same stock as that on which the dividend is being paid and
(ii) purchase or acquire shares of Company Common Stock in connection with the
satisfaction by the Company of its obligations under any employee benefit plans.
MODIFICATION OF THE TRUST GUARANTEES; ASSIGNMENT
Except with respect to any changes that do not adversely affect the rights
of holders of Preferred Securities (in which case no consent of such holders
will be required), each Trust Guarantee may be amended only with the prior
approval of the holders of not less than a majority in liquidation amount of the
outstanding Preferred Securities of such Conseco Trust. The manner of obtaining
any such approval of holders of such Preferred Securities will be set forth in
accompanying Prospectus Supplement. All guarantees and agreements contained in a
Trust Guarantee shall bind the successors, assigns, receivers, trustees and
representatives of the Company and shall inure to the benefit of the holders of
the Preferred Securities of the applicable Conseco Trust then outstanding.
EVENTS OF DEFAULT
An event of default under a Trust Guarantee will occur upon the failure of
the Company to perform any of its payment or other obligations thereunder. The
holders of a majority in liquidation amount of the Preferred Securities to which
such Trust Guarantee relates have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Preferred
Securities Guarantee Trustee in respect of such Trust Guarantee or to direct the
exercise of any trust or power conferred upon the Preferred Securities Guarantee
Trustee under such Trust Guarantee.
If the Preferred Securities Guarantee Trustee fails to enforce such Trust
Guarantee, any record holder of Preferred Securities to which such Trust
Guarantee relates may institute a legal proceeding directly against the Company
to enforce the Preferred Securities Guarantee Trustee's rights under such Trust
Guarantee without first instituting a legal proceeding against the applicable
Conseco Trust, the Preferred Securities Guarantee Trustee or any other person or
entity. Notwithstanding the foregoing, if the Company has failed to make a
Guarantee Payment under a Trust Guarantee, a record holder of Preferred
Securities to which such Trust Guarantee relates may directly institute a
proceeding against the Company for enforcement of such Trust Guarantee for such
payment to the record holder of the Preferred Securities to which such Trust
Guarantee relates of the principal of or interest on the applicable Subordinated
Debt Securities on or after the respective due dates specified in the
Subordinated Debt Securities, and the amount of the payment will be based on the
holder's pro rata share of the amount due and owing on all of the Preferred
Securities to which such Trust Guarantee relates. The Company has waived any
right or remedy to require that any action be brought first against the
applicable Conseco Trust or any other person or entity before proceeding
directly against the Company. The record holder in the case of the issuance of
one or more global Preferred Securities certificates will be The Depository
Trust Company acting at the direction of the beneficial owners of the Preferred
Securities.
The Company will be required to provide annually to the Preferred
Securities Guarantee Trustee a statement as to the performance by the Company of
certain of its obligations under each outstanding Trust Guarantee and as to any
default in such performance.
25
<PAGE> 28
INFORMATION CONCERNING THE PREFERRED SECURITIES GUARANTEE TRUSTEE
The Preferred Securities Guarantee Trustee, prior to the occurrence of a
default to a Trust Guarantee, undertakes to perform only such duties as are
specifically set forth in such Trust Guarantee and, after default with respect
to such Trust Guarantee, shall exercise the same degree of care as a prudent
individual would exercise in the conduct of his or her own affairs. Subject to
such provision, the Preferred Securities Guarantee Trustee is under no
obligation to exercise any of the powers vested in it by a Trust Guarantee at
the request of any holder of Preferred Securities to which such Trust Guarantee
relates unless it is offered reasonable indemnity against the costs, expenses
and liabilities that might be incurred thereby.
TERMINATION
Each Trust Guarantee will terminate as to the Preferred Securities issued
by the applicable Conseco Trust upon full payment of the Redemption Price of all
Preferred Securities of such Conseco Trust, upon distribution of the
Subordinated Debt Securities held by such Conseco Trust to the holders of all of
the Preferred Securities of such Conseco Trust or upon full payment of the
amounts payable in accordance with the Declaration of such Conseco Trust upon
liquidation of such Conseco Trust. Each Trust Guarantee will continue to be
effective or will be reinstated, as the case may be, if at any time any holder
of Preferred Securities issued by the applicable Conseco Trust must restore
payment of any sums paid under such Preferred Securities or such Trust
Guarantee.
STATUS OF THE TRUST GUARANTEES
The Trust Guarantees will constitute an unsecured obligation of the Company
and will rank (i) subordinate and junior in right of payment to all other
liabilities of the Company, including the Subordinated Debt Securities, except
those liabilities of the Company made pari passu or subordinate by their terms,
(ii) pari passu with the most senior preferred or preference stock now or
hereafter issued by the Company and with any guarantee now or hereafter entered
into by the Company in respect of any preferred or preference stock of any
affiliate of the Company and (iii) senior to the Company's Common Stock. The
terms of the Preferred Securities provide that each holder of Preferred
Securities by acceptance thereof agrees to the subordination provisions and
other terms of the Trust Guarantee relating thereto.
Each Trust Guarantee will constitute a guarantee of payment and not of
collection (that is, the guaranteed party may institute a legal proceeding
directly against the Company to enforce its rights under such Trust Guarantee
without instituting a legal proceeding against any other person or entity).
GOVERNING LAW
The Trust Guarantees will be governed by and construed in accordance with
the law of the State of New York.
PLAN OF DISTRIBUTION
The Company and/or any Conseco Trust may sell any of the Securities being
offered hereby in any one or more of the following ways from time to time: (i)
through agents; (ii) to or through underwriters; (iii) through dealers; or (iv)
directly to purchasers.
The Prospectus Supplement with respect to the Securities will set forth the
terms of the offering of the Securities, including the name or names of any
underwriters, dealers or agents; the purchase price of the Securities and the
proceeds to the Company and/or a Conseco Trust from such sale; any underwriting
discounts and commissions or agency fees and other items constituting
underwriters' or agents' compensation; any initial public offering price and any
discounts or concessions allowed or reallowed or paid to dealers and any
securities exchange on which such Securities may be listed. Any initial public
offering price, discounts or concessions allowed or reallowed or paid to dealers
may be changed from time to time.
26
<PAGE> 29
The distribution of the Securities may be effected from time to time in one
or more transactions at a fixed price or prices, which may be changed, at market
prices prevailing at the time of sale, at prices related to such prevailing
market prices or at negotiated prices.
Offers to purchase Securities may be solicited by agents designated by the
Company from time to time. Any such agent involved in the offer or sale of the
Securities in respect of which this Prospectus is delivered will be named, and
any commissions payable by the Company and/or the applicable Conseco Trust to
such agent will be set forth, in the applicable Prospectus Supplement. Unless
otherwise indicated in such Prospectus Supplement, any such agent will be acting
on a reasonable best efforts basis for the period of its appointment. Any such
agent may be deemed to be an underwriter, as that term is defined in the
Securities Act, of the Securities so offered and sold.
If Securities are sold by means of an underwritten offering, the Company
and/or the applicable Conseco Trust will execute an underwriting agreement with
an underwriter or underwriters at the time an agreement for such sale is
reached, and the names of the specific managing underwriter or underwriters, as
well as any other underwriters, and the terms of the transaction, including
commissions, discounts and any other compensation of the underwriters and
dealers, if any, will be set forth in the Prospectus Supplement which will be
used by the underwriters to make resales of the Securities in respect of which
this Prospectus is delivered to the public. If underwriters are utilized in the
sale of the Securities in respect of which this Prospectus is delivered, the
Securities will be acquired by the underwriters for their own account and may be
resold from time to time in one or more transactions, including negotiated
transactions, at fixed public offering prices or at varying prices determined by
the underwriter at the time of sale. Securities may be offered to the public
either through underwriting syndicates represented by managing underwriters or
directly by the managing underwriters. If any underwriter or underwriters are
utilized in the sale of the Securities, unless otherwise indicated in the
Prospectus Supplement, the underwriting agreement will provide that the
obligations of the underwriters are subject to certain conditions precedent and
that the underwriters with respect to a sale of Securities will be obligated to
purchase all such Securities of a series if any are purchased.
If a dealer is utilized in the sales of the Securities in respect of which
this Prospectus is delivered, the Company and/or the applicable Conseco Trust
will sell such Securities to the dealer as principal. The dealer may then resell
such Securities to the public at varying prices to be determined by such dealer
at the time of resale. Any such dealer may be deemed to be an underwriter, as
such term is defined in the Securities Act, of the Securities so offered and
sold. The name of the dealer and the terms of the transaction will be set forth
in the Prospectus Supplement relating thereto.
Offers to purchase Securities may be solicited directly by the Company
and/or the applicable Conseco Trust and the sale thereof may be made by the
Company and/or the applicable Conseco Trust directly to institutional investors
or others, who may be deemed to be underwriters within the meaning of the
Securities Act with respect to any resale thereof. The terms of any such sales
will be described in the Prospectus Supplement relating thereto.
Agents, underwriters and dealers may be entitled under relevant agreements
to indemnification or contribution by the Company and/or the applicable Conseco
Trust against certain liabilities, including liabilities under the Securities
Act.
Agents, underwriters and dealers may be customers of, engage in
transactions with, or perform services for, the Company and its subsidiaries in
the ordinary course of business.
Securities may also be offered and sold, if so indicated in the applicable
Prospectus Supplement, in connection with a remarketing upon their purchase, in
accordance with a redemption or repayment pursuant to their terms, or otherwise,
by one or more firms ("remarketing firms"), acting as principals for their own
accounts or as agents for the Company and/or the applicable Conseco Trust. Any
remarketing firm will be identified and the terms of its agreement, if any, with
its compensation will be described in the applicable Prospectus Supplement.
Remarketing firms may be deemed to be underwriters, as such term is defined in
the Securities Act, in connection with the Securities remarketed thereby.
Remarketing firms may be entitled under agreements which may be entered into
with the Company and/or the applicable Conseco Trust to
27
<PAGE> 30
indemnification or contribution by the Company and/or the applicable Conseco
Trust against certain civil liabilities, including liabilities under the
Securities Act, and may be customers of, engage in transactions with or perform
services for Conseco and its subsidiaries in the ordinary course of business.
If so indicated in the applicable Prospectus Supplement, the Company and/or
the applicable Conseco Trust may authorize agents, underwriters or dealers to
solicit offers by certain types of institutions to purchase Securities from the
Company and/or the applicable Conseco Trust at the public offering prices set
forth in the applicable Prospectus Supplement pursuant to delayed delivery
contracts ("Contracts") providing for payment and delivery on a specified date
or dates in the future. A commission indicated in the applicable Prospectus
Supplement will be paid to underwriters, dealers and agents soliciting purchases
of Securities pursuant to Contracts accepted by the Company and/or the
applicable Conseco Trust.
LEGAL MATTERS
Unless otherwise indicated in the applicable Prospectus Supplement, the
legal validity of Securities (other than the Preferred Securities) will be
passed upon for the Company by Karl W. Kindig, Senior Vice President, Legal of
Conseco Services, LLC, a subsidiary of the Company. Mr. Kindig is a full-time
employee of the Company and owns shares and holds options to purchase shares of
Company common stock.
Certain matters of Delaware law relating to the validity of the Preferred
Securities will be passed upon for the Conseco Trusts by Richards, Layton &
Finger, P.A., Wilmington, Delaware, special Delaware counsel to the Conseco
Trusts.
EXPERTS
The consolidated financial statements and schedules of the Company as of
December 31, 1996 and 1995, and for each of the three years in the period ended
December 31, 1996 incorporated by reference in this Prospectus, have been
audited by Coopers & Lybrand L.L.P., independent accountants, as set forth in
their reports thereon included therein and are incorporated herein by reference
in reliance upon such reports given upon the authority of such firm as experts
in accounting and auditing.
28
<PAGE> 31
======================================================
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
PROSPECTUS
Available Information.................. 3
Incorporation of Certain Documents by
Reference............................ 4
The Company............................ 5
The Conseco Trusts..................... 5
Use of Proceeds........................ 6
Ratios of Earnings to Fixed Charges,
Earnings to Fixed Charges and
Preferred Stock Dividends and
Earnings to Fixed Charges, Preferred
Stock Dividends and Distributions on
Company-obligated Mandatorily
Redeemable Preferred Securities of
Subsidiary Trusts.................... 6
Description of Debt Securities......... 7
Description of Capital Stock........... 15
Description of Depositary Shares....... 19
Description of Warrants................ 22
Description of Preferred Securities of
the Conseco Trusts................... 22
Description of the Trust Guarantees.... 24
Plan of Distribution................... 26
Legal Matters.......................... 28
Experts................................ 28
</TABLE>
======================================================
======================================================
======================================================
<PAGE> 32
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
<TABLE>
<S> <C>
Securities and Exchange Commission registration fee......... $ 424,242
New York Stock Exchange listing fee......................... 50,000
Legal fees and expenses..................................... 200,000
Accounting fees and expenses................................ 300,000
Printing and engraving expenses............................. 350,000
Trustee's fees and expenses................................. 80,000
Rating agencies' fees....................................... 350,000
Blue sky fees and expenses.................................. 60,000
Miscellaneous............................................... 185,758
----------
Total....................................................... $2,000,000
==========
</TABLE>
Except for the SEC registration fee, all of the foregoing are estimates.
ITEM 15. INDEMNIFICATION OF OFFICERS AND DIRECTORS
The Indiana Business Corporation Law grants authorization to Indiana
corporations to indemnify officers and directors for their conduct if such
conduct was in good faith and was in the corporation's best interests or, in the
case of directors, was not opposed to such best interests, and permits the
purchase of insurance in this regard. In addition, the shareholders of a
corporation may approve the inclusion of other or additional indemnification
provisions in the articles of incorporation and by-laws.
The By-laws of Conseco provides for the indemnification of any person made
a party to any action, suit or proceeding by reason of the fact that he is a
director, officer or employee of Conseco, unless it is adjudged in such action,
suit or proceeding that such person is liable for negligence or misconduct in
the performance of his duties. Such indemnification shall be against the
reasonable expenses, including attorneys' fees, incurred by such person in
connection with the defense of such action, suit or proceeding. In some
circumstances, Conseco may reimburse any such person for the reasonable costs of
settlement of any such action, suit or proceeding if a majority of the members
of the Board of Directors not involved in the controversy shall determine that
it was in the interests of Conseco that such settlement be made and that such
person was not guilty of negligence or misconduct.
The above discussion of Conseco's By-laws and the Indiana Business
Corporation Law is not intended to be exhaustive and is qualified in its
entirety by such By-laws and the Indiana Business Corporation Law.
The Declaration of Trust for each of Conseco Financing Trust IV, Conseco
Financing Trust V, Conseco Financing Trust VI and Conseco Financing Trust VII
(the "Trusts") provides that no Property Trustee or any of its Affiliates,
Delaware Trustee or any of its Affiliates, or any officer, director,
shareholder, member, partner, employee, representative, custodian, nominee or
agent of the Property Trustee or the Delaware Trustee (each a "Fiduciary
Indemnified Person"), and no Regular Trustee, Affiliate of any Regular Trustee,
or any officer, director, shareholder, member, partner, employee, representative
or agent of any Regular Trustee or any Affiliate thereof, or any employee or
agent of any of the Trusts or any of their Affiliates (each a "Company
Indemnified Person") shall be liable, responsible or accountable in damages or
otherwise to any of such Trusts or any officer, director, shareholder, partner,
member, representative, employee or agent of any such Trust or its Affiliates or
to any holder of Preferred Securities for any loss, damage or claim incurred by
reason of any act or omission performed or omitted by such Fiduciary Indemnified
Person or Company Indemnified Person in good faith on behalf of any of such
Trusts and in a manner such Fiduciary Indemnified Person or Company Indemnified
Person reasonably believed to be within the scope of the authority conferred on
such Fiduciary
II-1
<PAGE> 33
Indemnified Person or Company Indemnified Person by such Declaration or by law,
except that a Fiduciary Indemnified Person or Company Indemnified Person shall
be liable for any such loss, damage or claim incurred by reason of such
Fiduciary Indemnified Person's or Company Indemnified Person's gross negligence
or willful misconduct with respect to such acts or omissions.
The Declaration of Trust for each of such Trusts also provides that to the
full extent permitted by law, the Company shall indemnify any Company
Indemnified Person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (other than an action by or in the
right of any such Trust) by reason of the fact that he is or was a Company
Indemnified Person against expenses (including attorneys' fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by him in
connection with such action, suit or proceeding if he acted in good faith and in
a manner he reasonably believed to be in or not opposed to the best interests of
any such Trust, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his conduct was unlawful. Each of the Declaration of
Trusts also provides that to the full extent permitted by law, the Company shall
indemnify any Company Indemnified Person who was or is a party or is threatened
to be made a party to any threatened, pending or completed action or suit by or
in the right of any such trust to procure a judgment in its favor by reason of
the fact that he is or was a Company Indemnified Person against expenses
(including attorneys' fees) actually and reasonably incurred by him in
connection with the defense or settlement of such action or suit if he acted in
good faith and in a manner he reasonably believed to be in or not opposed to the
best interests of any such trust and except that no such indemnification shall
be made in respect of any claim, issue or matter as to which such Company
Indemnified Person shall have been adjudged to be liable to any such trust
unless and only to the extent that the Court of Chancery of Delaware or the
court in which such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances
of the case, such person is fairly and reasonably entitled to indemnity for such
expenses which such Court of Chancery or such other court shall deem proper. The
Declaration of Trust for each such Trust further provides that expenses
(including attorneys' fees) incurred by a Company Indemnified Person in
defending a civil, criminal, administrative or investigative action, suit or
proceeding referred to in the immediately preceding two sentences shall be paid
by the Company in advance of the final disposition of such action, suit or
proceeding upon receipt of an undertaking by or on behalf of such Company
Indemnified Person to repay such amount if it shall ultimately be determined
that he is not entitled to be indemnified by the Company as authorized in any
such Declaration.
The Declaration of Trust for each Trust also provides that the Company
shall indemnify each Fiduciary Indemnified Person against any loss, liability or
expense incurred without negligence or bad faith on its part, arising out of or
in connection with the acceptance or administration of the trust or trusts under
any such Trust, including the costs and expenses (including reasonable legal
fees and expenses) of defending itself against or investigating any claim or
liability in connection with the exercise or performance of any of its powers or
duties thereunder.
ITEM 16. EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT NUMBER DESCRIPTION OF EXHIBIT
-------------- ----------------------
<C> <S>
1.1 Form of Purchase Agreement -- Debt Securities is
incorporated herein by reference to Exhibit 1.1 to the
Registration Statement on Form S-3 of the Registrant (No.
33-53095) ((i) An Underwriting Agreement relating to
Securities to be distributed outside the United States or
for Securities denominated in foreign currencies or foreign
currency units or (ii) any Selling Agency or Distribution
Agreement with any Agent will be filed as an exhibit to a
Current Report on Form 8-K and incorporated herein by
reference.)
1.2 Form of Purchase Agreement -- Equity is incorporated herein
by reference to Exhibit 1.2 to the Registration Statement on
Form S-3 of the Registrant (No. 33-53095)
</TABLE>
II-2
<PAGE> 34
<TABLE>
<CAPTION>
EXHIBIT NUMBER DESCRIPTION OF EXHIBIT
-------------- ----------------------
<C> <S>
3.1 Amended and Restated Articles of Incorporation of Conseco,
Inc. were filed with the Commission as Exhibit 3.1 to the
Registration Statement on Form S-2, No. 33-8498; Articles of
Amendment thereto, as filed September 9, 1988 with the
Indiana Secretary of State, were filed with the Commission
as Exhibit 3.1.1 to Conseco's Annual Report on Form 10-K for
1988; Articles of Amendment thereto, as filed June 13, 1989
with the Indiana Secretary of State, were filed with the
Commission as Exhibit 3.1.2 to Conseco's Report on Form 10-Q
for the quarter ended June 30, 1989; and Articles of
Amendment thereto, as filed June 29, 1993 with the Indiana
Secretary of State, were filed with the Commission as
Exhibit 3.1.3 to Conseco's Report on Form 10-Q for the
quarter ended June 30, 1993, and Articles of Amendment
thereto relating to the PRIDES were filed with the
Commission as Exhibit 3.(i).3 to the Registrant's Report on
Form 8-K dated January 17, 1996, and are incorporated herein
by this reference.
3.2 Amended and Restated Bylaws of Conseco, Inc. effective
February 10, 1986 were filed with the Commission as Exhibit
3.2 to its Registration Statement of Form S-1, No. 33-4367,
and an Amendment thereto was filed with the Commission as
Exhibit 3.2.1 to Amendment No. 2 to its Registration
Statement of Form S-1, No. 33-4367; and are incorporated
herein by this reference.
4.1 Form of Senior Indenture by and between Conseco, Inc. and
, as Trustee, pursuant to which the Senior Debt
Securities are to be issued is incorporated herein by
reference to Exhibit 4.1 to the Registration Statement on
Form S-3 of Conseco (No. 33-53095)
4.2 Subordinated Indenture, dated as of November 14, 1996
between Conseco, Inc. and Fleet National Bank, as Trustee,
pursuant to which the Subordinated Debentures are to be
issued is incorporated herein by reference to Exhibit 4.17.1
to Conseco's Current Report on Form 8-K dated November 19,
1996.
4.3 Form of Deposit Agreement is incorporated herein by
reference to Exhibit 4.3 to the Registration Statement on
Form S-3 of the Registrant (No. 33-53095)
4.4 Certificate of Trust of Conseco Financing Trust IV*
4.5 Declaration of Trust of Conseco Financing Trust IV*
4.6 Certificate of Trust of Conseco Financing Trust V*
4.7 Declaration of Trust of Conseco Financing Trust V*
4.8 Certificate of Trust of Conseco Financing Trust VI*
4.9 Declaration of Trust of Conseco Financing Trust VI*
4.10 Certificate of Trust of Conseco Financing Trust VII*
4.11 Declaration of Trust of Conseco Financing Trust VII*
4.12 Form of Amended and Restated Declaration of Trust is
incorporated by reference to Exhibit 4.10 to Amendment No. 2
to the Registration Statement on Form S-3 of Conseco (No.
333-14991)
4.13 Form of Preferred Securities Guarantee Agreement by Conseco,
Inc. is incorporated by reference to Exhibit 4.11 to
Amendment No. 2 to the Registration Statement on Form S-3 of
Conseco (No. 333-14991)
4.14 Form of Debt Security
The form or forms of such Debt Securities with respect to
each particular offering will be filed as an exhibit to a
Current Report on Form 8-K and incorporated herein by
reference.
4.15 Form of Preferred Stock
</TABLE>
II-3
<PAGE> 35
<TABLE>
<CAPTION>
EXHIBIT NUMBER DESCRIPTION OF EXHIBIT
- ----------------- ---------------------------------------------------------------------------------------------
<C> <S>
Any amendment to the Company's Articles of Incorporation authorizing the creation of any
series of Preferred Stock or Depositary Shares representing such shares of Preferred Stock
and setting forth the rights, preferences and designations thereof will be filed as an
exhibit to a Current Report on Form 8-K and incorporated herein by reference.
4.16 Form of Warrant Agreement is incorporated herein by reference to Exhibit 4.4 to the
Registration Statement on Form S-3 of the Registrant (No. 33-53095).
4.17 Form of Preferred Security is incorporated by reference to Exhibit 4.15 to Amendment No. 1 to
the Registration Statement on Form S-3 of Conseco (No. 333-14991)
4.18 Form of Supplemental Indenture is incorporated by reference to Exhibit 4.16 to Amendment No.
1 to the Registration Statement on Form S-3 of Conseco (No. 333-14991)
4.19 Form of % Subordinated Deferrable Interest Debenture due , 2027 is incorporated
by reference to Exhibit 4.17 to Amendment No. 1 to the Registration Statement on Form S-3 of
Conseco (No. 333-14991)
5.1 Opinion of Karl W. Kindig, Esquire*
5.2 Opinion of Richards, Layton & Finger, P.A.
12.1 Computation of Ratios of Earnings to Fixed Charges, Preferred Dividends and Distributions on
Company-obligated Mandatorily Redeemable Preferred Securities of Subsidiary Trusts*
23.1 Consent of Karl W. Kindig, Esquire (included in Exhibit 5.1 hereto)
23.2 Consent of Coopers & Lybrand L.L.P. with respect to the financial statements of Conseco, Inc.
23.3 Consent of Richards, Layton & Finger, P.A. (included in Exhibit 5.2 hereto)
24.1 Powers of Attorney of Stephen C. Hilbert, Rollin M. Dick, James S. Adams, Ngaire E. Cuneo,
Donald F. Gongaware and Dennis E. Murray, Sr. were included on the signature page of the
original filing of this Registration Statement and are incorporated herein by reference
25.1 Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of
LTCB Trust Company, as Trustee under the Indenture is incorporated herein by reference to
Exhibit 25.1 to the Registration Statement on Form S-3 of the Registrant (No. 33-53095)
25.2 Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of
Fleet National Bank, as Trustee under the Subordinated Indenture
25.3 Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of
Fleet National Bank, as Trustee under the Declaration of Trust of Conseco Financing Trust IV,
the Declaration of Trust of Conseco Financing Trust V, the Declaration of Trust of Conseco
Financing Trust VI and the Declaration of Trust of Conseco Financing Trust VII
25.4 Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of
Fleet National Bank, as Trustee of the Preferred Securities Guarantees for the benefit of the
holders of Preferred Securities of Conseco Financing Trust IV, Conseco Financing Trust V,
Conseco Financing Trust VI and Conseco Financing Trust VII
</TABLE>
* Filed previously.
II-4
<PAGE> 36
ITEM 17. UNDERTAKINGS
(a) The undersigned Registrants hereby undertake:
(1) To file, during any period in which offers or sales are being made,
a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising
after the effective date of the Registration Statement (or the
most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in the Registration
Statement.
Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b)
under the Securities Act if, in the aggregate, the changes in
volume and price represent no more than a 20% change in the
maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in the effective Registration
Statement.
(iii) To include any material information with respect to the plan
of distribution not previously disclosed in the Registration
Statement or any material change to such information in the
Registration Statement; Provided, however, that paragraphs
(a)(1)(i) and (a)(1)(ii) above do not apply if the information
required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the
Registrant pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by
reference in the Registration Statement.
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering
thereof.
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.
(b) The undersigned Registrants hereby undertake that, for purposes of
determining any liability under the Securities Act of 1933, each filing
of the Registrant's annual report pursuant to Section 13(a) or Section
15(d) of the Securities Exchange Act of 1934 that is incorporated by
reference in the Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
(c) If the securities to be registered are to be offered at competitive
bidding, the undersigned Registrants hereby undertake: (1) to use its
best efforts to distribute prior to the opening of bids, to prospective
bidders, underwriters, and dealers, a reasonable number of copies of a
prospectus which at that time meets the requirements of Section 10(a) of
the Act, and relating to the securities offered at competitive bidding,
as contained in the Registration Statement, together with any
supplements thereto, and (2) to file an amendment to the Registration
Statement reflecting the results of bidding, the terms of the reoffering
and related matters to the extent required by the applicable form, not
later than the first use, authorized by the issuer after the opening of
bids, of a prospectus relating to the securities offered at competitive
bidding, unless no further public offering of such securities by the
issuer and no reoffering of such securities by the purchasers is
proposed to be made.
II-5
<PAGE> 37
(d) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the Registrants pursuant to the foregoing
provisions, or otherwise, each of the Registrants has been advised that
in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrants of
expenses incurred or paid by a director, officer or controlling person
of the Registrants in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Registrants
will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy
as expressed in the Act and will be governed by the final adjudication
of such issue.
(e) The undersigned Registrants hereby undertake that (1) for purposes of
determining any liability under the Securities Act of 1933, the
information omitted from the form of prospectus filed as part of this
Registration Statement in reliance upon Rule 430A and contained in a
form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or
(4) or 497(h) under the Securities Act shall be deemed to be part of
this Registration Statement as of the time it was declared effective;
and (2) for the purpose of determining any liability under the
Securities Act of 1933, each post-effective amendment that contains a
form of prospectus shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide
offering thereof.
(f) The undersigned Registrants hereby undertake to file, if necessary, an
application for the purpose of determining the eligibility of the
Trustee to act under subsection (a) of Section 310 of the Trust
Indenture Act of 1939, as amended, in accordance with the rules and
regulations prescribed by the Securities and Exchange Commission under
Section 305(b)(2) of such Act.
(g) The undersigned Registrants hereby undertake to deliver or cause to be
delivered with the prospectus, to each person to whom the prospectus is
sent or given, the latest annual report to security holders that is
incorporated by reference in the prospectus and furnished pursuant to
and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the
Securities Exchange Act of 1934; and, where interim financial
information required to be presented by Article 3 of Regulation S-X are
not set forth in the prospectus, to deliver, or cause to be delivered to
each person to whom the prospectus is sent or given, the latest
quarterly report that is specifically incorporated by reference in the
prospectus to provide such interim financial information.
II-6
<PAGE> 38
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, Conseco, Inc.
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Amendment No. 1 to
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Carmel, State of Indiana, on June 20, 1997.
CONSECO, INC.
By: /S/ ROLLIN M. DICK
------------------------------------
Rollin M. Dick,
Executive Vice President and
Chief Financial Officer
Pursuant to the requirements of the Securities Act of 1933, this Amendment
No. 1 to Registration Statement has been signed by the following persons in the
capacities and on the dates indicated:
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
--------- ----- ----
<S> <C> <C>
* Director, Chairman of the Board, June 20, 1997
- --------------------------------------------- President and Chief Executive Officer
Stephen C. Hilbert (Principal Executive Officer of
Conseco, Inc.)
* Director, Executive Vice President and June 20, 1997
- --------------------------------------------- Chief Financial Officer
Rollin M. Dick (Principal Financial Officer
of Conseco, Inc.)
* Senior Vice President, Chief June 20, 1997
- --------------------------------------------- Accounting Officer and Treasurer
James S. Adams (Principal Accounting Officer
of Conseco, Inc.)
* Director June 20, 1997
- ---------------------------------------------
Ngaire E. Cuneo
Director
- ---------------------------------------------
David R. Decatur
Director
- ---------------------------------------------
M. Phil Hathaway
* Director June 20, 1997
- ---------------------------------------------
Donald F. Gongaware
Director
- ---------------------------------------------
James D. Massey
</TABLE>
II-7
<PAGE> 39
<TABLE>
<CAPTION>
SIGNATURE TITLE DATE
--------- ----- ----
<S> <C> <C>
* Director June 20, 1997
- ---------------------------------------------
Dennis E. Murray, Sr.
Director
- ---------------------------------------------
John M. Mutz
By: /s/ KARL W. KINDIG
---------------------------------------
Karl W. Kindig,
Attorney-in-Fact
</TABLE>
II-8
<PAGE> 40
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, Conseco
Financing Trust IV certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-3 and has duly caused this
Amendment No. 1 to Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Carmel, State of Indiana,
on June 20, 1997.
CONSECO FINANCING TRUST IV
By: /s/ STEPHEN C. HILBERT
------------------------------------
Stephen C. Hilbert, as Trustee
By: /s/ ROLLIN M. DICK
------------------------------------
Rollin M. Dick, as Trustee
II-9
<PAGE> 41
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, Conseco
Financing Trust V certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-3 and has duly caused this
Amendment No. 1 to Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Carmel, State of Indiana,
on June 20, 1997.
CONSECO FINANCING TRUST V
By: /s/ STEPHEN C. HILBERT
-------------------------------
Stephen C. Hilbert, as Trustee
By: /s/ ROLLIN M. DICK
--------------------------------
Rollin M. Dick, as Trustee
II-10
<PAGE> 42
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, Conseco
Financing Trust VI certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-3 and has duly caused this
Amendment No. 1 to Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Carmel, State of Indiana,
on June 20, 1997.
CONSECO FINANCING TRUST VI
By: /s/ STEPHEN C. HILBERT
---------------------------------
Stephen C. Hilbert, as Trustee
By: /s/ ROLLIN M. DICK
---------------------------------
Rollin M. Dick, as Trustee
II-11
<PAGE> 43
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, Conseco
Financing Trust VII certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-3 and has duly caused this
Amendment No. 1 to Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Carmel, State of Indiana,
on June 20, 1997.
CONSECO FINANCING TRUST VII
By: /s/ STEPHEN C. HILBERT
-----------------------------------
Stephen C. Hilbert, as Trustee
By: /s/ ROLLIN M. DICK
-----------------------------------
Rollin M. Dick, as Trustee
II-12
<PAGE> 44
EXHIBIT INDEX
TO REGISTRATION STATEMENT
ON FORM S-3
CONSECO, INC.
<TABLE>
<CAPTION>
EXHIBIT NUMBER DESCRIPTION OF EXHIBIT
- -------------- ----------------------
<C> <S>
1.1 Form of Purchase Agreement -- Debt Securities is
incorporated herein by reference to Exhibit 1.1 to the
Registration Statement on Form S-3 of the Registrant (No.
33-53095) ((i) An Underwriting Agreement relating to
Securities to be distributed outside the United States or
for Securities denominated in foreign currencies or foreign
currency units or (ii) any Selling Agency or Distribution
Agreement with any Agent will be filed as an exhibit to a
Current Report on Form 8-K and incorporated herein by
reference.)
1.2 Form of Purchase Agreement -- Equity is incorporated herein
by reference to Exhibit 1.2 to the Registration Statement on
Form S-3 of the Registrant (No. 33-53095)
3.1 Amended and Restated Articles of Incorporation of Conseco,
Inc. were filed with the Commission as Exhibit 3.1 to the
Registration Statement on Form S-2, No. 33-8498; Articles of
Amendment thereto, as filed September 9, 1988 with the
Indiana Secretary of State, were filed with the Commission
as Exhibit 3.1.1 to Conseco's Annual Report on Form 10-K for
1988; Articles of Amendment thereto, as filed June 13, 1989
with the Indiana Secretary of State, were filed with the
Commission as Exhibit 3.1.2 to Conseco's Report on Form 10-Q
for the quarter ended June 30, 1989; and Articles of
Amendment thereto, as filed June 29, 1993 with the Indiana
Secretary of State, were filed with the Commission as
Exhibit 3.1.3 to Conseco's Report on Form 10-Q for the
quarter ended June 30, 1993, and Articles of Amendment
thereto relating to the PRIDES were filed with the
Commission as Exhibit 3.(i).3 to the Registrant's Report on
Form 8-K dated January 17, 1996, and are incorporated herein
by this reference.
3.2 Amended and Restated Bylaws of Conseco, Inc. effective
February 10, 1986 were filed with the Commission as Exhibit
3.2 to its Registration Statement of Form S-1, No. 33-4367,
and an Amendment thereto was filed with the Commission as
Exhibit 3.2.1 to Amendment No. 2 to its Registration
Statement of Form S-1, No. 33-4367; and are incorporated
herein by this reference.
4.1 Form of Senior Indenture by and between Conseco, Inc. and
, as Trustee, pursuant to which the Senior Debt
Securities are to be issued is incorporated herein by
reference to Exhibit 4.1 to the Registration Statement on
Form S-3 of Conseco (No. 33-53095)
4.2 Subordinated Indenture, dated as of November 14, 1996
between Conseco, Inc. and Fleet National Bank, as Trustee,
pursuant to which the Subordinated Debentures are to be
issued is incorporated herein by reference to Exhibit 4.17.1
to Conseco's Current Report on Form 8-K dated November 19,
1996.
4.3 Form of Deposit Agreement is incorporated herein by
reference to Exhibit 4.3 to the Registration Statement on
Form S-3 of the Registrant (No. 33-53095)
4.4 Certificate of Trust of Conseco Financing Trust IV*
4.5 Declaration of Trust of Conseco Financing Trust IV*
4.6 Certificate of Trust of Conseco Financing Trust V*
4.7 Declaration of Trust of Conseco Financing Trust V*
4.8 Certificate of Trust of Conseco Financing Trust VI*
4.9 Declaration of Trust of Conseco Financing Trust VI*
4.10 Certificate of Trust of Conseco Financing Trust VII*
4.11 Declaration of Trust of Conseco Financing Trust VII*
4.12 Form of Amended and Restated Declaration of Trust is
incorporated by reference to Exhibit 4.10 to Amendment No. 2
to the Registration Statement on Form S-3 of Conseco (No.
333-14991)
</TABLE>
II-13
<PAGE> 45
<TABLE>
<CAPTION>
EXHIBIT NUMBER DESCRIPTION OF EXHIBIT
- ----------------- --------------------------------------------------------------------------------------------------
<C> <S>
4.13 Form of Preferred Securities Guarantee Agreement by Conseco, Inc. is incorporated by reference to
Exhibit 4.11 to Amendment No. 2 to the Registration Statement on Form S-3 of Conseco (No.
333-14991)
4.14 Form of Debt Security
The form or forms of such Debt Securities with respect to each particular offering will be filed
as an exhibit to a Current Report on Form 8-K and incorporated herein by reference.
4.15 Form of Preferred Stock
Any amendment to the Company's Articles of Incorporation authorizing the creation of any series of
Preferred Stock or Depositary Shares representing such shares of Preferred Stock and setting forth
the rights, preferences and designations thereof will be filed as an exhibit to a Current Report
on Form 8-K and incorporated herein by reference.
4.16 Form of Warrant Agreement is incorporated herein by reference to Exhibit 4.4 to the Registration
Statement on Form S-3 of the Registrant (No. 33-53095).
4.17 Form of Preferred Security is incorporated by reference to Exhibit 4.15 to Amendment No. 1 to the
Registration Statement on Form S-3 of Conseco (No. 333-14991)
4.18 Form of Supplemental Indenture is incorporated by reference to Exhibit 4.16 to Amendment No. 1 to
the Registration Statement on Form S-3 of Conseco (No. 333-14991)
4.19 Form of % Subordinated Deferrable Interest Debenture due , 2027 is incorporated by
reference to Exhibit 4.17 to Amendment No. 1 to the Registration Statement on Form S-3 of Conseco
(No. 333-14991)
5.1 Opinion of Karl W. Kindig, Esquire*
5.2 Opinion of Richards, Layton & Finger, P.A.
12.1 Computation of Ratios of Earnings to Fixed Charges, Preferred Dividends and Distributions on
Company-obligated Mandatorily Redeemable Preferred Securities of Subsidiary Trusts*
23.1 Consent of Karl W. Kindig, Esquire (included in Exhibit 5.1 hereto)
23.2 Consent of Coopers & Lybrand L.L.P. with respect to the financial statements of Conseco, Inc.
23.3 Consent of Richards, Layton & Finger, P.A. (included in Exhibit 5.2 hereto)
24.1 Powers of Attorney of Stephen C. Hilbert, Rollin M. Dick, James S. Adams, Ngaire E. Cuneo, Donald
F. Gongaware and Dennis E. Murray, Sr. were included on the signature page of the original filing
of this Registration Statement and are incorporated herein by reference
25.1 Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of LTCB
Trust Company, as Trustee under the Indenture is incorporated herein by reference to Exhibit 25.1
to the Registration Statement on Form S-3 of the Registrant (No. 33-53095)
25.2 Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of Fleet
National Bank, as Trustee under the Subordinated Indenture
25.3 Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of Fleet
National Bank, as Trustee under the Declaration of Trust of Conseco Financing Trust IV, the
Declaration of Trust of Conseco Financing Trust V, the Declaration of Trust of Conseco Financing
Trust VI and the Declaration of Trust of Conseco Financing Trust VII
25.4 Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of Fleet
National Bank, as Trustee of the Preferred Securities Guarantees for the benefit of the holders of
Preferred Securities of Conseco Financing Trust IV, Conseco Financing Trust V, Conseco Financing
Trust VI and Conseco Financing Trust VII
</TABLE>
* Filed previously.
II-14
<PAGE> 1
EXHIBIT 5.2
[RICHARDS, LAYTON & FINGER LETTERHEAD]
June 20, 1997
Conseco Financing Trust IV
Conseco Financing Trust V
Conseco Financing Trust VI
Conseco Financing Trust VII
c/o Conseco, Inc.
11825 N. Pennsylvania Street
Carmel, Indiana 46032
Re: Conseco Financing Trust IV, Conseco Financing Trust V,
Conseco Financing Trust VI, and Conseco Financing Trust VII
Ladies and Gentlemen:
We have acted as special Delaware counsel for Conseco, Inc., an Indiana
corporation (the "Company"), Conseco Financing Trust IV, a Delaware business
trust ("Trust IV"), Conseco Financing Trust V, a Delaware business trust
("Trust V"), Conseco Financing Trust VI, a Delaware business trust ("Trust
VI"), and Conseco Financing Trust VII, a Delaware business trust ("Trust VII")
(Trust IV, Trust V, Trust VI and Trust VII are hereinafter collectively
referred to as the "Trusts" and sometimes hereafter individually referred to as
a "Trust"), in connection with the matters set forth herein. At your request,
this opinion is being furnished to you.
For purposes of giving the opinions hereinafter set forth, our
examination of documents has been limited to the examination of originals or
copies of the following:
(a) The Certificate of Trust IV, dated May 21, 1997 as filed
with the office of the Secretary of State of the State of Delaware (the
"Secretary of State") on May 23, 1997;
<PAGE> 2
Conseco Financing Trust IV
Conseco Financing Trust V
Conseco Financing Trust VI
Conseco Financing Trust VII
June 20, 1997
Page 2
(b) The Certificate of Trust of Trust V, dated May 21, 1997,
as filed with the Secretary of State on May 23, 1997;
(c) The Certificate of Trust of Trust VI, dated May 21, 1997,
as filed with the Secretary of State on May 23, 1997;
(d) The Certificate of Trust of Trust VII, dated as of May 21, 1997,
as filed with the Secretary of State on May 23, 1997;
(e) The Declaration of Trust of Trust V, dated as of May 21, 1997,
between the Company and the trustees of Trust V named therein;
(f) The Declaration of Trust of Trust V, dated as of May 21, 1997,
between the Company and the trustees of Trust V named therein;
(g) The Declaration of Trust of Trust VI, dated as of May 21,
1997 between the Company and the trustees of Trust VI named therein;
(h) The Declaration of Trust of Trust VII, dated as of May 21,
1997 between the Company and the trustees of Trust VII named therein;
(i) The Registration Statement (the "Registration Statement") on
Form S-3, including a preliminary prospectus and a prospectus supplement with
respect to Trust IV (the "Prospectus"), relating to the Preferred Securities of
the Trusts representing preferred undivided beneficial interests in the assets
of the Trusts (each, a "Preferred Security" and collectively, the "Preferred
Securities"), filed by the Company and the Trusts with the Securities and
Exchange Commission on May 23, 1997;
(j) A form of Amended and Restated Declaration of Trust for each of
the Trusts, to be entered into between the Company, the trustees of the Trust
named therein, and the holders, from time to time, of the undivided beneficial
interests in the assets of such Trust (including the exhibits and Annex I
thereto) (collectively, the "Declarations" and individually, a "Declaration"),
attached as an exhibit to the Registration Statement; and
(k) A Certificate of Good Standing for each of the Trusts, dated
_____________, 1997, obtained from the Secretary of State.
Initially capitalized terms used herein and not otherwise defined are
used as defined in the Declarations.
For purposes of this opinion, we have not reviewed any documents other
than the documents listed in paragraphs (a) through (k) above. In particular,
we have not reviewed any document (other than the documents listed in
paragraphs (a) through (k) above) that is referred to in or incorporated by
reference into the documents reviewed by us. We have assumed that there exists
no provision in any document that we have not reviewed that is inconsistent
with the opinions stated herein. We have conducted no independent factual
investigation of our own but
<PAGE> 3
Conseco Financing Trust IV
Conseco Financing Trust V
Conseco Financing Trust VI
Conseco Financing Trust VII
June 20, 1997
Page 3
rather have relied solely upon the foregoing documents, the statements and
information set forth therein and the additional matters recited or assumed
herein, all of which we have assumed to be true, complete and accurate in all
material respects.
With respect to all documents examined by us, we have assumed (i) the
authenticity of all documents submitted to us as authentic originals, (ii) the
conformity with the originals of all documents submitted to us as copies or
forms, and (iii) the genuineness of all signatures.
For purposes of this opinion, we have assumed (i) that each of the
Declarations constitutes the entire agreement among the parties thereto with
respect to the subject matter thereof, including with respect to the creation,
operation and termination of the applicable Trust, and that the Declarations
and the Certificates of Trust are in full force and effect and have not been
amended, (ii) except to the extent provided in paragraph 1 below, the due
organization or due formation, as the case may be, and valid existence in good
standing of each party to the documents examined by us under the laws of the
jurisdiction governing its organization or formation, (iii) the legal capacity
of natural persons who are parties to the documents examined by us, (iv) that
each of the parties to the documents examined by us has the power and authority
to execute and deliver, and to perform its obligations under, such documents,
(v) the due authorization, execution and delivery by all parties thereto of all
documents examined by us, (vi) the receipt by each Person to whom a Preferred
Security is to be issued by the Trusts (collectively, the "Preferred Security
Holder") of a Preferred Security Certificate for such Preferred Security and
the payment for such Preferred Security, in accordance with the Declarations
and the Registration Statement, and (vii) that the Preferred Securities are
issued and sold to the Preferred Security Holders in accordance with the
Declarations and the Registration Statement. We have not participated in the
preparation of the Registration Statement and assume no responsibility for its
contents.
This opinion is limited to the laws of the State of Delaware (excluding
the securities laws of the State of Delaware), and we have not considered and
express no opinion on the laws of any other jurisdiction, including federal
laws and rules and regulations relating thereto. Our opinions are rendered only
with respect to Delaware laws and rules, regulations and orders thereunder
which are currently in effect.
Based upon the foregoing, and upon our examination of such questions of
law and statutes of the State of Delaware as we have considered necessary or
appropriate, and subject to the assumptions, qualifications, limitations and
exceptions set forth herein, we are of the opinion that:
<PAGE> 4
Conseco Financing Trust IV
Conseco Financing Trust V
Conseco Financing Trust VI
Conseco Financing Trust VII
June 20, 1997
Page 4
1. Each of the Trusts has been duly created and is validly
existing in good standing as a business trust under the Business Trust Act.
2. The Preferred Securities of each Trust will represent valid
and, subject to the qualifications set forth in paragraph 3 below, fully paid
and nonassessable undivided beneficial interests in the assets of the
applicable Trust.
3. The Preferred Security Holders, as beneficial owners of the
applicable Trust, will be entitled to the same limitation of personal liability
extended to stockholders of private corporations for profit organized under the
General Corporation Law of the State of Delaware. We note that the Preferred
Security Holders may be obligated to make payments as set forth in the
Declarations.
We consent to the filing of this opinion with the Securities and
Exchange Commission as an exhibit to the Registration Statement. We hereby
consent to the use of our name under the heading "Legal Matters" in the
Prospectus. In giving the foregoing consents, we do not thereby admit that we
come within the category of persons whose consent is required under Section 7
of the Securities Act of 1933, as amended, or the rules and regulations of the
Securities and Exchange Commission thereunder. Except as stated above, without
our prior written consent, this opinion may not be furnished or quoted to, or
relied upon by, any other person for any purpose.
Very truly yours,
/s/ Richards, Layton & Finger
CDK
<PAGE> 1
EXHIBIT 23.2
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statement
of Conseco, Inc. on Form S-3 (File No. 333-27803), of our reports dated March
14, 1997 on our audits of the consolidated financial statements and financial
statement schedules of Conseco, Inc. and subsidiaries as of December 31, 1996
and 1995, and for the years ended December 31, 1996, 1995 and 1994, included in
the Annual Report on Form 10-K. We also consent to the reference to our firm
under the caption "Experts."
/S/COOPERS & LYBRAND L.L.P.
--------------------------------
COOPERS & LYBRAND L.L.P.
Indianapolis, Indiana
June 19, 1997
<PAGE> 1
EXHIBIT 25.2
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------
FORM T-1
--------------------------
STATEMENT OF ELIGIBILITY AND QUALIFICATION UNDER THE
TRUST INDENTURE ACT OF 1939 OF A CORPORATION
DESIGNATED TO ACT AS TRUSTEE
[ ] CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(B)(2)
FLEET NATIONAL BANK
----------------------------------------------------------
(Exact name of trustee as specified in its charter)
Not applicable 06-0850628
---------------------------- ------------------
(State of incorporation if (I.R.S. Employer
not a national bank) Identification No.)
777 Main Street, Hartford, Connecticut 06115
---------------------------------------------------
(Address of principal executive offices) (Zip Code)
Patricia Beaudry, 777 Main Street, Hartford, CT (860) 728-2065
------------------------------------------------------------------
(Name, address and telephone number of agent for service)
Conseco, Inc.
------------------------------------------------------------------
(Exact name of obligor as specified in its charter)
Indiana 35-1469632
- ------------------------------- ------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
11825 N. Pennsylvania Street, Carmel, Indiana 46032
------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Debt Securities
------------------------------------------------------------------
(Title of the indenture securities)
<PAGE> 2
Item 1. General Information.
Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising authority to
which it is subject:
The Comptroller of the Currency,
Washington, D.C.
Federal Reserve Bank of Boston
Boston, Massachusetts
Federal Deposit Insurance Corporation
Washington, D.C.
(b) Whether it is authorized to exercise corporate trust powers:
The trustee is so authorized.
Item 2. Affiliations with obligor. If the obligor is an affiliate of
the trustee, describe each such affiliation.
None with respect to the trustee; none with respect to Fleet
Financial Group, Inc. and its affiliates (the "affiliates").
Item 16. List of exhibits. List below all exhibits filed as a part of
this statement of eligibility and qualification.
1. A copy of the Articles of Association of the trustee as
now in effect.
2. A copy of the Certificate of Authority of the trustee
to do Business and the Certification of Fiduciary Powers.
3. A copy of the By-laws of the trustee as now in effect.
4. Consent of the trustee required by Section 321(b) of
the Act.
5. A copy of the latest Consolidated Report of Condition
and Income of the trustee, published pursuant to law or the requirements
of its supervising or examining authority.
<PAGE> 3
NOTES
Inasmuch as this Form T-1 is filed prior to the ascertainment by the
trustee of all facts on which to base its answer to Item 2, the answer to said
Item is based upon incomplete information. Said Item may, however, be
considered correct unless amended by an amendment to this Form T-1.
<PAGE> 4
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the
trustee, Fleet National Bank, a national banking association organized and
existing under the laws of the United States, has duly caused this statement of
eligibility and qualification to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of Hartford, and State of
Connecticut, on the 9th day of June, 1997.
FLEET NATIONAL BANK,
Trustee
By /s/
-------------------------------------
Susan T. Keller
Its Vice President
<PAGE> 5
EXHIBIT 1
ARTICLES OF ASSOCIATION
OF
FLEET NATIONAL BANK
FIRST. The title of this Association, which shall carry on the business of
banking under the laws of the United States, shall be "Fleet National Bank."
SECOND. The main office of the Association shall be in Springfield, Hampden
County Commonwealth of Massachusetts. The general business of the Association
shall be conducted at its main office and its branches.
THIRD. The board of directors of this Association shall consist of not less
than five (5) nor more than twenty-five (25) shareholders, the exact number of
directors within such minimum and maximum limits to be fixed and determined
from time to time by resolution of a majority of the full board of directors or
by resolution of the shareholders at any annual or special meeting thereof.
Unless otherwise provided by the laws of the United States, any vacancy in the
board of directors for any reason, including an increase in the number thereof,
may be filled by action of the board of directors.
FOURTH. The annual meeting of the shareholders for the election of directors
and the transaction of whatever other business may be brought before said
meeting shall be held at the main office or such other place as the board of
directors may designate, on the day of each year specified therefore in the
bylaws, but if no election is held on that day, it may be held on any
subsequent day according to the provisions of law; and all elections shall be
held according to such lawful regulations as may be prescribed by the board of
directors.
FIFTH. The authorized amount of capital stock of this Association shall be
eight million five hundred thousand (8,500,000) shares of which three million
five hundred thousand (3,500,000) shares shall be common stock with a
par value of six and 25/100 dollars ($6.25) each, and of which five million
(5,000,000) shares without par value shall be preferred stock. The capital
stock may be increased or decreased from time to time, in accordance with
the provisions of the laws of the United States.
No holder of shares of the capital stock of any class of the Association shall
have any pre-emptive or preferential right of subscription to any shares of any
class of stock of the Association, whether now or hereafter authorized, or to
any obligations convertible into stock of the Association, issued or sold, nor
any right of subscription to any thereof other than such, if any, as the board
of directors, in its discretion, may from time to time determine and at such
price as the board of directors may from time to time fix.
<PAGE> 6
The board of directors of the Association is authorized, subject to limitations
prescribed by law and the provisions of this Article, to provide for the
issuance from time to time in one or more series of any number of the preferred
shares, and to establish the number of shares be included in each series, and
to fix the designation, relative rights, preferences, qualifications and
limitations of the shares of each such series. The authority of the board of
directors with respect to each series shall include, but not be limited to,
determination of the following:
a. The number of shares constituting that series and the distinctive
designation of that series;
b. The dividend rate on the shares of that series, whether dividends
shall be cumulative, and, if so, from which date or dates, and whether they
shall be payable in preference to, or in another relation to, the dividends
payable to any other class or classes or series of stock;
c. Whether that series shall have voting rights, in addition to the voting
rights provided by law, and, if so, the terms of such voting rights;
d. Whether that series shall have conversion or exchange privileges, and,
if so, the terms and conditions of such conversion or exchange, including
provision for the adjustment of the conversion or exchange rate in such
events as the board of directors shall determine;
e. Whether or not the shares of that series shall be redeemable, and, if so,
the terms and conditions of such redemption, including the manner of
selecting shares for redemption if less than all shares are to be redeemed,
the date or dates upon or after which they shall be redeemable, and the
amount per share payable in case of redemption, which amount may vary
under different conditions and at different redemption dates;
f. Whether that series shall be entitled to the benefit of a sinking fund to
be applied to the purchase or redemption of shares of that series, and, if
so, the terms and amounts of such sinking fund;
g. The right of the shares of that series to the benefit of conditions and
restrictions upon the creation of indebtedness of the Association or any
subsidiary, upon the issue of any additional stock (including additional
shares of such series or of any other series) and upon the payment of
dividends or the making of other distributions on, and the purchase,
redemption or other acquisition by the Association or any subsidiary of
any outstanding stock of the Association;
h. The right of the shares of that series in the event of voluntary or
involuntary liquidation, dissolution or winding up of the Association and
whether such rights shall be in preference to, or in another relation to,
the comparable rights of any other class or classes or series of stock;
and
i. Any other relative, participating, optional or other special rights,
qualifications, limitations or restrictions of that series.
Shares of any series of preferred stock which have been redeemed (whether
through the operation of a sinking fund or otherwise) or which, if convertible
or exchangeable, have been converted into or exchanged for shares of stock of
any other class or classes shall have the status of authorized and unissued
shares of preferred stock of the same series and may be reissued as a part of
the series of which they were originally a part or may be reclassified and
reissued as part of a new series of preferred stock to be created by resolution
or resolutions of the board of directors or as part of any other series or
preferred stock, all subject to the conditions and the restrictions adopted by
the board of directors providing for the issue of any series of preferred
stock and by the provisions of any applicable law.
Subject to the provisions of any applicable law, or except as otherwise
provided by the resolution or resolutions providing for the issue of any series
of preferred stock, the holders of outstanding shares of common stock shall
exclusively possess voting power for the election of directors and for all
purposes, each holder of record of shares of common stock being entitled to one
vote for each share of common stock standing in his name on the books of the
Association.
Except as otherwise provided by the resolution or resolutions providing for the
issue of any series of preferred stock, after payment shall have been made to
the holders of preferred stock of the full amount of dividends to which they
shall be entitled pursuant to the resolution or resolutions providing for the
issue of any other series of preferred stock, the holders of common stock shall
be entitled, to the exclusion of the holders of preferred stock of any and all
series, to receive such dividends as from time to time may be declared by the
board of directors.
Except as otherwise provided by the resolution or resolutions for the issue
of any series of preferred stock, in the event of any liquidation, dissolution
or winding up of the Association, whether voluntary or involuntary, after
payment shall have been made to the holders of preferred stock of the full
amount to which they shall be entitled pursuant to the resolution or
resolutions providing for the issue of any series of preferred stock the
holders of common stock shall be entitled, to the exclusion of the holders of
preferred stock of any and all series, to share, ratable according to the
number of shares of common stock held by them, in all remaining assets of the
Association available for distribution to its shareholders.
The number of authorized shares of any class may be increased or decreased by
the affirmative vote of the holders of a majority of the stock of the
Association entitled to vote.
<PAGE> 7
SIXTH. The board of directors shall appoint one of its members president of
this Association, who shall be chairman of the board, unless the board appoints
another director to be the chairman. The board of directors shall have the
power to appoint one or more vice presidents; and to appoint a secretary and
such other officers and employees as may be required to transact the business
of this Association.
The board of directors shall have the power to define the duties of the
officers and employees of the Association; to fix the salaries to be paid to
them; to dismiss them; to require bonds from them and to fix the penalty
thereof; to regulate the manner in which any increase of the capital of the
Association shall be made; to manage and administer the business and affairs of
the Association; to make all bylaws that it may be lawful for them to make; and
generally to do and perform all acts that it may be legal for a board of
directors to do and perform.
SEVENTH. The board of directors shall have the power to change the location of
the main office to any other place within the limits of the City of Hartford,
Connecticut, without the approval of the shareholders but subject to the
approval of the Comptroller of the Currency; and shall have the power to
establish or change the location of any branch or branches of the Association
to any other location, without the approval of the shareholders but subject to
the approval of the Comptroller of the Currency.
EIGHTH. The corporate existence of this Association shall continue until
terminated in accordance with the laws of the United States.
NINTH. The board of directors of this Association, or any three or more
shareholders owning, in the aggregate, not less than ten percent (10%) of the
stock of this Association, may call a special meeting of shareholders at any
time. Unless otherwise provided by the laws of the United States, a notice of
the time, place and purpose of every annual and special meeting of the
shareholders shall be given by first class mail, postage prepaid, mailed at
least ten (10) days prior to the date of such meeting to each shareholder of
record at his address as shown upon the books of this Association.
TENTH. (a) Right to Indemnification. Each person who was or is made a party
or is threatened to be made a party to any threatened, pending or completed
action, suit, or proceeding, whether civil, criminal, administrative, or
investigative (hereinafter a "proceeding"), by reason of the fact that he or
she is or was a director, officer or employee of the Association or is or was
serving at the request of the Association as a director, officer, employee or
agent of another corporation or of a partnership, joint venture, limited
liability company, trust, or other enterprise, including service with respect
to an employee benefit plan, shall be indemnified and held harmless by the
Association to the fullest extent authorized by the law of the state in which
the Association's ultimate parent company is incorporated, except as provided
in subsection (b). The aforesaid indemnity shall protect the indemnified
person against all expense, liability and loss (including attorney's fees,
judgements, fines ERISA excise taxes or penalties, and amounts paid in
settlement) reasonably incurred by such person in connection with such a
proceeding. Such indemnification shall continue as to a person who has ceased
to be a director, officer or employee and shall inure to the benefit of his or
her heirs, executors, and administrators, but shall only cover such person's
period of service with the Association. The Association may, by action of its
Board of Directors, grant rights to indemnification to agents of the
Association and to any director, officer, employee or agent of any of its
subsidiaries with the same scope and effect as the foregoing indemnification
of directors and officers.
(b) Restrictions on Indemnification. Notwithstanding the foregoing, (i) no
person shall be indemnified hereunder by the Association against expenses,
penalties, or other payments incurred in an administrative proceeding or action
instituted by a federal bank regulatory agency which proceeding or action
results in a final order assessing civil money penalties against that person,
requiring affirmative action by that person in the form of payments to the
Association, or removing or prohibiting that person from service with the
Association, and any advancement of expenses to that person in that proceeding
must be repaid; and (ii) no person shall be indemnified hereunder by the
Association and no advancement of expenses shall be made to any person
hereunder to the extent such indemnification or advancement of expenses would
violate or conflict with any applicable federal statute now or hereafter in
force or any applicable final regulation or interpretation now or hereafter
adopted by the Office of the Comptroller of the Currency ("OCC") or the Federal
Deposit Insurance Corporation ("FDIC"). The Association shall comply with any
requirements imposed on it by any such statue or regulation in connection with
any indemnification or advancement of expenses hereunder by the Association.
With respect to proceedings to enforce a claimant's rights to indemnification,
the Association shall indemnify any such claimant in connection with such a
proceeding only as provided in subsection (d) hereof.
(c) Advancement of Expenses. The conditional right to indemnification
conferred in this section shall be a contract right and shall include the
right to be paid by the Association the reasonable expenses (including
attorney's fees) incurred in defending a proceeding in advance of its final
disposition (an "advancement of expenses"); provided, however, that an
advancement of expenses shall be made only upon (i) delivery to the Association
of a binding written undertaking by or on behalf of the person receiving the
advancement to repay all amounts so advanced if it is ultimately determined
that such person is not entitled to be indemnified in such proceeding,
including if such proceeding results in a final order assessing civil money
penalties against that person, requiring affirmative action by that person
in the form of payments to the Association, or removing or prohibiting that
person from service with the Association, and (ii) compliance with any other
actions or determinations required by applicable law, regulation or OCC or FDIC
interpretation to be taken or made by the Board of Directors of the Association
<PAGE> 8
or other persons prior to an advancement of expenses. The Association shall
cease advancing expenses at any time its Board of Directors believes that any
of the prerequisites for advancement of expenses are no longer being met.
(d) Right of Claimant to Bring Suit. If a claim under subsection (a) of the
section is not paid in full by the Association within thirty (30) days after
written claim has been received by the Association, the claimant may at any
time thereafter bring suit against the Association to recover the unpaid amount
of the claim. If successful in whole or in part in any such suit, or in a
suit brought by the Association to recover an advancement of expenses pursuant
to the terms of an undertaking, the claimant shall be entitled to be paid also
the expense of prosecuting or defending such claim. It shall be a defense to
any such action brought by the claimant to enforce a right to indemnification
hereunder (other than an action brought to enforce a claim for an advancement
of expenses where the required undertaking, if any, has been tendered to the
Association) that the claimant has not met any applicable standard for
indemnification under the law of the state in which the Association's ultimate
parent company is incorporated. In any suit brought by the Association to
recover an advancement of expenses pursuant to the terms of an undertaking, the
Association shall be entitled to recover such expenses upon a final
adjudication that the claimant has not met any applicable standard for
indemnification standard for indemnification under the law of the state in
which the Association's ultimate parent company is incorporated.
(e) Non-Exclusivity of Rights. The rights to indemnification and the
advancement of expenses conferred in this section shall not be exclusive of any
other right which any person may have or hereafter acquired under any statute,
agreement, vote of stockholders or disinterested directors or otherwise.
(f) Insurance. The Association may purchase, maintain, and make payment or
reimbursement for reasonable premiums on, insurance to protect itself and any
director, officer, employee or agent of the Association or another corporation,
partnership, joint venture, trust or other enterprise against any expense,
liability or loss, whether or not the Association would have the power to
indemnify such person against such expense, liability or loss under the law of
the state in which the Association's ultimate parent company is incorporated;
provided however, that such insurance shall explicitly exclude insurance
coverage for a final order of a federal bank regulatory agency assessing civil
money penalties against an Association director, officer, employee or agent.
ELEVENTH. These articles of association may be amended at any regular or
special meeting of the shareholders by the affirmative vote of the holders of a
majority of the stock of this Association, unless the vote of the holders of
greater amount of stock is required by law, and in that case by the vote of the
holders of such greater amount. The notice of any shareholders' meeting at
which an amendment to the articles of association of this Association is to be
considered shall be given as hereinabove set forth.
I hereby certify that the articles of association of this Association, in their
entirety, are listed above in items first through eleventh.
Secretary/Assistant Secretary
- --------------------------------------------------
Dated at , as of
--------------------------------------- --------------------
Revision of February 15, 1996
<PAGE> 9
EXHIBIT 2
AMENDED AND RESTATED BY-LAWS OF
FLEET NATIONAL BANK
ARTICLE I
MEETINGS OF SHAREHOLDERS
Section 1. Annual Meeting. The regular annual meeting of the shareholders for
the election of Directors and the transaction of any other business that may
properly come before the meeting shall be held at the Main Office of the
Association, or such other place as the Board of Directors may designate, on
the fourth Thursday of April in each year at 1:15 o'clock in the afternoon
unless some other hour of such day is fixed by the Board of Directors.
If, from any cause, an election of Directors is not made on such day, the Board
of Directors shall order the election to be held on some subsequent day, of
which special notice shall be given in accordance with the provisions of law,
and of these bylaws.
Section 2. Special Meetings. Special meetings of the shareholders may be called
at any time by the Board of Directors, the President, or any shareholders
owning not less than twenty-five percent (25%) of the stock of the Association.
Section 3. Notice of Meetings of Shareholders. Except as otherwise provided
by law, notice of the time and place of annual or special meetings of the
shareholders shall be mailed, postage prepaid, at least ten (10) days before
the date of the meeting to each shareholder of record entitled to vote thereat
at his address as shown upon the books of the Association; but any failure to
mail such notice to any shareholder or any irregularity therein, shall not
affect the validity of such meeting or of any of the proceedings thereat.
Notice of a special meeting shall also state the purpose of the meeting.
Section 4. Quorum; Adjourned Meetings. Unless otherwise provided by law, a
quorum for the transaction of business at every meeting of the shareholders
shall consist of not less than two-fifths (2/5) of the outstanding capital
stock represented in person or by proxy; less than such quorum may adjourn the
meeting to a future time. No notice need be given of an adjourned annual or
special meeting of the shareholders if the adjournment be to a definite place
and time.
Section 5. Votes and Proxies. At every meeting of the shareholders, each
share of the capital stock shall be entitled to one vote except as otherwise
provided by law. A majority of the votes cast shall decide every question
or matter submitted to the shareholder at any meeting, unless otherwise
provided by law or by the Articles of Association or these By-laws. Share-
holders may vote by proxies duly authorized in writing and filed with the
Cashier, but no officer, clerk, teller or bookkeeper of the Association may act
as a proxy.
<PAGE> 10
Section 6. Nominations to Board of Directors. At any meeting of shareholders
held for the election of Directors, nominations for election to the Board of
Directors may be made, subject to the provisions of this section, by any share-
holder of record of any outstanding class of stock of the Association entitled
to vote for the election of Directors. No person other than those whose names
are stated as proposed nominees in the proxy statement accompanying the notice
of the meeting may be nominated as such meeting unless a shareholder shall have
given to the President of the Association and to the Comptroller of the
Currency, Washington, DC written notice of intention to nominate such other
person mailed by certified mail or delivered not less than fourteen (14) days
nor more than fifty (50) days prior to the meeting of shareholders at which
such nomination is to be made; provided, however, that if less than twenty-one
(21) days' notice of such meeting is given to shareholders, such notice of
intention to nominate shall be mailed by certified mail or delivered to said
President and said Comptroller on or before the seventh day following the day
on which the notice of such meeting was mailed. Such notice of intention to
nominate shall contain the following information to the extent known to the
notifying shareholder: (a) the name and address of each proposed nominee; (b)
the principal occupation of each proposed nominee; (c) the total number of
shares of capital stock of the Association that will be voted for each proposed
nominee; (d) the name and residence address of the notifying shareholder; and
(e) the number of shares of capital stock of the Association owned by the
notifying shareholder. In the event such notice is given, the proposed nominee
may be nominated either by the shareholder giving such notice or by any other
shareholder present at the meeting at which such nomination is to be made.
Such notice may contain the names of more than one proposed nominee, and if
more than one is named, any one or more of those named may be nominated.
Section 7. Action Taken Without a Shareholder Meeting. Any action requiring
shareholder approval or consent may be taken without a meeting and without
notice of such meeting by written consent of the shareholders.
ARTICLE II
DIRECTORS
Section 1. Number. The Board of Directors shall consist of such number of
shareholders, not less than five (5) nor more than twenty-five (25), as from
time to time shall be determined by a majority of the votes to which all of its
shareholders are at the time entitled, or by the Board of Directors as
hereinafter provided.
Section 2. Mandatory Retirement for Directors. No person shall be elected a
director who has attained the age of 68 and no person shall continue to serve
as a director after the date of the first meeting of the stockholders of the
Association held on or after the date on which such person attains the age of
68; provided, however, that any director serving on the Board as of December
15, 1995 who has attained the age of 65 on or prior to such date shall be
permitted to continue to serve as a director until the date of the first
meeting of the stockholders of the Association held on or after the date on
which such person attains the age of 70.
-2-
<PAGE> 11
Section 3. General Powers. The Board of Directors shall exercise all the
corporate powers of the Association, except as expressly limited by law, and
shall have the control, management, direction and disposition of all its
property and affairs.
Section 4. Annual Meeting. Immediately following a meeting of shareholders
held for the election of Directors, the Cashier shall notify the directors-
elect who may be present of their election and they shall then hold a meeting
at the Main Office of the Association, or such other place as the Board of
Directors may designate, for the purpose of taking their oaths, organizing the
new Board, electing officers and transacting any other business that may come
before such meeting.
Section 5. Regular Meeting. Regular meetings of the Board of Directors shall
be held without notice at the Main Office of the Association, or such other
place as the Board of Directors may designate, at such dates and times as the
Board shall determine. If the day designated for a regular meeting falls on a
legal holiday, the meeting shall be held on the next business day.
Section 6. Special Meetings. A special meeting of the Board of Directors may
be called at anytime upon the written request of the Chairman of the Board, the
President, or of two Directors, stating the purpose of the meeting. Notice of
the time and place shall be given not later than the day before the date of the
meeting, by mailing a notice to each Director at his last known address, by
delivering such notice to him personally, or by telephoning.
Section 7. Quorum; Votes. A majority of the Board of Directors at the time
holding office shall constitute a quorum for the transaction of all business,
except when otherwise provided by law, but less than a quorum may adjourn
a meeting from time to time, and the meeting may be held, as adjourned, without
further notice. If a quorum is present when a vote is taken, the affirmative
vote of a majority of Directors present is the act of the Board of Directors.
Section 8. Action by Directors Without a Meeting. Any action requiring
Director approval or consent may be taken without a meeting and without notice
of such meeting by written consent of all the Directors.
Section 9. Telephonic Participation in Directors' Meetings. A Director or
member of a Committee of the Board of Directors may participate in a meeting of
the Board or of such Committee may participate in a meeting of the Board or of
such Committee by means of a conference telephone or similar communications
equipment enabling all Directors participating in the meeting to hear one
another, and participation in such a meeting shall constitute presence in
person at such a meeting.
Section 10. Vacancies. Vacancies in the Board of Directors may be filled by
the remaining members of the Board at any regular or special meeting of the
Board.
Section 11. Interim Appointments. The Board of Directors shall, if the share-
holders at any meeting for the election of Directors have determined a number
of Directors less than twenty-five (25), have the power, by affirmative vote of
the majority of all the Directors, to increase such number of Directors to not
more than twenty-five (25) and to elect Directors to fill the resulting
vacancies and to serve until the next annual meeting of shareholders or the
next election of Directors; provided, however, that the number of Directors
shall not be so increased by more than two (2) if the number last determined
by shareholders was fifteen (15) or less, or increased by more than four (4) if
the number last determined by shareholders was sixteen (16) or more.
Section 12. Fees. The Board of Directors shall fix the amount and direct the
payment of fees which shall be paid to each Director for attendance at any
meeting of the Board of Directors or of any Committees of the Board.
ARTICLE III
COMMITTEES OF THE BOARD
Section 1. Executive Committee. The Board of Directors shall appoint
from its members an Executive Committee which shall consist of such number of
persons as the Board of Directors shall determine; the Chairman of the Board
and the President shall be members ex-officio of the Executive Committee with
full voting power. The Chairman of the Board or the President may from time to
time appoint from the Board of Directors as temporary additional members of the
Executive Committee, with full voting powers, not more than two members to
serve for such periods as the Chairman of the Board or the President may
determine. The Board of Directors shall designate a member of the Executive
Committee to serve as Chairman thereof. A meeting of the Executive Committee
may be called at any time upon the written request of the Chairman of the
Board, the President or the Chairman of the Executive Committee, stating the
purpose of the meeting. Not less than twenty four hours' notice of said meeting
shall be given to each member of the Committee personally, by telephoning, or
by mail. The Chairman of the Executive Committee or, in his absence, a member
of the Committee chosen by a majority of the members present shall preside at
meetings of the Executive Committee.
-3-
<PAGE> 12
The Executive Committee shall possess and may exercise all the powers of the
Board when the Board is not in session except such as the Board, only, by law,
is authorized to exercise; it shall keep minutes of its acts and proceedings
and cause same to be presented and reported at every regular meeting and at any
special meeting of the Board including specifically, all its actions relating
to loans and discounts.
All acts done and powers and authority conferred by the Executive Committee,
from time to time, within the scope of its authority, shall be deemed to be,
and may be certified as being, the acts of and under the authority of the
Board.
Section 2. Risk Management Committee. The Board shall appoint from its
members a Risk Management Committee which shall consist of such number as the
Board shall determine. The Board shall designate a member of the Risk
Management Committee to serve as Chairman thereof. It shall be the duty of the
Risk Management Committee to (a) serve as the channel of communication with
management and the Board of Directors of Fleet Financial Group, Inc. to assure
that formal processes supported by management information systems are in place
for the identification, evaluation and management of significant risks inherent
in or associated with lending activities, the loan portfolio, asset-liability
management, the investment portfolio, trust and investment advisory activities,
the sale of nondeposit investment products and new products and services and
such additional activities or functions as the Board may determine from time
to time; (b) assure the formulation and adoption of policies approved by the
Risk Management Committee or Board governing lending activities, management of
the loan portfolio, the maintenance of an adequate allowance for loan and lease
losses, asset-liability management, the investment portfolio, the retail
sale of non-deposit investment products, new products and services and such
additional activities or functions as the Board may determine from time to time
(c) assure that a comprehensive independent loan review program is in place for
the early detection of problem loans and review significant reports of the loan
review department, management's responses to those reports and the risk
attributed to unresolved issues; (d) subject to control of the Board, exercise
general supervision over trust activities, the investment of trust funds, the
disposition of trust investments and the acceptance of new trusts and the terms
of such acceptance, and (e) perform such additional duties and exercise such
additional powers of the Board as the Board may determine from time to time.
Section 3. Audit Committee. The Board shall appoint from its members and
Audit Committee which shall consist of such number as the Board shall determine
no one of whom shall be an active officer or employee of the Association or
Fleet Financial Group, Inc. or any of its affiliates. In addition, members of
the Audit Committee must not (i) have served as an officer or employee of the
Association or any of its affiliates at any time during the year prior to their
appointment; or (ii) own, control, or have owned or controlled at any time
during the year prior to appointment, ten percent (10%) or more of any
outstanding class of voting securities of the Association. At least two (2)
members of the Audit Committee must have significant executive, professional,
educational or regulatory experience in financial, auditing, accounting,
or banking matters. No member of the Audit Committee may have significant
direct or indirect credit or other relationships with the Association, the
termination of which would materially adversely affect the Association's
financial condition or results of operations.
The Board shall designate a member of the Audit Committee to serve as
Chairman thereof. It shall be the duty of the Audit Committee to (a) cause a
continuous audit and examination to be made on its behalf into the affairs of
the Association and to review the results of such examination; (b) review
significant reports of the internal auditing department, management's responses
to those reports and the risk attributed to unresolved issues; (c) review the
basis for the reports issued under Section 112 of The Federal Deposit Insurance
Corporation Improvement Act of 1991; (d) consider, in consultation with the
independent auditor and an internal auditing executive, the adequacy of the
Association's internal controls, including the resolution of identified
material weakness and reportable conditions; (e) review regulatory
communications received from any federal or state agency with supervisory
jurisdiction or other examining authority and monitor any needed corrective
action by management; (f) ensure that a formal system of internal controls is
in place for maintaining compliance with laws and regulations; (g) cause an
audit of the Trust Department at least once during each calendar year and
within 15 months of the last such audit or, in lieu thereof, adopt a continuous
audit system and report to the Board each calendar year and within 15 months of
the previous report on the performance of such audit function; and (h) perform
such additional duties and exercise such additional powers of the Board as the
Board may determine from time to time.
The Audit Committee may consult with internal counsel and retain its own
outside counsel without approval (prior or otherwise) from the Board or
management and obligate the Association to pay the fees of such counsel.
-4-
<PAGE> 13
Section 4. Community Affairs Committee. The Board shall appoint from
its members a Community Affairs Committee which shall consist of such number as
the Board shall determine. The Board shall designate a member of the Community
Affairs Committee to serve as Chairman thereof. It shall be the duty of the
Community Affairs Committee to (a) oversee compliance by the Association with
the Community Reinvestment Act of 1977, as amended, and the regulations
promulgated thereunder; and (b) perform such additional duties and exercise
such additional powers of the Board as the Board may determine from time to
time.
Section 5. Regular Meetings. Except for the Executive Committee which shall
meet on an ad hoc basis as set forth in Section 1 of this Article, regular
meetings of the Committees of the Board of Directors shall be held, without
notice, at such time and place as the Committee or the Board of Directors may
appoint and as often as the business of the Association may require.
Section 6. Special Meetings. A Special Meeting of any of the Committees of
the Board of Directors may be called upon the written request of the Chairman
of the Board or the President, or of any two members of the respective
Committee, stating the purpose of the meeting. Not less than twenty-four
hours' notice of such special meeting shall be given to each member of the
Committee personally, by telephoning, or by mail.
Section 7. Emergency Meetings. An Emergency Meeting of any of the Committees
of the Board of Directors may be called at the request of the Chairman of the
Board or the President, who shall state that an emergency exists, upon not
less than one hour's notice to each member of the Committee personally or by
telephoning.
Section 8. Action Taken Without a Committee Meeting. Any Committee of the
Board of Directors may take action without a meeting and without notice of such
meeting by resolution assented to in writing by all members of such Committee.
Section 9. Quorum. A majority of a Committee of the Board of Directors shall
constitute a quorum for the transaction of any business at any meeting of such
Committee. If a quorum is not available, the Chairman of the Board or the
President shall have power to make temporary appointments to a Committee of-
members of the Board of Directors, to act in the place and stead of members who
temporarily cannot attend any such meeting; provided, however, that any
temporary appointment to the Audit Committee must meet the requirements for
members of that Committee set forth in Section 3 of this Article.
Section 10. Record. The committees of the Board of Directors shall keep a
record of their respective meetings and proceedings which shall be presented
at the regular meeting of the Board of Directors held in the calendar month
next following the meetings of the Committees. If there is no regular Board
of Directors meeting held in the calendar month next following the meeting of
a Committee, then such Committee's records shall be presented at the next
regular Board of Directors meeting held in a month subsequent to such Committee
meeting.
Section 11. Changes and Vacancies. The Board of Directors shall have power
to change the members of any Committee at any time and to fill vacancies on any
Committee; provided, however, that any newly appointed member of the Audit
Committee must meet the requirements for members of that Committee set forth in
Section 3 of this Article.
Section 12. Other Committees. The Board of Directors may appoint, from time
to time, other committees of one or more persons, for such purposes and with
such powers as the Board may determine.
ARTICLE IV
WAIVER OF NOTICE OF MEETINGS
Section 1. Waiver. Whenever notice is required to be given to any shareholder,
Director, or member of a Committee of the Board of Directors, such notice may
be waived in writing either before or after such meeting by any shareholder,
Director or Committee member respectively, as the case may be, who may be
entitled to such notice; and such notice will be deemed to be waived by
attendance at any such meeting.
-5-
<PAGE> 14
ARTICLE V
OFFICERS AND AGENTS
Section 1. Officers. The Board shall appoint a Chairman of the Board and a
President, and shall have the power to appoint one or more Executive Vice
Presidents, one or more Senior Vice Presidents, one or more Vice Presidents, a
Cashier, a Secretary, an Auditor, a Controller, one or more Trust Officers and
such other officers as are deemed necessary or desirable for the proper
transaction of business of the Association. The Chairman of the Board and the
President shall be appointed from members of the Board of Directors. Any two
or more offices, except those of President and Cashier, or Secretary, may be
held by the same person. The Board may, from time to time, by resolution
passed by a majority of the entire Board, designate one or more officers of the
Association or of an affiliate or of Fleet Financial Group, Inc. with power to
appoint one or more Vice Presidents and such other officers of the Association
below the level of Vice President as the officer or officers designated in such
resolution deem necessary or desirable for the proper transaction of the
business of the Association.
Section 2. Chairman of the Board. The chairman of the Board shall preside at
all meetings of the Board of Directors. Subject to definition by the Board of
Directors, he shall have general executive powers and such specific powers and
duties as from time to time may be conferred upon or assigned to him by the
Board of Directors.
Section 3. President. The President shall preside at all meetings of the
Board of Directors if there be no Chairman or if the Chairman be absent.
Subject to definition by the Board of Directors, he shall have general
executive powers and such specific powers and duties as from time to time may
be conferred upon or assigned to him by the Board of Directors.
-6-
<PAGE> 15
Section 4. Cashier and Secretary. The Cashier shall be the Secretary of the
Board and of the Executive Committee, and shall keep accurate minutes of their
meetings and of all meetings of the shareholders. He shall attend to the
giving of all notices required by these By-laws. He shall be custodian of the
corporate seal, records, documents and papers of the Association. He shall
have such powers and perform such duties as pertain by law or regulation to the
office of Cashier, or as are imposed by these By-laws, or as may be delegated
to him from time to time by the Board of Directors, the Chairman of the Board
or the President.
Section 5. Auditor. The Auditor shall be the chief auditing officer of the
Association. He shall continuously examine the affairs of the Association and
from time to time shall report to the Board of Directors. He shall have such
powers and perform such duties as are conferred upon, or assigned to him by
these By-laws, or as may be delegated to him from time to time by the Board
of Directors.
Section 6. Officers Seriatim. The Board of Directors shall designate from
time to time not less than two officers who shall in the absence or disability
of the Chairman or President or both, succeed seriatim to the duties and
responsibilities of the Chairman and President respectively.
Section 7. Clerks and Agents. The Board of Directors may appoint, from time
to time, such clerks, agents and employees as it may deem advisable for the
prompt and orderly transaction of the business of the Association, define
their duties, fix the salaries to be paid them and dismiss them. Subject to
the authority of the Board of Directors, the Chairman of the Board or the
President, or any other officer of the Association authorized by either of them
may appoint and dismiss all or any clerks, agents and employees and prescribe
their duties and the conditions of their employment, and from time to time
fix their compensation.
Section 8. Tenure. The Chairman of the Board of Directors and the President
shall, except in the case of death, resignation, retirement or disqualification
under these By-laws, or unless removed by the affirmative vote of at least two-
thirds of all of the members of the Board of Directors, hold office for the
term of one year or until their respective successors are appointed. Either
of such officers appointed to fill a vacancy occurring in an unexpired term
shall serve for such unexpired term of such vacancy. All other officers,
clerks, agents, attorneys-in-fact and employees of the Association shall hold
office during the pleasure of the Board of Directors or of the officer or
committee appointing them respectively.
ARTICLE VI
TRUST DEPARTMENT
Section 1. General Powers and Duties. All fiduciary powers of the Association
shall be exercised through the Trust Department, subject to such regulations as
the Comptroller of the Currency shall from time to time establish. The Trust
Department shall be to placed under the management and immediate supervision
of an officer or officers appointed by the Board of Directors. The duties of
all officers of the Trust Department shall be to cause the policies and
instructions of the Board and the Risk Management Committee with respect to the
trusts under their supervision to be carried out, and to supervise the due
performance of the trusts and agencies entrusted to the Association and under
their supervision, in accordance with law and in accordance with the terms of
such trusts and agencies.
-7-
<PAGE> 16
ARTICLE VII
BRANCH OFFICES
Section 1. Establishment. The Board of Directors shall have full power to
establish, to discontinue, or, from time to time, to change the location of any
branch office, subject to such limitations as may be provided by law.
Section 2. Supervision and Control. Subject to the general supervision and
control of the Board of Directors, the affairs of branch offices shall be
under the immediate supervision and control of the President or of such other
officer or officers, employee or employees, or other individuals as the Board
of Directors may from time to time determine, with such powers and duties as
the Board of Directors may confer upon or assign to him or them.
ARTICLE VIII
SIGNATURE POWERS
Section 1. Authorization. The power of officers, employees, agents and
attorneys to sign on behalf of and to affix the seal of the Association shall
be prescribed by the Board of Directors or by the Executive Committee or by
both; provided that the President is authorized to restrict such power of any
officer, employee, agent or attorney to the business of a specific department
or departments, or to a specific branch office or branch offices. Facsimile
signatures may be authorized.
-8-
<PAGE> 17
ARTICLE IX
STOCK CERTIFICATES AND TRANSFERS
Section 1. Stock Records. The Trust Department shall have custody of the
stock certificate books and stock ledgers of the Association, and shall make
all transfers of stock, issue certificates thereof and disburse dividends
declared thereon.
Section 2. Form of Certificate. Every shareholder shall be entitled to a
certificate conforming to the requirements of law and otherwise in such form
as the Board of Directors may approve. The certificates shall state on the
face thereof that the stock is transferable only on the books of the
Association and shall be signed by such officers as may be prescribed from time
to time by the Board of Directors or Executive Committee. Facsimile signatures
may be authorized.
Section 3. Transfers of Stock. Transfers of stock shall be made only on the
books of the Association by the holder in person, or by attorney duly
authorized in writing, upon surrender of the certificate therefor properly
endorsed, or upon the surrender of such certificate accompanied by a properly
executed written assignment of the same, or a written power of attorney to
sell, assign or transfer the same or the shares represented thereby.
Section 4. Lost Certificate. The Board of Directors or Executive Committee
may order a new certificate to be issued in place of a certificate lost or
destroyed, upon proof of such loss or destruction and upon tender to the
Association by the shareholder, of a bond in such amount and with or without
surety, as may be ordered, indemnifying the Association against all liability,
loss, cost and damage by reason of such loss or destruction and the issuance
of a new certificate.
Section 5. Closing Transfer Books. The Board of Directors may close the
transfer books for a period not exceeding thirty days preceding any regular
or special meeting of the shareholders, or the day designated for the payment
of a dividend or the allotment of rights. In lieu of closing the transfer
books the Board of Directors may fix a day and hour not more than thirty days
prior to the day of holding any meeting of the shareholders, or the day
designated for the payment of a dividend, or the day designated for the
allotment of rights, or the day when any change of conversion or exchange of
capital stock is to go into effect, as the day as of which shareholders
entitled to notice of and to vote at such meetings or entitled to such dividend
or to such allotment of rights or to exercise the rights in respect of any
such change, conversion or exchange of capital stock, shall be determined, and
only such shareholders as shall be shareholders of record on the day and hour
so fixed shall be entitled to notice of and to vote at such meeting or to
receive payment of such dividend or to receive such allotment of rights or to
exercise such rights, as the case may be.
ARTICLE X
THE CORPORATE SEAL
Section 1. Seal. The following is an impression of the seal of the
Association adopted by the Board of Directors.
ARTICLE XI
BUSINESS HOURS
Section 1. Business Hours. The main office of this Association and each
branch office thereof shall be open for business on such days, and for such
hours as the Chairman, or the President, or any Executive Vice President, or
such other officer as the Board of Directors shall from time to time
designate, may determine as to each office to conform to local custom and
convenience, provided that any one or more of the main and branch offices or
certain departments thereof may be open for such hours as the President, or
such other officer as the Board of Directors shall from time to time designate,
may determine as to each office or department on any legal holiday on which
work is not prohibited by law, and provided further that any one or more of
the main and branch offices or certain departments thereof may be ordered
closed or open on any day for such hours as to each office or department as
the President, or such other officer as the Board of Directors shall from time
to time designate, subject to applicable laws regulations, may determine when
such action may be required by reason of disaster or other emergency condition.
ARTICLE IX
CHANGES IN BY-LAWS
Section 1. Amendments. These By-laws may be amended upon vote of a majority
of the entire Board of Directors at any meeting of the Board, provided ten (10)
day's notice of the proposed amendment has been given to each member of the
Board of Directors. No amendment may be made unless the By-law, as amended, is
consistent with the requirements of law and of the Articles of Association.
These By-laws may also be amended by the Association's shareholders.
A true copy
Attest:
Secretary/Assistant Secretary
- ---------------------------------------
Dated at , as of
.
--------------------------------------- ----------------------
Revision of January 11, 1993
-9-
<PAGE> 18
[LOGO] Exhibit 3
- -------------------------------------------------------------------------------
Comptroller of the Currency
Administrator of National Banks
- -------------------------------------------------------------------------------
Washington, D.C. 20219
CERTIFICATE
I, Eugene A. Ludwig, Comptroller of the Currency, do hereby certify that:
1. The Comptroller of the Currency, pursuant to Revised Statutes 324, et
seq., as amended, 12 U.S.C. 1, et seq., as amended, has possession, custody and
control of all records pertaining to the chartering of all National Banking
Associations.
2. "Fleet National Bank," (Charter No. 1338) is a National Banking
Association formed under the laws of the United States and is authorized
thereunder to transact the business of banking and exercise Fiduciary Powers on
the date of this Certificate.
IN TESTIMONY WHEREOF, I have hereunto
subscribed my name and caused my seal of office
to be affixed to these presents at the Treasury
Department in the City of Washington and
[SEAL]
District of Columbia, this 23rd day of
December, 1996.
/s/ EUGENE A. LUDWIG
----------------------
Comptroller of the Currency
<PAGE> 19
EXHIBIT 4
CONSENT OF THE TRUSTEE
REQUIRED BY SECTION 321(b)
OF THE TRUST INDENTURE ACT OF 1939
The undersigned, as Trustee under an Indenture to be entered into
between Conseco, Inc. and Fleet National Bank, Trustee, does hereby consent
that, pursuant to Section 321(b) of the Trust Indenture Act of 1939, reports of
examinations with respect to the undersigned by Federal, State, Territorial or
District authorities may be furnished by such authorities to the Securities and
Exchange Commission upon request therefor.
FLEET NATIONAL BANK,
Trustee
By /s/ Susan T. Keller
-----------------------
Susan T. Keller
Its Vice President
Dated: June 9, 1997
<PAGE> 20
Board of Governors of the Federal Reserve System
OMB Number: 7100-0036
Federal Deposit Insurance Corporation
OMB Number: 3064-0052
Office of the Comptroller of the Currency
Federal Financial OMB Number: 1557-0081
Institutions Examination
Council Expires March 31, 1999
- --------------------------------------------------------------------------------
/1/
Please refer to page i,
[LOGO APPEARS HERE] Table of Contents, for
the required disclosure
of estimated burden.
- --------------------------------------------------------------------------------
CONSOLIDATED REPORTS OF CONDITION AND INCOME FOR
A BANK WITH DOMESTIC AND FOREIGN OFFICES -- FFIEC 031
REPORT AT THE CLOSE OF BUSINESS MARCH 31, 1997 (970331)
-----------
(RCRI 9999)
This report is required by law: 12 U.S.C. Section 324 (State member banks); 12
U.S.C. Section 1817 (State nonmember banks); and 12 U.S.C. Section 161
(National banks).
This report form is to be filed by banks with branches and consolidated
subsidiaries in U.S. territories and possessions, Edge or Agreement
subsidiaries, foreign branches, consolidated foreign subsidiaries, or
International Banking Facilities.
- --------------------------------------------------------------------------------
NOTE: The Reports of Condition and Income must be signed by an authorized
officer and the Report of Condition must be attested to by not less than two
directors (trustees) for State nonmember banks and three directors for State
member and National banks.
I, Giro S. DeRosa, Vice President
---------------------------------------------------------------------------
Name and Title of Officer Authorized to Sign Report
of the named bank do hereby declare that these Reports of Condition and Income
(including the supporting schedules) have been prepared in conformance with the
instructions issued by the appropriate Federal regulatory authority and are
true to the best of my knowledge and belief.
/s/ Gino S. DeRosa
- --------------------------------------------------------------------------------
Signature of Officer Authorized to Sign Report
April 24, 1997
- --------------------------------------------------------------------------------
Date of Signature
The Reports of Condition and Income are to be prepared in accordance with
Federal regulatory authority instructions. NOTE: These instructions may in some
cases differ from generally accepted accounting principles.
We, the undersigned directors (trustees), attest to the correctness of this
Report of Condition (including the supporting schedules) and declare that it
has been examined by us and to the best of our knowledge and belief has been
prepared in conformance with the instructions issued by the appropriate Federal
regulatory authority and is true and correct.
/s/
- --------------------------------------------------------------------------------
Director (Trustee)
/s/
- --------------------------------------------------------------------------------
Director (Trustee)
/s/
- --------------------------------------------------------------------------------
Director (Trustee)
- --------------------------------------------------------------------------------
FOR BANKS SUBMITTING HARD COPY REPORT FORMS:
STATE MEMBER BANKS: Return the original and one copy to the appropriate Federal
Reserve District Bank.
STATE NONMEMBER BANKS: Return the original only in the special return address
envelope provided. If express mail is used in lieu of the special return
address envelope, return the original only to the FDIC, c/o Quality Data
Systems, 2127 Espey Court, Suite 204, Crofton, MD 21114.
NATIONAL BANKS: Return the original only in the special return address envelope
provided. If express mail is used in lieu of the special return address
envelope, return the original only to the FDIC, c/o Quality Data Systems, 2127
Espey Court, Suite 204, Crofton, MD 21114.
FDIC Certificate Number 0 2 4 9 9
---------------------
(RCRI 9050)
Banks should affix the address label in this space.
Fleet National Bank
- ------------------------------------------------
Legal Title of Bank (TEXT 9010)
One Monarch Place
- ------------------------------------------------
City (TEXT 9130)
Springfield, MA 01102
- ------------------------------------------------
State Abbrev. (TEXT 9200) ZIP Code (TEXT 9220)
Board of Governors of the Federal Reserve System, Federal Deposit
Insurance Corporation, Office of the Comptroller of the Currency.
<PAGE> 21
FFIEC 031
Page i
/2/
Consolidated Reports of Condition and Income for
A Bank With Domestic and Foreign Offices
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
TABLE OF CONTENTS
SIGNATURE PAGE
Cover
REPORT OF INCOME
Schedule RI -- Income Statement...................................... RI-1, 2,
3
Schedule RI-A -- Changes in Equity Capital...........................
RI-4
Schedule RI-B -- Charge-offs and Recoveries and Changes in Allowance
for Loan and Lease Losses...........................................
RI-4, 5
Schedule RI-D -- Income from International Operations................
RI-6
Schedule RI-E -- Explanations........................................ RI-7,8
</TABLE>
DISCLOSURE OF ESTIMATED BURDEN
THE ESTIMATED AVERAGE BURDEN ASSOCIATED WITH THIS INFORMATION COLLECTION IS
34.1
HOURS PER RESPONDENT AND IS ESTIMATED TO VARY FROM 15 TO 400 HOURS PER
RESPONSE,
DEPENDING ON INDIVIDUAL CIRCUMSTANCES. BURDEN ESTIMATES INCLUDE THE TIME FOR
REVIEWING INSTRUCTIONS, GATHERING AND MAINTAINING DATA IN THE REQUIRED FORM,
AND
COMPLETING THE INFORMATION COLLECTION, BUT EXCLUDE THE TIME FOR COMPILING AND
MAINTAINING BUSINESS RECORDS IN THE NORMAL COURSE OF A RESPONDENT'S ACTIVITIES.
A FEDERAL AGENCY MAY NOT CONDUCT OR SPONSOR, AND AN ORGANIZATION (OR A PERSON)
IS NOT REQUIRED TO RESPOND TO A COLLECTION OF INFORMATION, UNLESS IT DISPLAYS
A CURRENTLY VALID OMB CONTROL NUMBER. COMMENTS CONCERNING THE ACCURACY OF THIS
BURDEN ESTIMATE AND SUGGESTIONS FOR REDUCING THIS BURDEN SHOULD BE DIRECTED TO
THE OFFICE OF INFORMATION AND REGULATORY AFFAIRS, OFFICE OF MANAGEMENT AND
BUDGET, WASHINGTON, D.C. 20503, AND TO ONE OF THE FOLLOWING:
SECRETARY
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551
LEGISLATIVE AND REGULATORY ANALYSIS DIVISION
OFFICE OF THE COMPTROLLER OF THE CURRENCY
WASHINGTON, D.C. 20219
ASSISTANT EXECUTIVE SECRETARY
FEDERAL DEPOSIT INSURANCE CORPORATION
WASHINGTON, D.C. 20429
REPORT OF CONDITION
<TABLE>
<CAPTION>
<S> <C>
Schedule RC -- Balance Sheet..................................... RC-1,
2
Schedule RC-A -- Cash and Balances Due From Depository
Institutions....................................................
RC-3
Schedule RC-B -- Securities...................................... RC-3, 4, 5
Schedule RC-C -- Loans and Lease Financing Receivables:
Part I. Loans and Leases.......................................
RC-6, 7
Part II. Loans to Small Businesses and Small Farms
(included in the forms for June 30 only)...................... RC-7a, 7b
Schedule RC-D -- Trading Assets and Liabilities (to be
completed only by selected banks)...............................
RC-8
Schedule RC-E -- Deposit Liabilities............................. RC-9, 10, 11
Schedule RC-F -- Other Assets....................................
RC-11
Schedule RC-G -- Other Liabilities...............................
RC-11
Schedule RC-H -- Selected Balance Sheet Items for Domestic
Offices.........................................................
RC-12
Schedule RC-I -- Selected Assets and Liabilities of IBFs.........
RC-13
Schedule RC-K -- Quarterly Averages..............................
RC-13
Schedule RC-L -- Off-Balance Sheet Items......................... RC-14, 15,
16
Schedule RC-M -- Memoranda....................................... RC-17,
18
Schedule RC-N -- Past Due and Nonaccrual Loans, Leases, and
Other Assets....................................................
RC-19, 20
Schedule RC-O -- Other Data for Deposit Insurance
and FICO Assessments............................................
RC-21, 22
Schedule RC-R -- Regulatory Capital.............................. RC-23,
24
Optional Narrative Statement Concerning the Amounts Reported
in the Reports of Condition and Income..........................
RC-25
</TABLE>
Special Report (TO BE COMPLETED BY ALL BANKS)
Schedule RC-J -- Repricing Opportunities (sent only to and to be completed only
by savings banks)
For information or assistance, National and State nonmember banks should
contact
the FDIC's Call Reports Analysis Unit, 550 17th Street, NW, Washington, D.C.
20429, toll free on (800) 688-FDIC(3342), Monday through Friday between 8:00
a.m. and 5:00 p.m., Eastern time. State member banks should contact their
Federal Reserve District Bank.
<PAGE> 22
Legal Title of Bank: Fleet National Bank Call
Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-1
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Consolidated Report of Income
for the period January 1, 1997-March 31, 1997
All Report of Income schedules are to be reported on a calendar year-to-date
basis in thousands of dollars.
Schedule RI--Income Statement
<TABLE>
<CAPTION>
----------
I480 (-
---------------------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
RIAD Bil Mil Thou
<S> <C> <C>
1. Interest income:
//////////////////
a. Interest and fee income on loans:
//////////////////
(1) In domestic offices:
//////////////////
(a) Loans secured by real estate
................................................... 4011 261,522
1.a.(1)(a)
(b) Loans to depository institutions
............................................... 4019 390 1.a.(1)(b)
(c) Loans to finance agricultural production and other loans to farmers
............ 4024 90 1.a.(1)(c)
(d) Commercial and industrial loans
................................................ 4012 284,321
1.a.(1)(d)
(e) Acceptances of other banks
................................................... 4026 0
1.a.(1)(e)
(f) Loans to individuals for household, family, and other personal
expenditures: //////////////////
(1) Credit cards and related plans
.................................................. 4054 3,139
1.a.(1)(f)(1)
(2) Other
...................................................................... 4055
44,118 1.a.(1)(f)(2)
(g) Loans to foreign governments and official institutions
......................... 4056 0 1.a.(1)(g)
(h) Obligations (other than securities and leases) of states and political
//////////////////
subdivisions in the U.S.:
//////////////////
(1) Taxable obligations
........................................................ 4503 0
1.a.(1)(h)(1)
(2) Tax-exempt obligations
..................................................... 4504 2,403
1.a.(1)(h)(2)
(i) All other loans in domestic offices
............................................ 4058 31,819 1.a.(1)(i)
(2) In foreign offices, Edge and Agreement subsidiaries, and IBFs
...................... 4059 1,140 1.a.(2)
b. Income from lease financing receivables:
//////////////////
(1) Taxable leases
.................................................................. 4505
39,514 1.b.(1)
(2) Tax-exempt leases
.................................................................. 4307
526 1.b.(2)
c. Interest income on balances due from depository institutions:(1)
//////////////////
(1) In domestic offices
.................................................................. 4105
200 1.c.(1)
(2) In foreign offices, Edge and Agreement subsidiaries, and IBFs
...................... 4106 6 1.c.(2)
d. Interest and dividend income on securities:
//////////////////
(1) U.S. Treasury securities and U.S. Government agency obligations
.................... 4027 78,125 1.d.(1)
(2) Securities issued by states and political subdivisions in the U.S.:
//////////////////
(a) Taxable securities
.................................................................. 4506
0 1.d.(2)(a)
(b) Tax-exempt securities
................................................... 4507 1,673
1.d.(2)(b)
(3) Other domestic debt securities
................................................... 3657 26
1.d.(3)
(4) Foreign debt securities
............................................................ 3658
1,161 1.d.(4)
(5) Equity securities (including investments in mutual funds)
.......................... 3659 3,601 1.d.(5)
e. Interest income from trading assets
.................................................... 4069 13 1.e.
----------------------
</TABLE>
____________
(1) Includes interest income on time certificates of deposit not held for
trading.
3
<PAGE> 23
Legal Title of Bank: FLEET NATIONAL BANK Call
Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: ONE MONARCH PLACE
Page RI-2
City, State Zip: SPRINGFIELD, MA 01102
FDIC Certificate No.: 02499
-----------
SCHEDULE RI--CONTINUED
<TABLE>
<CAPTION>
--------------
Dollar Amounts in Thousands Year-to-date
- ----------------------------------------------------------------------------
<S> <C> <C>
1. Interest income (continued)
RIAD Bil Mil Thou
f. Interest income on federal funds sold and securities purchased
//////////////////
under agreements to resell ..........................................
4020 1,887 1.f.
g. Total interest income (sum of items 1.a through 1.f) ................
4107 755,674 1.g.
2. Interest expense:
//////////////////
a. Interest on deposits:
//////////////////
(1) Interest on deposits in domestic offices:
//////////////////
(a) Transaction accounts (NOW accounts, ATS accounts, and
//////////////////
telephone and preauthorized transfer accounts) .............. 4508
1,888 2.a.(1)(a)
(b) Nontransaction accounts:
//////////////////
(1) Money market deposit accounts (MMDAs) ................... 4509
56,424 2.a.(1)(b)(1)
(2) Other savings deposits .................................. 4511
9,062 2.a.(1)(b)(2)
(3) Time deposits of $100,000 or more ....................... A517
35,929 2.a.(1)(b)(3)
(4) Time deposits of less than $100,000 ..................... A518
82,720 2.a.(1)(b)(4)
(2) Interest on deposits in foreign offices, Edge and Agreement
//////////////////
subsidiaries, and IBFs .......................................... 4172
24,266 2.a.(2)
b. Expense of federal funds purchased and securities sold under
//////////////////
agreements to repurchase ............................................
4180 62,158 2.b.
c. Interest on demand notes issued to the U.S. Treasury trading
//////////////////
liabilities and other borrowed money ................................
4185 10,706 2.c.
d. Not applicable
//////////////////
e. Interest on subordinated notes and debentures .......................
4200 20,653 2.e.
f. Total interest expense (sum of items 2.a through 2.e) ...............
4073 303,806 2.f.
-----------------------
3. Net interest income (item 1.g minus 2.f)
............................... ////////////////// RIAD 4074 451,868
3.
-----------------------
4. Provisions:
////////////////// -----------------------
a. Provision for loan and lease losses .................................
////////////////// RIAD 4230 611 4.a.
b. Provision for allocated transfer risk ...............................
////////////////// RIAD 4243 0 4.b
----------------------
5. Noninterest income:
//////////////////
a. Income from fiduciary activities ....................................
4070 71,635 5.a.
b. Service charges on deposit accounts in domestic offices .............
4080 59,101 5.b.
c. Trading revenue (must equal Schedule RI, sum of Memorandum
//////////////////
items 8.a through 8.d) ..............................................
A220 8,776 5.c.
d.-e. Not applicable
//////////////////
f. Other noninterest income:
//////////////////
(1) Other fee income ................................................
5407 161,180 5.f.(1)
(2) All other noninterest income* ...................................
5408 33,991 5.f.(2)
-----------------------
g. Total noninterest income (sum of items 5.a through 5.f) .............
////////////////// RIAD 4079 334,683 5.g.
6. a. Realized gains (losses) on held-to-maturity securities
.............. ////////////////// RIAD 3521 (6,190) 6.a.
b. Realized gains (losses) on available-for-sale securities ............
////////////////// RIAD 3196 (430) 6.b.
-----------------------
7. Noninterest expense:
//////////////////
a. Salaries and employee benefits ......................................
4135 163,977 7.a.
b. Expenses of premises and fixed assets (net of rental income)
//////////////////
(excluding salaries and employee benefits and mortgage interest) ....
4217 49,343 7.b.
c. Other noninterest expense* ..........................................
4092 250,037 7.c.
-----------------------
d. Total noninterest expense (sum of items 7.a through 7.c) ............
////////////////// RIAD 4093 463,357 7.d.
-----------------------
8. Income (loss) before income taxes and extraordinary items and other
//////////////////
adjustments (item 3 plus or minus items 4.a, 4.b, 5.g,
////////////////// -----------------------
6.a, 6.b, and 7.d) .....................................................
////////////////// RIAD 4301 315,963 8.
9. Applicable income taxes (on item 8)
.................................... ////////////////// RIAD 4302
123,632 9.
-----------------------
10. Income (loss) before extraordinary items and other adjustments
////////////////// -----------------------
(item 8 minus 9) .......................................................
////////////////// RIAD 4300 192,331 10.
11. Extraordinary items and other adjustments, net of income taxes*
////////////////// RIAD 4320 0 11.
12. Net income (loss) (sum of items 10 and 11)
////////////////// RIAD 4340 192,331 12.
-----------------------
</TABLE>
____________
*Describe on Schedule RI-E--Explanations.
4
<PAGE> 24
Legal Title of Bank: Fleet National Bank Call
Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-3
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----
SCHEDULE RI--CONTINUED
<TABLE>
<CAPTION>
---------
I481 (-
----------------
Year-to-date
--------------------
Memoranda Dollar
Amounts in Thousands RIAD Bil Mil Thou
- --------------------------------------------------------------------------------
<S> <C> <C>
1. Interest expense incurred to carry tax-exempt securities, loans, and
leases acquired after //////////////////
August 7, 1986, that is not deductible for federal income tax purposes
.......................... 4513 681 M.1.
2. Income from the sale and servicing of mutual funds and annuities in
domestic offices //////////////////
(included in Schedule RI, item 8)
............................................................... 8431
16,571 M.2.
3.-4. Not applicable
5. Number of full-time equivalent employees at end of current period
(round to //// Number
nearest whole number)
...........................................................................
4150 12,449 M.5.
6. Not applicable
//////////////////
7. If the reporting bank has restated its balance sheet as a result of
applying push down //// MM DD YY
accounting this calendar year, report the date of the bank's
acquisition......................... 9106 00/00/00 M.7.
8. Trading revenue (from cash instruments and off-balance sheet derivative
instruments) //////////////////
(sum of Memorandum items 8.a through 8.d must equal Schedule RI, item
5.c): //// Bill Mil Thou
a. Interest rate
exposures.......................................................................
8757 907 M.8.a.
b. Foreign exchange
exposures....................................................................
8758 7,869 M.8.b.
c. Equity security and index
exposures........................................................... 8759
0 M.8.c.
d. Commodity and other
exposures.................................................................
8760 0 M.8.d.
9. Impact on income of off-balance sheet derivatives held for purposes
other than trading: //////////////////
a. Net increase (decrease) to interest
income.................................................... 8761 3,704
M.9.a.
b. Net (increase) decrease to interest
expense................................................... 8762 2,612
M.9.b.
c. Other (noninterest)
allocations...............................................................
8763 1,380 M.9.c.
10. Credit losses off-balance sheet derivatives (see instructions)
.................................. A251 0 M.10.
-------------------
YES NO
11. Does the reporting bank have a Subchapter S election in effect for federal
income tax -------------------
purposes for the current tax year?
.............................................................. A530 ////
x M.11.
-------------------
//// Bil Mil Thou
12. Deferred portion of total applicable income taxes included in Schedule RI,
- -------------------
items 9 and 11 (to be reported with the December Report of Income)
.............................. 4772 N/A M.12.
-------------------
</TABLE>
____________
*Describe on Schedule RI-E--Explanations.
5
<PAGE> 25
Legal Title of Bank: Fleet National Bank Call
Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-4
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-A--Changes in Equity Capital
Indicate decreases and losses in parentheses.
<TABLE>
<CAPTION>
----------
I483 (-
------------------------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ---------------------- -----------------------
RIAD BIL MIL THOU
<S> <C>
1. Total equity capital originally reported in the December 31, 1996,
Reports of Condition //////////////////
and Income
................................................................................
...... 3215 4,519,112 1.
2. Equity capital adjustments from amended Reports of Income, net*
................................. 3216 0 2.
3. Amended balance end of previous calendar year (sum of items 1 and 2)
............................ 3217 4,519,112 3.
4. Net income (loss) (must equal Schedule RI, item 12)
............................................. 4340 192,331 4.
5. Sale, conversion, acquisition, or retirement of capital stock, net
.............................. 4346 0 5.
6. Changes incident to business combinations, net
.................................................. 4356 0 6.
7. LESS: Cash dividends declared on preferred stock
................................................ 4470 2,922 7.
8. LESS: Cash dividends declared on common stock
................................................... 4460 209,000 8.
9. Cumulative effect of changes in accounting principles from prior years*
(see instructions //////////////////
for this schedule)
..............................................................................
4411 42,977 9.
10. Corrections of material accounting errors from prior years* (see
instructions for this schedule) 4412 0 10.
11. Change in net unrealized holding gains (losses) on available-for-sale
securities ................ 8433 (34,402) 11.
12. Foreign currency translation adjustments
........................................................ 4414 0
12.
13. Other transactions with parent holding company* (not included in items 5,
7, or 8 above) ........ 4415 0 13.
14. Total equity capital end of current period (sum of items 3 through 13)
(must equal Schedule RC, //////////////////
item 28)
................................................................................
........ 3210 4,508,096 14.
----------------------
</TABLE>
____________
*Describe on Schedule RI-E--Explanations.
Schedule RI-B--Charge-offs and Recoveries and Changes
in Allowance for Loan and Lease Losses
Part I. Charge-offs and Recoveries on Loans and Leases
Part I excludes charge-offs and recoveries through
the allocated transfer risk reserve.
<TABLE>
<CAPTION>
----------
I486 (-
-----------------------------------------
Dollar Amounts in Thousands
-------------------------------- --------
Calendar year-to-date
-----------------------------------------
(Column A) (Column B)
Charge-offs Recoveries
- ------------------------------------------------------------------------------
- -------------------- --------------------
RIAD BIL MIL THOU RIAD BIL MIL THOU
<S> <C> <C> <C> <C>
1. Loans secured by real estate:
////////////////// //////////////////
a. To U.S. addressees (domicile) .........................................
4651 11,390 4661 5,546 1.a.
b. To non-U.S. addressees (domicile) .....................................
4652 0 4662 0 1.b.
2. Loans to depository institutions and acceptances of other banks:
////////////////// //////////////////
a. To U.S. banks and other U.S. depository institutions ..................
4653 0 4663 0 2.a.
b. To foreign banks ......................................................
4654 0 4664 0 2.b.
3. Loans to finance agricultural production and other loans to farmers ......
4655 97 4665 29 3.
4. Commercial and industrial loans:
////////////////// //////////////////
a. To U.S. addressees (domicile) .........................................
4645 9,932 4617 11,507 4.a.
b. To non-U.S. addressees (domicile) .....................................
4646 0 4618 0 4.b.
5. Loans to individuals for household, family, and other personal
////////////////// //////////////////
expenditures:
////////////////// //////////////////
a. Credit cards and related plans ........................................
4656 1,116 4666 176 5.a.
b. Other (includes single payment, installment, and all student loans) ...
4657 10,188 4667 3,031 5.b.
6. Loans to foreign governments and official institutions ...................
4643 0 4627 0 6.
7. All other loans ..........................................................
4644 1,139 4628 213 7.
8. Lease financing receivables:
////////////////// //////////////////
a. Of U.S. addressees (domicile) .........................................
4658 94 4668 655 8.a.
b. Of non-U.S. addressees (domicile) .....................................
4659 0 4669 0 8.b.
9. Total (sum of items 1 through 8) .........................................
4635 33,956 4605 21,157 9.
-------------------------------------------
</TABLE>
6
<PAGE> 26
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-5
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-B--Continued
Part I. Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
-------------------------------------------
Calendar year-to-date
-------------------------------------------
(Column A) (Column B)
Memoranda
Charge-offs Recoveries
- ------------------------------------------------------------------------------
- -------------------- --------------------
RIAD Bil Mil Thou RIAD Bil Mil Thou
<S> <C> <C> <C> <C>
1-3. Not applicable
////////////////// //////////////////
4. Loans to finance commercial real estate, construction, and land
////////////////// //////////////////
development activities (not secured by real estate) included in
////////////////// //////////////////
Schedule RI-B, part I, items 4 and 7, above...............................
5409 8,010 5410 7,599 M.4.
5. Loans secured by real estate in domestic offices (included in
////////////////// //////////////////
Schedule RI-B, part I, item 1, above):
////////////////// //////////////////
a. Construction and land development......................................
3582 468 3583 1,288 M.5.a.
b. Secured by farmland....................................................
3584 0 3585 75 M.5.b.
c. Secured by 1-4 family residential properties:
////////////////// //////////////////
(1) Revolving, open-end loans secured by 1-4 family residential
////////////////// //////////////////
properties and extended under lines of credit...................... 5411
1,164 5412 505 M.5.c.(1)
(2) All other loans secured by 1-4 family residential properties.......
5413 5,954 5414 1,761 M.5.c.(2)
d. Secured by multifamily (5 or more) residential properties..............
3588 1,613 3589 425 M.5.d.
e. Secured by nonfarm nonresidential properties...........................
3590 2,191 3591 1,492 M.5.e.
-------------------------------------------
</TABLE>
Part II. Changes in Allowance for Loan and Lease Losses
<TABLE>
<CAPTION>
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
RIAD Bil Mil Thou
<S> <C> <C> <C>
1. Balance originally reported in the December 31, 1996, Reports of Condition
and Income.......... 3124 776,811 1.
2. Recoveries (must equal part I, item 9, column B
above)......................................... 4605 21,157 2.
3. LESS: Charge-offs (must equal part I, item 9, column A
above).................................. 4635 33,956 3.
4. Provision for loan and lease losses (must equal Schedule RI, item
4.a)......................... 4230 611 4.
5. Adjustments* (see instructions for this
schedule).............................................. 4815 (1,410)
5.
6. Balance end of current period (sum of items 1 through 5) (must equal
Schedule RC, //////////////////
item
4.b)............................................................................
.......... 3123 763,213 6.
--------------------
</TABLE>
____________
*Describe on Schedule RI-E--Explanations.
7
<PAGE> 27
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-6
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-D--Income from International Operations
For all banks with foreign offices, Edge or Agreement subsidiaries, or IBFs
where international operations account for more than 10 percent of total
revenues, total assets, or net income.
Part I. Estimated Income from International Operations
<TABLE>
<CAPTION>
----------
I492 (-
---------------
Year-to-date
---------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
RIAD Bil Mil Thou
1. Interest income and expense booked at foreign offices, Edge and Agreement
subsidiaries, //////////////////
and IBFs:
//////////////////
a. Interest income booked
................................................................... 4837
N/A 1.a.
b. Interest expense booked
.................................................................. 4838
N/A 1.b.
c. Net interest income booked at foreign offices, Edge and Agreement
subsidiaries, and IBFs //////////////////
(item 1.a minus 1.b)
..................................................................... 4839
N/A 1.c.
2. Adjustments for booking location of international operations:
//////////////////
a. Net interest income attributable to international operations booked at
domestic offices .. 4840 N/A 2.a.
b. Net interest income attributable to domestic business booked at foreign
offices .......... 4841 N/A 2.b.
c. Net booking location adjustment (item 2.a minus 2.b)
..................................... 4842 N/A 2.c.
3. Noninterest income and expense attributable to international operations:
//////////////////
a. Noninterest income attributable to international operations
.............................. 4097 N/A 3.a.
b. Provision for loan and lease losses attributable to international
operations ............. 4235 N/A 3.b.
c. Other noninterest expense attributable to international operations
....................... 4239 N/A 3.c.
d. Net noninterest income (expense) attributable to international
operations (item 3.a //////////////////
minus 3.b and 3.c)
....................................................................... 4843
N/A 3.d.
4. Estimated pretax income attributable to international operations before
capital allocation //////////////////
adjustment (sum of items 1.c, 2.c, and 3.d)
................................................. 4844 N/A 4.
5. Adjustment to pretax income for internal allocations to international
operations to reflect //////////////////
the effects of equity capital on overall bank funding costs
................................. 4845 N/A 5.
6. Estimated pretax income attributable to international operations after
capital allocation //////////////////
adjustment (sum of items 4 and 5)
........................................................... 4846 N/A
6.
7. Income taxes attributable to income from international operations as
estimated in item 6 .... 4797 N/A 7.
8. Estimated net income attributable to international operations (item 6 minus
7) .............. 4341 N/A 8.
----------------------
</TABLE>
<TABLE>
<CAPTION>
Memoranda
---------------------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
RIAD Bil Mil Thou
1. Intracompany interest income included in item 1.a above
..................................... 4847 N/A M.1.
2. Intracompany interest expense included in item 1.b above
.................................... 4848 N/A M.2.
--------------------------
</TABLE>
Part II. Supplementary Details on Income from International Operations Required
by the Departments of Commerce and Treasury for Purposes of the U.S.
International Accounts and the U.S. National Income and Product Accounts
<TABLE>
<CAPTION>
Year-to-date
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Dollar Amounts in Thousands RIAD Bil Mil Thou
- --------------------------------------------------------------------------------
- ---------------- --------------------
1. Interest income booked at IBFs
.............................................................. 4849 N/A 1.
2. Interest expense booked at IBFs
............................................................. 4850 N/A 2.
3. Noninterest income attributable to international operations booked at
domestic offices //////////////////
(excluding IBFs):
//////////////////
a. Gains (losses) and extraordinary items
................................................... 5491 N/A 3.a.
b. Fees and other noninterest income
........................................................ 5492 N/A
3.b.
4. Provision for loan and lease losses attributable to international operations
booked at //////////////////
domestic offices (excluding IBFs)
........................................................... 4852 N/A
4.
5. Other noninterest expense attributable to international operations booked at
domestic offices //////////////////
(excluding IBFs)
............................................................................
4853 N/A 5.
--------------------
</TABLE>
8
<PAGE> 28
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-7
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-E--Explanations
Schedule RI-E is to be completed each quarter on a calendar year-to-date basis.
Detail all adjustments in Schedules RI-A and RI-B, all extraordinary items and
other adjustments in Schedule RI, and all significant items of other
noninterest income and other noninterest expense in Schedule RI. (See
instructions for details.)
<TABLE>
<CAPTION>
- ----------
I495 (-
------ --------
Year-to-date
--- ---------------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
RIAD Bil Mil Thou
1. All other noninterest income (from Schedule RI, item 5.f.(2))
//////////////////
Report amounts that exceed 10% of Schedule RI, item 5.f.(2):
//////////////////
a. Net gains (losses) on other real estate owned
............................................ 5415 0 1.a.
b. Net gains (losses) on sales of loans
..................................................... 5416 0 1.b.
c. Net gains (losses) on sales of premises and fixed assets
................................. 5417 0 1.c.
Itemize and describe the three largest other amounts that exceed 10% of
//////////////////
Schedule RI, item 5.f.(2):
//////////////////
-------------
d. TEXT 4461 Intercompany Investment Services Fees
4461 11,715 1.d.
-----------
- ------------------------------------------------------------------------------
e. TEXT 4462
4462 1.e.
-----------
- ------------------------------------------------------------------------------
f. TEXT 4463
4463 1.f.
---------------------------------------------------------------------------
- ----------------
2. Other noninterest expense (from Schedule RI, item 7.c):
//////////////////
a. Amortization expense of intangible assets
................................................ 4531 20,272 2.a.
Report amounts that exceed 10% of Schedule RI, item 7.c:
//////////////////
b. Net (gains) losses on other real estate owned
............................................ 5418 0 2.b.
c. Net (gains) losses on sales of loans
..................................................... 5419 0 2.c.
d. Net (gains) losses on sales of premises and fixed assets
................................. 5420 0 2.d.
Itemize and describe the three largest other amounts that exceed 10% of
//////////////////
Schedule RI, item 7.c:
//////////////////
-------------
e. TEXT 4464 Intercompany Corporate Support Function Charges
4464 80,442 2.e.
-----------
- ------------------------------------------------------------------------------
f. TEXT 4467 Intercompany Data Processing & Programming Charges
4467 74,344 2.f.
-----------
- ------------------------------------------------------------------------------
g. TEXT 4468
4468 2.g.
---------------------------------------------------------------------------
- ----------------
3. Extraordinary items and other adjustments and applicable income tax
effect //////////////////
(from Schedule RI, item 11) (itemize and describe all extraordinary items
and //////////////////
all adjustments):
//////////////////
-------------
a. (1) TEXT 4469
4469 3.a.(1)
---------------------------------------------------------------------------
- ------------
(2) Applicable income tax effect
RIAD 4486 ///////////////// 3.a.(2)
-------------
- -------------------
b. (1) TEXT 4487
4487 3.b.(1)
---------------------------------------------------------------------------
- ------------
(2) Applicable income tax effect
RIAD 4488 ///////////////// 3.b.(2)
-------------
- -------------------
c. (1) TEXT 4489
4489 0 3.c.(1)
---------------------------------------------------------------------------
- ------------
(2) Applicable income tax effect
RIAD 4491 ////////////////// 3.c.(2)
4. Equity capital adjustments from amended Reports of Income (from
Schedule RI-A, //////////////////
item 2) (itemize and describe all adjustments):
//////////////////
-------------
a. TEXT 4492
4492 4.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4493
4493 4.b.
---------------------------------------------------------------------------
- ----------------
5. Cumulative effect of changes in accounting principles from prior years
//////////////////
(from Schedule RI-A, item 9) (itemize and describe all changes in
accounting principles): //////////////////
-------------
a. TEXT 4494 Effect on change to GAAP from previous non-GAAP
instructions A546 42,977 5.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4495
4495 5.b.
---------------------------------------------------------------------------
- ----------------
6. Corrections of material accounting errors from prior years (from
Schedule RI-A, item 10) //////////////////
(itemize and describe all corrections):
//////////////////
-------------
a. TEXT 4496
4496 6.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4497
4497 6.b.
---------------------------------------------------------------------------
</TABLE>
9
<PAGE> 29
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-8
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-E--Continued
<TABLE>
<CAPTION>
----------------
Year-to-date
----------------------
Dollar Amounts in Thousands
----------------------
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
RIAD Bil Thou
7. Other transactions with parent holding company (from Schedule RI-A,
item 13)
(itemize and describe all such transactions):
//////////////////
-----------
a. TEXT 4498
4498 7.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4499
4499 7.b.
---------------------------------------------------------------------------
- ----------------
8. Adjustments to allowance for loan and lease losses (from Schedule RI-B,
part II, item 5) ///////////////////
(itemize and describe all adjustments):
///////////////////
-------------
a. TEXT 4521 Adj to beg bal to correct prior period posting errs
4521 (1,410) 8.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4522
4522 8.b
---------------------------------------------------------------------------
- ---------------- ---------------------
9. Other explanations (the space below is provided for the bank to briefly
describe, at its I498 I499 (-
----------------------
option, any other significant items affecting the Report of Income):
---
No comment X (RIAD 4769)
---
Other explanations (please type or print clearly):
(TEXT 4769)
</TABLE>
10
<PAGE> 30
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-1
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for March 31, 1997
All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the
quarter.
Schedule RC--Balance Sheet
__________
<TABLE>
<CAPTION>
----------
C400 (-
------------ --------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
RCFD Bil Mil Thou
ASSETS
//////////////////
1. Cash and balances due from depository institutions (from Schedule
RC-A): //////////////////
a. Noninterest-bearing balances and currency and coin(1)
................................... 0081 3,237,415 1.a.
b. Interest-bearing balances(2)
............................................................ 0071
46,240 1.b.
2. Securities:
//////////////////
a. Held-to-maturity securities (from Schedule RC-B, column A)
.............................. 1754 154,725 2.a.
b. Available-for-sale securities (from Schedule RC-B, column D)
............................ 1773 4,670,125 2.b.
3. Federal funds sold and securities purchased under agreements to
resell...................... 1350 294,589 3.
4. Loans and lease financing receivables:
//////////////////
----------------------
a. Loans and leases, net of unearned income (from Schedule RC-C) ....
RCFD 2122 33,218,336 ////////////////// 4.a.
b. LESS: Allowance for loan and lease losses ........................
RCFD 3123 763,213 ////////////////// 4.b.
c. LESS: Allocated transfer risk reserve ............................
RCFD 3128 0 ////////////////// 4.c.
---------------------- //////////////////
d. Loans and leases, net of unearned income,
//////////////////
allowance, and reserve (item 4.a minus 4.b and 4.c)
..................................... 2125 32,455,123 4.d.
5. Trading assets (from Schedule RC-D)
........................................................ 3545 93,776
5.
6. Premises and fixed assets (including capitalized leases)
................................... 2145 527,415 6.
7. Other real estate owned (from Schedule RC-M)
............................................... 2150 21,429 7.
8. Investments in unconsolidated subsidiaries and associated companies
(from Schedule RC-M) ... 2130 0 8.
9. Customers' liability to this bank on acceptances outstanding
............................... 2155 5,274 9.
10. Intangible assets (from Schedule RC-M)
..................................................... 2143 2,651,959 10.
11. Other assets (from Schedule RC-F)
.......................................................... 2160 2,504,311
11.
12. Total assets (sum of items 1 through 11)
................................................... 2170 46,662,381 12.
----------------------
</TABLE>
____________
(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
11
<PAGE> 31
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-2
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
Schedule RC--Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
---------------------------
////////// Bil Mil Thou
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LIABILITIES
///////////////////////
13. Deposits:
///////////////////////
///////////////////////
a. In domestic offices (sum of totals of columns A and C from Schedule
RC-E, part I) ..... RCON 2200 30,789,630 13.a.
---------------------------
(1) Noninterest-bearing(1) ................................ RCON 6631
9,293,258 /////////////////////// 13.a.(1)
(2) Interest-bearing ...................................... RCON 6636
21,496,372 /////////////////////// 13.a.(2)
---------------------------
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs (from
Schedule RC-E, ///////////////////////
part II)
..............................................................................
RCFN 2200 2,221,589 13.b.
---------------------------
(1) Noninterest-bearing ................................... RCFN 6631
38,272 /////////////////////// 13.b.(1)
(2) Interest-bearing ...................................... RCFN 6636
2,183,317 /////////////////////// 13.b.(2)
---------------------------
14. Federal funds purchased and securities sold under agreements to repurchase
............... RCFD 2800 5,510,870 14.
15. a. Demand notes issued to the U.S. Treasury
.............................................. RCON 2840 35,346 15.a.
b. Trading liabilities (from Schedule RC-D)
.............................................. RCFD 3548 77,911 15.b.
16. Other borrowed money (includes mortgage indebtedness and obligations under
///////////////////////
capitalized leases):
///////////////////////
a. With remaining maturity of one year or less
........................................... RCFD 2332 479,711 16.a.
b. With remaining maturity of more than one year
......................................... RCFD 2333 584,632 16.b.
17. Not applicable
///////////////////////
18. Bank's liability on acceptances executed and outstanding
................................. RCFD 2920 5,274 18.
19. Subordinated notes and debentures(2)
..................................................... RCFD 3200 1,187,482
19.
20. Other liabilities (from Schedule RC-G)
................................................... RCFD 2930 1,261,840
20.
21. Total liabilities (sum of items 13 through 20)
........................................... RCFD 2948 42,154,285 21.
22. Not applicable
///////////////////////
EQUITY CAPITAL
///////////////////////
23. Perpetual preferred stock and related surplus
............................................ RCFD 3838 125,000 23.
24. Common stock
.............................................................................
RCFD 3230 19,487 24.
25. Surplus (exclude all surplus related to preferred
stock).................................. RCFD 3839 2,551,927 25.
26. a. Undivided profits and capital reserves
................................................ RCFD 3632 1,837,050
26.a.
b. Net unrealized holding gains (losses) on available-for-sale securities
................ RCFD 8434 (25,638) 26.b.
27. Cumulative foreign currency translation adjustments
...................................... RCFD 3284 0 27.
28. Total equity capital (sum of items 23 through 27)
........................................ RCFD 3210 4,508,096 28.
29. Total liabilities, limited-life preferred stock, and equity capital (sum of
items 21 ///////////////////////
and 28)
................................................................................
.. RCFD 3300 46,662,381 29.
-------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Memorandum
To be reported only with the March Report of Condition.
1. Indicate in the box at the right the number of the statement below that
Number
best describes the most comprehensive level of auditing work performed
- ----------------
for the bank by independent external auditors as of any date during 1996
........................ RCFD 6724 2 M.1.
----------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
1 = Independent audit of the bank conducted in accordance 4 = Directors'
examination of the bank performed by other
with generally accepted auditing standards by a certified external
auditors (may be required by state chartering
public accounting firm which submits a report on the bank
authority)
2 = Independent audit of the bank's parent holding company 5 = Review of
the bank's financial statements by external
conducted in accordance with generally accepted auditing auditors
standards by a certified public accounting firm which 6 =
Compilation of the bank's financial statements by external
submits a report on the consolidated holding company auditors
(but not on the bank separately) 7 = Other
audit procedures (excluding tax preparation work)
3 = Directors' examination of the bank conducted in accordance 8 = No
external audit work
with generally accepted auditing standards by a certified
public accounting firm (may be required by state
chartering authority)
- ------------
</TABLE>
(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited-life preferred stock and related surplus.
12
<PAGE> 32
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-3
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-A--Cash and Balances Due From Depository Institutions
Exclude assets held for trading.
<TABLE>
<CAPTION>
----------
Dollar Amounts in Thousands C405 (-
--------------------------------- --------
(Column A) (Column B)
Consolidated Domestic
Bank Offices
- -----------------------------------------------------------------------------
- -------------------- --------------------
RCFD Bil Mil Thou RCON Bil Mil Thou
<S> <C> <C> <C>
1. Cash items in process of collection, unposted debits, and currency and
////////////////// //////////////////
coin ....................................................................
0022 3,139,724 ////////////////// 1.
a. Cash items in process of collection and unposted debits ..............
////////////////// 0020 2,453,832 1.a.
b. Currency and coin ....................................................
////////////////// 0080 685,892 1.b.
2. Balances due from depository institutions in the U.S. ...................
////////////////// 0082 104,091 2.
a. U.S. branches and agencies of foreign banks (including their IBFs) ...
0083 0 ////////////////// 2.a.
b. Other commercial banks in the U.S. and other depository institutions
////////////////// //////////////////
in the U.S. (including their IBFs) ...................................
0085 104,124 ////////////////// 2.b.
3. Balances due from banks in foreign countries and foreign central banks ..
////////////////// 0070 39,679 3.
a. Foreign branches of other U.S. banks .................................
0073 31,028 ////////////////// 3.a.
b. Other banks in foreign countries and foreign central banks ...........
0074 8,779 ////////////////// 3.b.
4. Balances due from Federal Reserve Banks .................................
0090 0 0090 0 4.
5. Total (sum of items 1 through 4) (total of column A must equal
////////////////// //////////////////
Schedule RC, sum of items 1.a and 1.b) ..................................
0010 3,283,655 0010 3,283,494 5.
-------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Memorandum
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
RCON Bil Mil Thou
<S> <C> <C> <C> <C>
1. Noninterest-bearing balances due from commercial banks in the U.S. (included
in item 2, //////////////////
column B above)
...........................................................................
0050 88,751 M.1.
----------------------
</TABLE>
Schedule RC-B--Securities
Exclude assets held for trading.
<TABLE>
<CAPTION>
Dollar Amounts in Thousands C410
(-
--------------------------------------------------------------------------
- --------
Held-to-maturity Available-for-sale
-----------------------------------------
- -----------------------------------------
(Column A) (Column B) (Column C) (Column D)
Amortized Cost Fair Value Amortized Cost Fair Value(1)
- -------------------------------------- --------------------
- -------------------- -------------------- --------------------
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil
Thou
<S> <C> <C> <C> <C> <C>
1. U.S. Treasury securities ......... 0211 253 0213 253
1286 378,839 1287 374,998 1.
2. U.S. Government agency ////////////////// //////////////////
////////////////// //////////////////
obligations (exclude ////////////////// //////////////////
////////////////// //////////////////
mortgage-backed securities): ////////////////// //////////////////
////////////////// //////////////////
a. Issued by U.S. Govern- ////////////////// //////////////////
////////////////// //////////////////
ment agencies(2) .............. 1289 0 1290 0
1291 0 1293 0 2.a.
b. Issued by U.S. ////////////////// //////////////////
////////////////// //////////////////
Government-sponsored ////////////////// //////////////////
////////////////// //////////////////
agencies(3) ................... 1294 0 1295 0
1297 0 1298 0 2.b.
---------------------------------------------------------------------------
</TABLE>
________
(1) Includes equity securities without readily determinable fair values at
historical cost in item 6.b, column D.
(2) Includes Small Business Administration "Guaranteed Loan Pool Certificates,"
U.S. Maritime Administration obligations, and Export-Import Bank
participation certificates.
(3) Includes obligations (other than mortgage-backed securities) issued by the
Farm Credit System, the Federal Home Loan Bank System, the Federal Home
Loan Mortgage Corporation, the Federal National Mortgage Association, the
Financing Corporation, Resolution Funding Corporation, the Student Loan
Marketing Association, and the Tennessee Valley Authority.
13
<PAGE> 33
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-4
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-B--Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
---------------------------------------------------------------------------
Held-to-maturity Available-for-sale
-----------------------------------------
(Column A) (Column B) (Column C) (Column D)
Amortized Cost Fair Value Amortized Cost Fair Value(1)
-------------------- -------------------- --------------------
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil
Thou
<S> <C> <C> <C>
3. Securities issued by states ////////////////// //////////////////
////////////////// //////////////////
and political subdivisions ////////////////// //////////////////
////////////////// //////////////////
in the U.S.: ////////////////// //////////////////
////////////////// //////////////////
a. General obligations ........... 1676 142,061 1677 142,019
1678 0 1679 0 3.a.
b. Revenue obligations ........... 1681 12,411 1686 12,413
1690 0 1691 0 3.b.
c. Industrial development ////////////////// //////////////////
////////////////// //////////////////
and similar obligations ....... 1694 0 1695 0
1696 0 1697 0 3.c.
4. Mortgage-backed ////////////////// //////////////////
////////////////// //////////////////
securities (MBS): ////////////////// //////////////////
////////////////// //////////////////
a. Pass-through securities: ////////////////// //////////////////
////////////////// //////////////////
(1) Guaranteed by ////////////////// //////////////////
////////////////// //////////////////
GNMA ...................... 1698 0 1699 0 1701
759,302 1702 756,748 4.a.(1)
(2) Issued by FNMA ////////////////// //////////////////
////////////////// //////////////////
and FHLMC ................. 1703 0 1705 0 1706
3,239,252 1707 3,204,046 4.a.(2)
(3) Other pass-through ////////////////// //////////////////
////////////////// //////////////////
securities................. 1709 0 1710 0 1711
35,001 1713 35,001 4.a.(3)
b. Other mortgage-backed ////////////////// //////////////////
////////////////// //////////////////
securities (include CMOs, ////////////////// //////////////////
////////////////// //////////////////
REMICs, and stripped ////////////////// //////////////////
////////////////// //////////////////
MBS): ////////////////// //////////////////
////////////////// //////////////////
(1) Issued or guaranteed ////////////////// //////////////////
////////////////// //////////////////
by FNMA, FHLMC, ////////////////// //////////////////
////////////////// //////////////////
or GNMA ................... 1714 0 1715 0 1716
0 1717 0 4.b.(1)
(2) Collateralized ////////////////// //////////////////
////////////////// //////////////////
by MBS issued or ////////////////// //////////////////
////////////////// //////////////////
guaranteed by FNMA, ////////////////// //////////////////
////////////////// //////////////////
FHLMC, or GNMA............. 1718 0 1719 0 1731
0 1732 0 4.b.(2)
(3) All other mortgage- ////////////////// //////////////////
////////////////// //////////////////
backed securities.......... 1733 0 1734 0 1735
430 1736 430 4.b.(3)
5. Other debt securities: ////////////////// //////////////////
////////////////// //////////////////
a. Other domestic debt ////////////////// //////////////////
////////////////// //////////////////
securities .................... 1737 0 1738 0
1739 589 1741 578 5.a.
b. Foreign debt ////////////////// //////////////////
////////////////// //////////////////
securities .................... 1742 0 1743 0
1744 20,547 1746 20,572 5.b.
6. Equity securities: ////////////////// //////////////////
////////////////// //////////////////
a. Investments in mutual ////////////////// //////////////////
////////////////// //////////////////
funds and other equity ////////////////// //////////////////
////////////////// //////////////////
securities with readily ////////////////// //////////////////
////////////////// //////////////////
determinable fair values....... ////////////////// //////////////////
A510 59,654 A511 59,654 6.a.
b. All other equity ////////////////// //////////////////
////////////////// //////////////////
securities(1).................. ////////////////// //////////////////
1752 218,098 1753 218,098 6.b.
7. Total (sum of items 1 ////////////////// //////////////////
////////////////// //////////////////
through 6) (total of ////////////////// //////////////////
////////////////// //////////////////
column A must equal ////////////////// //////////////////
////////////////// //////////////////
Schedule RC, item 2.a) ////////////////// //////////////////
////////////////// //////////////////
(total of column D must ////////////////// //////////////////
////////////////// //////////////////
equal Schedule RC, ////////////////// //////////////////
////////////////// //////////////////
item 2.b)......................... 1754 154,725 1771 154,685
1772 4,711,712 1773 4,670,125 7.
---------------------------------------------------------------------------
</TABLE>
_____________
(1) Includes equity securities without readily determinable fair values at
historical cost in item 6.d, column D.
14
<PAGE> 34
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-5
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-B--Continued
<TABLE>
<CAPTION>
Memoranda
- -----------
C412 (-
----------- ---------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------- --------------------------
RCFD Bil Mil Thou
<S> <C> <C> <C> <C>
1. Pledged securities(2)
......................................................................... 0416
1,887,282 M.1.
2. Maturity and repricing data for debt securities(2),(3),(4) (excluding those
in nonaccrual status): //////////////////
a. Fixed rate debt securities with a remaining maturity of:
//////////////////
(1) Three months or less
................................................................... 0343
49,199 M.2.a.(1)
(2) Over three months through 12 months
.................................................... 0344 100,424
M.2.a.(2)
(3) Over one year through five years
....................................................... 0345 1,032,358
M.2.a.(3)
(4) Over five years
........................................................................ 0346
2,378,449 M.2.a.(4)
(5) Total fixed rate debt securities (sum of Memorandum items 2.a.(1)
through 2.a.(4)) ..... 0347 3,560,430 M.2.a.(5)
b. Floating rate debt securities with a repricing frequency of:
//////////////////
(1) Quarterly or more frequently
........................................................... 4544 291,185
M.2.b.(1)
(2) Annually or more frequently, but less frequently than quarterly
........................ 4545 683,203 M.2.b.(2)
(3) Every five years or more frequently, but less frequently than annually
................. 4551 5,580 M.2.b.(3)
(4) Less frequently than every five years
.................................................. 4552 6,700
M.2.b.(4)
(5) Total floating rate debt securities (sum of Memorandum items 2.b.(1)
through 2.b.(4)) .. 4553 986,668 M.2.b.(5)
c. Total debt securities (sum of Memorandum items 2.a.(5) and 2.b.(5))
(must equal total debt //////////////////
securities from Schedule RC-B, sum of items 1 through 5, columns A and D,
minus nonaccrual //////////////////
debt securities included in Schedule RC-N, item 9, column C)
............................... 0393 4,547,098 M.2.c.
3.-5. Not applicable
//////////////////
6. Floating rate debt securities with a remaining maturity of one year or
less(2),(4) (included in //////////////////
Memorandum item 2.b.(1) through 2.b(4) above)
................................................. 5519 6,233 M.6.
7. Amortized cost of held-to-maturity securities sold or transferred to
available-for-sale or //////////////////
trading securities during the calendar year-to-date (report the amortized
cost at date of sale //////////////////
or
transfer).......................................................................
............ 1778 97,163 M.7.
8. High-risk mortgage securities (included in the held-to-maturity and
available-for-sale //////////////////
accounts in Schedule RC-B, item 4.b):
//////////////////
a. Amortized
cost............................................................................
.. 8780 0 M.8.a.
b. Fair
value...........................................................................
....... 8781 0 M.8.b.
9. Structured notes (included in the held-to-maturity and available-for-sale
accounts in //////////////////
Schedule RC-B, items 2, 3, and 5):
//////////////////
a. Amortized
cost............................................................................
.. 8782 0 M.9.a.
b. Fair
value...........................................................................
....... 8783 0 M.9.b.
----------------------
</TABLE>
_____________
(2) Includes held-to-maturity securities at amortized cost and
available-for-sale securities at fair value.
(3) Exclude equity securities, e.g., investments in mutual funds, Federal
Reserve stock, common stock, and preferred stock.
(4) Memorandum items 2 and 6 are not applicable to savings banks that must
complete supplemental Schedule RC-J.
15
<PAGE> 35
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-6
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-C--Loans and Lease Financing Receivables
Part I. Loans and Leases
<TABLE>
<CAPTION>
Do not deduct the allowance for loan and lease losses from amounts
- ----------
reported in this schedule. Report total loans and leases, net of unearned
Dollar Amounts in Thousands C415 (-
income. Exclude assets held in trading and commercial paper.
- --------------------------------- --------
(Column A) (Column B)
Consolidated Domestic
Bank Offices
-------------------- --------------------
<S> <C> <C> <C> <C>
RCFD Bil Mil Thou RCON Bil Mil Thou
1. Loans secured by real estate ..........................................
1410 12,645,427 ////////////////// 1.
a. Construction and land development ..................................
////////////////// 1415 614,592 1.a.
b. Secured by farmland (including farm residential and other
////////////////// //////////////////
improvements) ......................................................
////////////////// 1420 1,969 1.b.
c. Secured by 1-4 family residential properties:
////////////////// //////////////////
(1) Revolving, open-end loans secured by 1-4 family residential
////////////////// //////////////////
properties and extended under lines of credit ..................
////////////////// 1797 1,791,682 1.c.(1)
(2) All other loans secured by 1-4 family residential properties:
////////////////// //////////////////
(a) Secured by first liens .....................................
////////////////// 5367 5,510,321 1.c.(2)(a)
(b) Secured by junior liens ....................................
////////////////// 5368 601,304 1.c.(2)(b)
d. Secured by multifamily (5 or more) residential properties ..........
////////////////// 1460 469,577 1.d.
e. Secured by nonfarm nonresidential properties .......................
////////////////// 1480 3,655,982 1.e.
2. Loans to depository institutions:
////////////////// //////////////////
a. To commercial banks in the U.S. ....................................
////////////////// 1505 144,639 2.a.
(1) To U.S. branches and agencies of foreign banks ................. 1506
0 ////////////////// 2.a.(1)
(2) To other commercial banks in the U.S. .......................... 1507
144,639 ////////////////// 2.a.(2)
b. To other depository institutions in the U.S. .......................
1517 16,875 1517 16,875 2.b.
c. To banks in foreign countries ......................................
////////////////// 1510 776 2.c.
(1) To foreign branches of other U.S. banks ........................ 1513
712 ////////////////// 2.c.(1)
(2) To other banks in foreign countries ............................ 1516
64 ////////////////// 2.c.(2)
3. Loans to finance agricultural production and other loans to farmers ...
1590 3,768 1590 3,768 3.
4. Commercial and industrial loans:
////////////////// //////////////////
a. To U.S. addressees (domicile) ......................................
1763 13,274,469 1763 13,261,387 4.a.
b. To non-U.S. addressees (domicile) ..................................
1764 97,858 1764 74,898 4.b.
5. Acceptances of other banks:
////////////////// //////////////////
a. Of U.S. banks ......................................................
1756 0 1756 0 5.a.
b. Of foreign banks ...................................................
1757 0 1757 0 5.b.
6. Loans to individuals for household, family, and other personal
////////////////// //////////////////
expenditures (i.e., consumer loans) (includes purchased paper) ........
////////////////// 1975 1,983,378 6.
a. Credit cards and related plans (includes check credit and other
////////////////// //////////////////
revolving credit plans) ............................................ 2008
87,261 ////////////////// 6.a.
b. Other (includes single payment, installment, and all student loans).
2011 1,896,117 ////////////////// 6.b.
7. Loans to foreign governments and official institutions (including
////////////////// //////////////////
foreign central banks) ................................................
2081 0 2081 0 7.
8. Obligations (other than securities and leases) of states and political
////////////////// //////////////////
subdivisions in the U.S. (includes nonrated industrial development
////////////////// //////////////////
obligations) ..........................................................
2107 141,553 2107 141,553 8.
9. Other loans ...........................................................
1563 2,353,839 ////////////////// 9.
a. Loans for purchasing or carrying securities (secured and unsecured).
////////////////// 1545 245,417 9.a.
b. All other loans (exclude consumer loans) ...........................
////////////////// 1564 2,108,422 9.b.
10. Lease financing receivables (net of unearned income) ..................
////////////////// 2165 2,555,754 10.
a. Of U.S. addressees (domicile) ......................................
2182 2,555,754 ////////////////// 10.a.
b. Of non-U.S. addressees (domicile) ..................................
2183 0 ////////////////// 10.b.
11. LESS: Any unearned income on loans reflected in items 1-9 above .......
2123 0 2123 0 11.
12. Total loans and leases, net of unearned income (sum of items 1 through
////////////////// //////////////////
10 minus item 11) (total of column A must equal Schedule RC, item 4.a).
2122 33,218,336 2122 33,182,294 12.
-------------------------------------------
</TABLE>
16
<PAGE> 36
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-7
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-C--Continued
Part I. Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
-------------------------------------------
(Column A) (Column B)
Consolidated Domestic
Bank Offices
Memoranda
RCON Bil Mil Thou
- -----------------------------------------------------------------------------
<S> <C> <C>
1. Not applicable
//////////////////
2. Loans and leases restructured and in compliance with modified terms
//////////////////
(included in Schedule RC-C, part I, above and not reported as past due
//////////////////
or nonaccrual in Schedule RC-N, Memorandum item 1):
//////////////////
a. Loans secured by real estate:
//////////////////
(1) To U.S. addressees (domicile) ...................................
1687 0 M.2.a.(1)
(2) To non-U.S. addressees (domicile) ...............................
1689 0 M.2.a.(2)
b. All other loans and all lease financing receivables (exclude loans to
//////////////////
individuals for household, family, and other personal expenditures)..
8691 0 M.2.b.
c. Commercial and industrial loans to and lease financing receivables
//////////////////
of non-U.S. addresses (domicile) included in Memorandum item 2.b
//////////////////
above................................................................
8692 0 M.2.c.
3. Maturity and repricing data for loans and leases(1) (excluding those
//////////////////
in nonaccrual status):
//////////////////
a. Fixed rate loans and leases with a remaining maturity of:
//////////////////
(1) Three months or less ............................................
0348 2,046,255 M.3.a.(1)
(2) Over three months through 12 months .............................
0349 297,728 M.3.a.(2)
(3) Over one year through five years ................................
0356 2,280,748 M.3.a.(3)
(4) Over five years .................................................
0357 5,414,134 M.3.a.(4)
(5) Total fixed rate loans and leases (sum of
//////////////////
Memorandum items 3.a.(1) through 3.a.(4)) ....................... 0358
10,038,865 M.3.a.(5)
b. Floating rate loans with a repricing frequency of:
//////////////////
(1) Quarterly or more frequently ....................................
4554 19,014,916 M.3.b.(1)
(2) Annually or more frequently, but less frequently than quarterly .
4555 3,087,028 M.3.b.(2)
(3) Every five years or more frequently, but less frequently than
//////////////////
annually ........................................................ 4561
618,323 M.3.b.(3)
(4) Less frequently than every five years ...........................
4564 129,313 M.3.b.(4)
(5) Total floating rate loans (sum of Memorandum items 3.b.(1)
//////////////////
through 3.b.(4)) ................................................ 4567
22,849,580 M.3.b.(5)
c. Total loans and leases (sum of Memorandum items 3.a.(5) and 3.b.(5))
//////////////////
(must equal the sum of total loans and leases, net, from
//////////////////
Schedule RC-C, part I, item 12, plus unearned income from
//////////////////
Schedule RC-C, part I, item 11, minus total nonaccrual loans and
//////////////////
leases from Schedule RC-N, sum of items 1 through 8, column C) ......
1479 32,888,445 M.3.c.
d. Floating rate loans with a remaining maturity or one year or less
(included in Memorandum items 3.b.(1) through 3.b.(4) above) ........
A246 4,490,228 M.3.d.
4. Loans to finance commercial real estate, construction, and land
//////////////////
development activities (NOT SECURED BY REAL ESTATE) included in
//////////////////
Schedule RC-C, part I, items 4 and 9, column A, page RC-6(2) ...........
2746 296,062 M.4.
5. Loans and leases held for sale (included in Schedule RC-C, part I,
above) 5369 1,355,986 M.5.
6. Adjustable rate closed-end loans secured by first liens on 1-4 family
////////////////// RCON Bil Mil Thou
residential properties (included in Schedule RC-C, part I, item
//////////////////
1.c.(2)(a), column B, page RC-6) .......................................
////////////////// 5370 1,818,959 M.6.
-------------------------------------------
</TABLE>
_____________
(1) Memorandum item 3 is not applicable to savings banks that must complete
supplemental Schedule RC-J.
(2) Exclude loans secured by real estate that are included in Schedule RC-C,
part I, item 1, column A.
17
<PAGE> 37
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-8
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-D--Trading Assets and Liabilities
Schedule RC-D is to be completed only by banks with $1 billion or more in total
assets or with $2 billion or more in par/notional amount of off-balance sheet
derivative contracts (as reported in Schedule RC-L, items 14.a through 14.e,
columns A through D).
<TABLE>
<CAPTION>
- ---------
C420 (-
----------------- --------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------ -------------------------
<S> <C> <C> <C>
//////// Bil Mil Thou
ASSETS
///////////////////////
1. U.S. Treasury securities in domestic offices
................................................ RCON 3531 82 1.
2. U.S. Government agency obligations in domestic offices (exclude
mortgage- ///////////////////////
backed securities)
..........................................................................
RCON 3532 0 2.
3. Securities issued by states and political subdivisions in the U.S. in
domestic offices ...... RCON 3533 0 3.
4. Mortgage-backed securities (MBS) in domestic offices:
///////////////////////
a. Pass-through securities issued or guaranteed by FNMA, FHLMC, or GNMA
..................... RCON 3534 0 4.a.
b. Other mortgage-backed securities issued or guaranteed by FNMA, FHLMC,
or GNMA ///////////////////////
(include CMOs, REMICs, and stripped
MBS).................................................. RCON 3535 0
4.b.
c. All other mortgage-backed
securities...................................................... RCON 3536
0 4.c.
5. Other debt securities in domestic offices
................................................... RCON 3537 0
5.
6. Certificates of deposit in domestic offices
................................................. RCON 3538 0 6.
7. Commercial paper in domestic offices
........................................................ RCON 3539
0 7.
8. Bankers acceptances in domestic offices
..................................................... RCON 3540 0
8.
9. Other trading assets in domestic offices
.................................................... RCON 3541 0
9.
10. Trading assets in foreign offices
........................................................... RCFN 3542
0 10.
11. Revaluation gains on interest rate, foreign exchange rate, and other
commodity and equity ///////////////////////
contracts:
///////////////////////
a. In domestic offices
...................................................................... RCON
3543 91,682 11.a.
b. In foreign offices
....................................................................... RCFN
3543 2,012 11.b.
12. Total trading assets (sum of items 1 through 11) (must equal Schedule RC,
item 5) ........... RCFD 3545 93,776 12.
---------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------
Dollar Amounts in Thousands
<S> <C> <C> <C>
LIABILITIES
- ---------------------------
///////// Bil Mil Thou
13. Liability for short positions
............................................................... RCFD 3546
0 13.
14. Revaluation losses on interest rate, foreign exchange rate, and other
commodity and equity ///////////////////////
contracts
................................................................................
... RCFD 3547 77,911 14.
15. Total trading liabilities (sum of items 13 and 14) (must equal Schedule RC,
item 15.b) ...... RCFD 3548 77,911 15.
---------------------------
</TABLE>
18
<PAGE> 38
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-9
City, State Zip: Springfield MA, 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-E--Deposit Liabilities
Part I. Deposits in Domestic Offices
<TABLE>
<CAPTION>
----------
Dollar Amounts in Thousands C425 (-
------------------------------------------------------ --------
Nontransaction
Transaction Accounts Accounts
----------------------------------------- --------------------
(Column A) (Column B) (Column C)
Total transaction Memo: Total Total
accounts (including demand deposits nontransaction
total demand (included in accounts
deposits) column A) (including MMDAs)
-------------------- -------------------- --------------------
- ---------------------------------------------------------- --------------------
- -------------------- --------------------
<S> <C> <C> <C> <C> <C>
RCON Bil Mil Thou RCON Bil Mil Thou RCON Bil Mil Thou
Deposits of: //////////////////
////////////////// //////////////////
1. Individuals, partnerships, and corporations .......... 2201 8,327,509
2240 7,923,022 2346 20,348,243 1.
2. U.S. Government ...................................... 2202 14,334
2280 14,314 2520 5,568 2.
3. States and political subdivisions in the U.S. ........ 2203 403,756
2290 393,570 2530 729,379 3.
4. Commercial banks in the U.S. ......................... 2206 588,003
2310 588,003 2550 397 4.
5. Other depository institutions in the U.S. ............ 2207 185,300
2312 185,300 2349 2,284 5.
6. Banks in foreign countries ........................... 2213 12,574
2320 12,574 2236 0 6.
7. Foreign governments and official institutions //////////////////
////////////////// //////////////////
(including foreign central banks) .................... 2216 0
2300 0 2377 0 7.
8. Certified and official checks ........................ 2330 172,283
2330 172,283 ////////////////// 8.
9. Total (sum of items 1 through 8) (sum of //////////////////
////////////////// //////////////////
columns A and C must equal Schedule RC, //////////////////
////////////////// //////////////////
item 13.a) ........................................... 2215 9,703,759
2210 9,289,066 2385 21,085,871 9.
----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------
Memoranda
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ------------------- --------------------
<S> <C> <C>
RCON Bil Mil Thou
1. Selected components of total deposits (i.e., sum of item 9, columns A and
C): //////////////////
a. Total Individual Retirement Accounts (IRAs) and Keogh Plan accounts
........................ 6835 2,504,673 M.1.a.
b. Total brokered deposits
.................................................................... 2365
1,212,576 M.1.b.
c. Fully insured brokered deposits (included in Memorandum item 1.b
above): //////////////////
(1) Issued in denominations of less than $100,000
.......................................... 2343 2,164 M.1.c.(1)
(2) Issued either in denominations of $100,000 or in denominations greater
than //////////////////
$100,000 and participated out by the broker in shares of $100,000 or less
............. 2344 1,210,412 M.1.c.(2)
d. Maturity data for brokered deposits:
//////////////////
(1) Brokered deposits issued in denominations of less than $100,000 with a
remaining //////////////////
maturity of one year or less (included in Memorandum item 1.c.(1) above)
.............. A243 707 M.1.d.(1)
(2) Brokered deposits issued in denominations of $100,000 or more with a
remaining //////////////////
maturity of one year or less (included in Memorandum item 1.b above)
................... A244 565,510 M.1.d.(2)
e. Preferred deposits (uninsured deposits of states and political
subdivisions in the U.S. //////////////////
reported in item 3 above which are secured or collateralized as required
under state law) .. 5590 323,638 M.1.e.
2. Components of total nontransaction accounts (sum of Memorandum items 2.a
through 2.d must //////////////////
equal item 9, column C above):
//////////////////
a. Savings deposits:
//////////////////
(1) Money market deposit accounts (MMDAs)
.................................................. 6810 10,163,621
M.2.a.(1)
(2) Other savings deposits (excludes MMDAs)
................................................ 0352 2,392,789 M.2.a.(2)
b. Total time deposits of less than $100,000
.................................................. 6648 6,310,045 M.2.b.
c. Total time deposits of $100,000 or more
.................................................... 2604 2,219,416
M.2.c.
3. All NOW accounts (included in column A above)
................................................. 2398 414,693 M.3.
4. Not applicable
----------------------
</TABLE>
19
<PAGE> 39
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-10
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-E--Continued
Part I. Continued
Memoranda (continued)
<TABLE>
<CAPTION>
-----------------
Dollar Amounts in Thousands RCON Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------ ------------------
<S> <C> <C>
5. Maturity and repricing data for time deposits of less than $100,000 (sum of
//////////////////
Memorandum items 5.a.(1) through 5.b.(3) must equal Memorandum item 2.b
above):(1) //////////////////
a. Fixed rate time deposits of less than $100,000 with a remaining
maturity of: //////////////////
(1) Three months or less
................................................................... A225
1,512,534 M.5.a.(1)
(2) Over three months through 12 months
.................................................... A226 2,890,076
M.5.a.(2)
(3) Over one year
..........................................................................
A227 1,849,309 M.5.a.(3)
b. Floating rate time deposits of less than $100,000 with a repricing
frequency of: //////////////////
(1) Quarterly or more frequently
........................................................... A228 58,126
M.5.b.(1)
(2) Annually or more frequently, but less frequently than quarterly
........................ A229 0 M.5.b.(2)
(3) Less frequently than annually
.......................................................... A230 0
M.5.b.(3)
c. Floating rate time deposits of less than $100,000 with a remaining
maturity of //////////////////
one year or less (included in Memorandum item 5.b.(1) through 5.b.(3)
above) ............... A231 39,996 M.5.c.
6. Maturity and repricing data for time deposits of $100,000 or more (i.e. time
certificates //////////////////
of deposit of $100,000 or more and open-account time deposits of $100,000
or more) //////////////////
(sum of memorandum items 6.a.(1) through 6.b.(4) must equal Memorandum
//////////////////
item 2.c above):(1)
//////////////////
a. Fixed rate time deposits of $100,000 or remaining maturity of:
//////////////////
(1) Three months or less
................................................................... A232
625,327 M.6.a.(1)
(2) Over three months through 12 months
.................................................... A233 731,348
M.6.a.(2)
(3) Over one year through five years
....................................................... A234 821,728
M.6.a.(3)
(4) Over five years
........................................................................ A235
8,344 M.6.a.(4)
b. Floating rate time deposits of $100,000 or more than a repricing
frequency of: //////////////////
(1) Quarterly or more frequently
........................................................... A236 2,653
M.6.b.(1)
(2) Annually or more frequently, but less frequently than quarterly
........................ A237 30,016 M.6.b.(2)
(3) Every five years or more frequently, but less frequently than annually
................. A238 0 M.6.b.(3)
(4) Less frequently than every five years
.................................................. A239 0
M.6.b.(4)
c. Floating rate time deposits of $100,000 or more with a remaining
maturity of //////////////////
one year or less (included in Memorandum items 6.b.(1) through 6.b.(4)
above) ............. A240 1,783 M.6.c.
----------------------
</TABLE>
_____________
(1) Memorandum items 5 and 6 are not applicable to savings banks that must
complete supplemental Schedule RC-J.
20
<PAGE> 40
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-11
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-E--Continued
Part II. Deposits in Foreign Offices (including Edge and
Agreement Subsidiaries and IBFs)
<TABLE>
<CAPTION>
-------------------
Dollar Amounts in Thousands RCFN Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------- ------------------
<S> <C> <C> <C>
Deposits of:
//////////////////
1. Individuals, partnerships, and corporations
................................................... 2621 1,933,242 1.
2. U.S. banks (including IBFs and foreign branches of U.S. banks)
................................ 2623 282,676 2.
3. Foreign banks (including U.S. branches and agencies of foreign banks,
including their IBFs) ... 2625 0 3.
4. Foreign governments and official institutions (including foreign central
banks) ............... 2650 0 4.
5. Certified and official checks
................................................................. 2330
0 5.
6. All other deposits
............................................................................
2668 5,671 6.
7. Total (sum of items 1 through 6) (must equal Schedule RC, item 13.b)
.......................... 2200 2,221,589 7.
----------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------
Memorandum Dollar
Amounts in Thousands RCFN Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------- ------------------
<S> <C> <C> <C>
1. Time deposits with a remaining maturity of one year or less
(included in Part II, item 7
above)............................................................ A245
2,220,930 M.1.
---------------------
</TABLE>
Schedule RC-F--Other Assets
<TABLE>
<CAPTION>
----------
C430 <-
-------------------- --------
Dollar Amounts in Thousands ////////// Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------ ----------------------------
<S> <C> <C> <C> <C>
1. Income earned, not collected on loans
........................................................ RCFD 2164
167,296 1.
2. Net deferred tax assets(1)
................................................................... RCFD 2148
0 2.
3. Interest-only strips receivable (not in the form of a security)(2) on:
....................... ///////////////////////
a. Mortgage Loans
............................................................................
RCFD A519 0 3.a.
b. Other Financial Assets
.................................................................... RCFD A520
0 3.b.
4. Other (itemize and describe amounts that exceed 25% of this item)
............................ RCFD 2168 2,337,015 4.
a. TEXT 3549 Purchased Foreclosure Receivables
RCFD 3549 764,918 /////////////////////// 4.a.
----------------------------------------------------------------
b. TEXT 3550
RCFD 3550 /////////////////////// 4.b.
----------------------------------------------------------------
c. TEXT 3551
RCFD 3551 /////////////////////// 4.c.
-----------------------------------------------------------------
---------------------------
5. Total (sum of items 1 through 4) (must equal Schedule RC, item 11)
........................... RCFD 2160 2,504,311 5.
---------------------------
</TABLE>
<TABLE>
<CAPTION>
Memorandum
- -----------------------------
Dollar Amounts in Thousands ///////// Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------ ----------------------------
<S> <C> <C> <C>
1. Deferred tax assets disallowed for regulatory capital purposes
............................... RCFD 5610 0 M.1.
---------------------------
</TABLE>
Schedule RC-G--Other Liabilities
<TABLE>
<CAPTION>
----------
C435 <-
-------------------- --------
Dollar Amounts in Thousands ///////////Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------ ----------------------------
<S> <C> <C>
1. a. Interest accrued and unpaid on deposits in domestic offices(3)
............................ RCON 3645 39,854 1.a.
b. Other expenses accrued and unpaid (includes accrued income taxes
payable) ................. RCFD 3646 444,109 1.b.
2. Net deferred tax liabilities(1)
.............................................................. RCFD 3049
459,679 2.
3. Minority interest in consolidated subsidiaries
............................................... RCFD 3000 0 3.
4. Other (itemize amounts that exceed 25% of this item)
......................................... RCFD 2938 318,198 4.
a. TEXT 3552 Payable -- Market Valuation of Hedge Derivatives RCFD
3552 98,863 /////////////////////// 4.a.
----------------------------------------------------------------
b. TEXT 3553 RCFD
3553 /////////////////////// 4.b.
----------- ----------------------------------------------------
c. TEXT 3554 RCFD
3554 /////////////////////// 4.c.
-----------------------------------------------------------------
---------------------------
5. Total (sum of items 1 through 4) (must equal Schedule RC, item 20)
........................... RCFD 2930 1,261,840 5.
---------------------------
</TABLE>
____________
(1) See discussion of deferred income taxes in Glossary entry on "income
taxes."
(2) Report interest-only strips receivable in the form of a security as
available-for-sale securities in Schedule RC, item 2.b, or as trading
assets in Schedule RC, item 5, as appropriate.
(3) For savings banks, include "dividends" accrued and unpaid on deposits.
21
<PAGE> 41
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-12
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-H--Selected Balance Sheet Items for Domestic Offices
<TABLE>
<CAPTION>
C440 <-
------------ --------
Domestic Offices
--------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------- --------------------
<S> <C> <C>
1. Customers' liability to this bank on acceptances outstanding
.................................. 2155 5,274 1.
2. Bank's liability on acceptances executed and outstanding
...................................... 2920 5,274 2.
3. Federal funds sold and securities purchased under agreements to resell
........................ 1350 294,589 3.
4. Federal funds purchased and securities sold under agreements to repurchase
.................... 2800 5,510,870 4.
5. Other borrowed money
..........................................................................
3190 1,064,343 5.
EITHER
//////////////////
6. Net due from own foreign offices, Edge and Agreement subsidiaries, and IBFs
................... 2163 N/A 6.
OR
//////////////////
7. Net due to own foreign offices, Edge and Agreement subsidiaries, and IBFs
..................... 2941 2,183,951 7.
8. Total assets (excludes net due from foreign offices, Edge and Agreement
subsidiaries, //////////////////
and IBFs)
................................................................................
..... 2192 46,622,157 8.
9. Total liabilities (excludes net due to foreign offices, Edge and Agreement
subsidiaries, and //////////////////
IBFs)
................................................................................
......... 3129 39,930,110 9.
----------------------
ITEMS 10-17 Include Held-to-Maturity and Available-for-Sale Securities in
Domestic Offices. ----------------------
RCON Bil Mil Thou
--------------------
10. U.S. Treasury securities
..................................................................... 1779
375,251 10.
11. U.S. Government agency obligations (exclude mortgage-backed
securities).......................
securities)
................................................................................
.. 1785 0 11.
12. Securities issued by states and political subdivisions in the U.S.
........................... 1786 154,472 12.
13. Mortgage-backed securities (MBS):
//////////////////
a. Pass-through securities:
//////////////////
(1) Issued or guaranteed by FNMA, FHLMC, or GNMA
.......................................... 1787 3,960,794 13.a.(1)
(2) Other pass-through securities
......................................................... 1869 35,001
13.a.(2)
b. Other mortgage-backed securities (include CMOs, REMICs, and stripped
MBS): //////////////////
(1) Issued or guaranteed by FNMA, FHLMC, or GNMA
.......................................... 1877 0 13.b.(1)
(2) All other mortgage-backed securities
.................................................. 2253 430
13.b.(2)
14. Other domestic debt securities
............................................................... 3159
578 14.
15. Foreign debt securities
...................................................................... 3160
20,572 15.
16. Equity securities:
//////////////////
a. Investments in mutual funds and other equity securities with readily
determinable //////////////////
fair values
...............................................................................
A513 59,654 16.a.
b. All other equity securities
............................................................... 3169
218,098 16.b.
17. Total held-to-maturity and available-for-sale securities (sum of items 10
through 16) ........ 3170 4,824,850 17.
----------------------
Memorandum (to be completed only by banks with IBFs and other "foreign"
offices)
----------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
- --------------------------------------------------------------------------------
- --------------------- --------------------
EITHER
//////////////////
1. Net due from the IBF of the domestic offices of the reporting bank
............................ 3051 0 M.1.
OR
//////////////////
2. Net due to the IBF of the domestic offices of the reporting bank
.............................. 3059 N/A M.2.
----------------------
</TABLE>
22
<PAGE> 42
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-13
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-I--Selected Assets and Liabilities of IBFs
To be completed only by banks with IBFs and other "foreign" offices.
<TABLE>
<CAPTION>
----------
C445 <-
------------ --------
Dollar Amounts in Thousands RCFN Bil Mil Thou
- --------------------------------------------------------------------------------
- --------------------- --------------------
<S> <C> <C>
1. Total IBF assets of the consolidated bank (component of Schedule RC,
item 12) .................. 2133 0 1.
2. Total IBF loans and lease financing receivables (component of Schedule
RC-C, part I, item 12, //////////////////
column A)
................................................................................
...... 2076 0 2.
3. IBF commercial and industrial loans (component of Schedule RC-C, part
I, item 4, //////////////////
column A)
................................................................................
...... 2077 0 3.
4. Total IBF liabilities (component of Schedule RC, item 21)
...................................... 2898 0 4.
5. IBF deposit liabilities due to banks, including other IBFs (component
of Schedule RC-E, //////////////////
part II, items 2 and 3)
........................................................................ 2379
0 5.
6. Other IBF deposit liabilities (component of Schedule RC-E, part II,
items 1, 4, 5, and 6) ...... 2381 0 6.
</TABLE>
Schedule RC-K--Quarterly Averages (1)
__________
<TABLE>
<CAPTION>
----------
C455 <-
----------------- --------
Dollar Amounts in Thousands ///////// Bil Mil Thou
- --------------------------------------------------------------------------------
- --------------- -------------------------
<S> <C> <C> <C>
ASSETS
///////////////////////
1. Interest-bearing balances due from depository institutions
............................... RCFD 3381 17,448 1.
2. U.S. Treasury securities and U.S. Government agency obligations(2)
....................... RCFD 3382 4,634,832 2.
3. Securities issued by states and political subdivisions in the U.S.(2)
.................... RCFD 3383 157,216 3.
4. a. Other debt securities(2)
.............................................................. RCFD 3647
89,778 4.a.
b. Equity securities(3) (includes investments in mutual funds and Federal
Reserve stock) . RCFD 3648 269,680 4.b.
5. Federal funds sold and securities purchased under agreements to resell
................... RCFD 3365 139,917 5.
6. Loans:
///////////////////////
a. Loans in domestic offices:
///////////////////////
(1) Total loans
....................................................................... RCON
3360 30,372,236 6.a.(1)
(2) Loans secured by real estate
...................................................... RCON 3385 13,150,160
6.a.(2)
(3) Loans to finance agricultural production and other loans to farmers
............... RCON 3386 4,125 6.a.(3)
(4) Commercial and industrial loans
................................................... RCON 3387 12,501,912
6.a.(4)
(5) Loans to individuals for household, family, and other personal
expenditures ....... RCON 3388 2,068,618 6.a.(5)
b. Total loans in foreign offices, Edge and Agreement subsidiaries, and
IBFs ............. RCFD 3360 93,587 6.b.
7. Trading assets
...........................................................................
RCFD 3401 90,881 7.
8. Lease financing receivables (net of unearned income)
..................................... RCFD 3484 2,563,612 8.
9. Total assets(4)
..........................................................................
RCFD 3368 45,942,216 9.
LIABILITIES
///////////////////////
10. Interest-bearing transaction accounts in domestic offices (NOW accounts,
ATS accounts, ///////////////////////
and telephone and preauthorized transfer accounts) (exclude demand
deposits) ............. RCON 3485 572,015 10.
11. Nontransaction accounts in domestic offices:
///////////////////////
a. Money market deposit accounts (MMDAs)
................................................. RCON 3486 9,973,512
11.a.
b. Other savings deposits
................................................................ RCON 3487
2,380,156 11.b.
c. Time deposit of $100,000 or more
...................................................... RCON A514 2,333,867
11.c.
d. Time deposits of less than
$100,000.................................................... RCON A529
6,544,111 11.d.
12. Interest-bearing deposits in foreign offices, Edge and Agreement
subsidiaries, and IBFs .. RCFN 3404 2,128,882 12.
13. Federal funds purchased and securities sold under agreements to repurchase
............... RCFD 3353 4,956,376 13.
14. Other borrowed money (includes mortgage indebtedness and obligations under
capitalized ///////////////////////
leases)
................................................................................
.. RCFD 3355 919,643 14.
---------------------------
</TABLE>
_____________
(1) For all items, banks have the option of reporting either (1) an average of
daily figures for the quarter, or (2) an average of weekly figures (i.e.,
the Wednesday of each week of the quarter).
(2) Quarterly averages for all debt securities should be based on amortized
cost.
(3) Quarterly averages for all equity securities should be based on historical
cost.
(4) The quarterly average for total assets should reflect all debt securities
(not held for trading) at amortized cost, equity securities with readily
determinable fair values at the lower of cost or fair value, and equity
securities without readily determinable fair values at historical cost.
23
<PAGE> 43
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-14
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-L--Off-Balance Sheet Items
Please read carefully the instructions for the preparation of Schedule RC-L.
Some of the amounts reported in Schedule RC-L are regarded as volume indicators
and not necessarily as measures of risk.
<TABLE>
<CAPTION>
----------
C460 <-
------------ --------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- -------------------- --------------------
<S> <C> <C> <C>
RCFD Bil Mil Thou
1. Unused commitments:
//////////////////
a. Revolving, open-end lines secured by 1-4 family residential properties,
e.g., home //////////////////
equity lines
...............................................................................
3814 2,120,991 1.a.
b. Credit card lines
..........................................................................
3815 39,190 1.b.
c. Commercial real estate, construction, and land development:
//////////////////
(1) Commitments to fund loans secured by real estate
....................................... 3816 456,954 1.c.(1)
(2) Commitments to fund loans not secured by real estate
................................... 6550 562,044 1.c.(2)
d. Securities underwriting
.................................................................... 3817
0 1.d.
e. Other unused commitments
................................................................... 3818
21,889,418 1.e.
2. Financial standby letters of credit and foreign office guarantees
............................. 3819 2,339,536 2.
a. Amount of financial standby letters of credit conveyed to others ....
RCFD 3820 84,599 ////////////////// 2.a.
3. Performance standby letters of credit and foreign office guarantees
........................... 3821 166,920 3.
a. Amount of performance standby letters of credit conveyed to others ..
RCFD 3822 5,267 ////////////////// 3.a.
4. Commercial and similar letters of credit
...................................................... 3411 131,496 4.
5. Participations in acceptances (as described in the instructions)
conveyed to others by //////////////////
the reporting bank
............................................................................
3428 145 5.
6. Participations in acceptances (as described in the instructions)
acquired by the reporting //////////////////
(nonaccepting) bank
...........................................................................
3429 20,053 6.
7. Securities borrowed
...........................................................................
3432 0 7.
8. Securities lent (including customers' securities lent where the
customer is indemnified //////////////////
against loss by the reporting bank)
........................................................... 3433 1,862,344
8.
9. Financial assets transferred with recourse that have been treated as
sold for //////////////////
Call Report purposes:
//////////////////
a. First lien 1-to-4 family residential mortgage loans:
//////////////////
(1) Outstanding principal balance of mortgages transferred as of the
report date ........... A521 578,869 9.a.(1)
(2) Amount of recourse exposure on these mortgages as of the report date
................... A522 578,869 9.a.(2)
b. Other financial assets (excluding small business obligations reported
in item 9.c): //////////////////
(1) Outstanding principal balance of assets transferred as of the report
date .............. A523 0 9.b.(1)
(2) Amount of recourse exposure on these assets as of the report date
.....,,,.............. A524 0 9.b.(2)
c. Small business obligations transferred with recourse under Section 208
of the //////////////////
Riegle Community Development and Regulatory Improvement Act of 1994:
//////////////////
(1) Outstanding principal balance of small business obligations
transferred //////////////////
as of the report date
.................................................................. A249
0 9.c.(1)
(2) Amount of retained recourse on these obligations of the report date
.................... A250 0 9.c.(2)
10. Notional amount of credit derivatives:
//////////////////
a. Credit derivatives on which the reporting bank is the guarantor
............................ A534 0 10.a.
b. Credit derivatives on which the reporting bank is the beneficiary
.......................... A535 0 10.b.
11. Spot foreign exchange contracts
............................................................... 8765
1,774,864 11.
12. All other off-balance sheet liabilities (exclude off-balance sheet
derivatives) (itemize and //////////////////
describe each component of this item over 25% of Schedule RC, item 28,
"Total equity capital") 3430 0 12.
a. TEXT 3555 ...................................................... RCFD
3555 ////////////////// 12.a.
b. TEXT 3556 ...................................................... RCFD
3556 ////////////////// 12.b.
c. TEXT 3557 ...................................................... RCFD
3557 ////////////////// 12.c.
d. TEXT 3558 ...................................................... RCFD
3558 ////////////////// 12.d.
</TABLE>
24
<PAGE> 44
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0595 FFIEC 031
Address: One Monarch Place
Page RC-15
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-L--Continued
<TABLE>
<CAPTION>
-------------------
Dollar Amounts in Thousands RCFD Bil Mil Thou
- --------------------------------------------------------------------------------
- ---------------- -------------------
<S> <C> <C> <C>
13. All other off-balance sheet assets (exclude off-balance sheet derivatives)
(itemize and //////////////////
describe each component of this item over 25% of Schedule RC, item 28,
"Total equity capital") 5591 0 13.
//////////////////
a. TEXT 5592 .......................................................
RCFD 5592 ////////////////// 13.a.
b. TEXT 5593 .......................................................
RCFD 5593 ////////////////// 13.b.
c. TEXT 5594 .......................................................
RCFD 5594 ////////////////// 13.c.
d. TEXT 5595 .......................................................
RCFD 5595 ////////////////// 13.d.
</TABLE>
<TABLE>
<CAPTION>
-------------
C461 <-
---------------------------------------------------------------------------
- ------------
(Column A) (Column B) (Column C) (Column D)
Dollar Amounts in Thousands Interest Rate Foreign Exchange
Equity Derivative Commodity And
- ---------------------------------- Contracts Contracts
Contracts Other Contracts
Off-balance Sheet Derivatives
- --------------------------------------------------------------------------------
- -------
Position Indicators Tril Bil Mil Thou Tril Bil Mil Thou Tril
Bil Mil Thou Tril Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------------------------------
<S> <C> <C>
14. Gross amounts (e.g., //////////////////// //////////////////
////////////////// ///////////////////
notional amounts) (for each //////////////////// //////////////////
////////////////// ///////////////////
column, sum of items 14.a //////////////////// //////////////////
////////////////// ///////////////////
through 14.e must equal //////////////////// //////////////////
////////////////// ///////////////////
sum of items 15, 16.a, //////////////////// //////////////////
////////////////// ///////////////////
and 16.b): //////////////////// //////////////////
////////////////// ///////////////////
a. Futures contracts.......... 0 0
0 48,835 14.a
RCFD 8693 RCFD 8694 RCFD 8695 RCFD
8696
b. Foward contracts........... 2,410,500 2,006,310
0 154,640 14.b
RCFD 8697 RCFD 8698 RCFD 8699 RCFD
8700
c. Exchange-traded option //////////////////// //////////////////
////////////////// ///////////////////
contracts: //////////////////// //////////////////
////////////////// ///////////////////
(1) Written options........ 0 13,706
0 0 14.c.(1)
RCFD 8701 RCFD 8702 RCFD 8703 RCFD
8704
(2) Purchased options...... 1,234,000 13,706
0 0 14.c.(2)
RCFD 8705 RCFD 8706 RCFD 8707 RCFD
8708
d. Over-the-counter option //////////////////// //////////////////
////////////////// ///////////////////
contracts: //////////////////// //////////////////
////////////////// ///////////////////
(1) Written options........ 5,433,087 0
0 0 14.d.(1)
RCFD 8709 RCFD 8710 RCFD 8711 RCFD
8712
(2) Purchased options...... 26,684,679 0
0 0 14.d.(2)
RCFD 8713 RCFD 8714 RCFD 8715 RCFD
8716
e. Swaps...................... 22,159,333 0
0 0 14.e.
RCFD 3450 RCFD 3826 RCFD 8719 RCFD
8720
15. Total gross notional amount //////////////////// //////////////////
////////////////// ///////////////////
of derivatives contracts //////////////////// //////////////////
////////////////// ///////////////////
held for trading.............. 5,395,980 2,033,722
0 0 15.
RCFD A126 RCFD A127 RCFD 8723 RCFD
8724
16. Total gross notional amount //////////////////// //////////////////
////////////////// ///////////////////
of derivative contracts //////////////////// //////////////////
////////////////// ///////////////////
held for purposes other //////////////////// //////////////////
////////////////// ///////////////////
than trading: //////////////////// //////////////////
////////////////// ///////////////////
a. Contracts marked //////////////////// //////////////////
////////////////// ///////////////////
to market ................. 3,095,500 0
0 48,835 16.a.
RCFD 8725 RCFD 8726 RCFD 8727 RCFD
8728
b. Contracts not marked //////////////////// //////////////////
////////////////// ///////////////////
to market ................. 49,431,119 0
0 154,640 16.b.
RCFD 8729 RCFD 8730 RCFD 8731 RCFD
8732
---------------------------------------------------------------------------
- -------------
</TABLE>
25
<PAGE> 45
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-16
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-L--Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
---------------------------------------------------------------------------
- -------------
(Column A) (Column B) (Column C) (Column D)
Interest Rate Foreign Exchange Equity Derivative Commodity
and
Contracts Contracts Contracts Other
Contracts
Off-balance Sheet Derivatives
Position Indicators
- --------------------------------------------------------------------------------
- ------------------------------------------
<S> <C> <C>
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil
Thou
17. Gross fair values of ////////////////// //////////////////
////////////////// //////////////////
derivative contracts: ////////////////// //////////////////
////////////////// //////////////////
a. Contracts held for ////////////////// //////////////////
////////////////// //////////////////
trading: ////////////////// //////////////////
////////////////// //////////////////
(1) Gross positive ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8733 35,179 8734 58,515 8735
0 8736 0 17.a.(1)
(2) Gross negative ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8737 27,884 8738 50,027 8739
0 8740 0 17.a.(2)
b. Contracts held for ////////////////// //////////////////
////////////////// //////////////////
purposes other than ////////////////// //////////////////
////////////////// //////////////////
trading that are marked ////////////////// //////////////////
////////////////// //////////////////
to market: ////////////////// //////////////////
////////////////// //////////////////
(1) Gross positive ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8741 1,270 8742 0 8743
0 8744 800 17.b.(1)
(2) Gross negative ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8745 770 8746 0 8747
0 8748 0 17.b.(2)
c. Contracts held for ////////////////// //////////////////
////////////////// //////////////////
purposes other than ////////////////// //////////////////
////////////////// //////////////////
trading that are not ////////////////// //////////////////
////////////////// //////////////////
marked to market: ////////////////// //////////////////
////////////////// //////////////////
(1) Gross positive ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8749 90,496 8750 0 8751
0 8752 417 17.c.(1)
(2) Gross negative ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8753 232,577 8754 0 8755
0 8756 0 17.c.(2)
---------------------------------------------------------------------------
- ---------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------
Memoranda
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- -------------------- --------------------
<S> <C>
RCFD Bil Mil Thou
1-2. Not applicable
//////////////////
3. Unused commitments with an original maturity exceeding one year that
are reported in //////////////////
Schedule RC-L, items 1.a through 1.e, above (report only the unused
portions of commitments //////////////////
that are fee paid or otherwise legally binding)
............................................... 3833 19,008,771 M.3.
a. Participations in commitments with an original maturity
//////////////////
exceeding one year conveyed to others ........................... RCFD
3834 1,887,977 ////////////////// M.3.a.
4. To be completed only by banks with $1 billion or more in total assets:
//////////////////
Standby letters of credit and foreign office guarantees (both financial
and performance) issued //////////////////
to non-U.S. addressees (domicile) included in Schedule RC-L, items 2 and
3, above ............. 3377 382,371 M.4.
5. Installment loans to individuals for household, family, and other
personal expenditures that //////////////////
have been securitized and sold without recourse (with servicing retained),
//////////////////
amounts outstanding by type of loan:
//////////////////
a. Loans to purchase private passenger automobiles (TO BE COMPLETED FOR
THE SEPTEMBER //////////////////
REPORT
ONLY)...........................................................................
..... 2741 N/A M.5.a.
b. Credit cards and related plans (TO BE COMPLETED
QUARTERLY).................................. 2742 0 M.5.b.
c. All other consumer installment credit (including mobile home loans)
(TO BE COMPLETED //////////////////
FOR THE SEPTEMBER REPORT
ONLY).............................................................. 2743
N/A M.5.c.
----------------------
</TABLE>
26
<PAGE> 46
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-17
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-M--Memoranda
<TABLE>
<CAPTION>
----------
C465 (-
----------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- --------------------- ----------------------------
<S> <C> <C>
RCFD Bil Mil Thou
1. Extensions of credit by the reporting bank to its executive officers,
directors, principal //////////////////
shareholders, and their related interests as of the report date:
//////////////////
a. Aggregate amount of all extensions of credit to all executive officers,
directors, principal //////////////////
shareholders, and their related interests
.................................................... 6164 565,035 1.a.
b. Number of executive officers, directors, and principal shareholders to
whom the amount of all //////////////////
extensions of credit by the reporting bank (including extensions of credit
to //////////////////
related interests) equals or exceeds the lesser of $500,000 or 5 percent
Number //////////////////
of total capital as defined for this purpose in agency regulations.
RCFD 6165 23 ////////////////// 1.b.
2. Federal funds sold and securities purchased under agreements to resell with
U.S. branches //////////////////
and agencies of FOREIGN BANKS(1) (included in Schedule RC, item
3)............................... 3405 0 2.
3. Not applicable.
//////////////////
4. Outstanding principal balance of 1-4 family residential mortgage loans
serviced for others //////////////////
(include both retained servicing and purchased servicing):
//////////////////
a. Mortgages serviced under a GNMA contract
..................................................... 5500 25,741,330 4.a.
b. Mortgages serviced under a FHLMC contract:
//////////////////
(1) Serviced with recourse to servicer
....................................................... 5501 50,919
4.b.(1)
(2) Serviced without recourse to servicer
.................................................... 5502 34,894,730
4.b.(2)
c. Mortgages serviced under a FNMA contract:
//////////////////
(1) Serviced under a regular option contract
................................................. 5503 244,922 4.c.(1)
(2) Serviced under a special option contract
................................................. 5504 41,105,444 4.c.(2)
d. Mortgages serviced under other servicing contracts
........................................... 5505 10,869,138 4.d.
5. To be completed only by banks with $1 billion or more in total assets:
//////////////////
Customers' liability to this bank on acceptances outstanding (sum of items
5.a and 5.b must //////////////////
equal Schedule RC, item 9):
//////////////////
a. U.S. addressees (domicile)
................................................................... 2103
5,081 5.a.
b. Non-U.S. addressees (domicile)
............................................................... 2104
193 5.b.
6. Intangible assets:
//////////////////
a. Mortgage servicing rights
.................................................................... 3164
1,869,691 6.a.
b. Other identifiable intangible assets:
//////////////////
(1) Purchased credit card relationships
...................................................... 5506 0
6.b.(1)
(2) All other identifiable intangible assets
................................................. 5507 95,757 6.b.(2)
c. Goodwill
................................................................................
..... 3163 686,511 6.c.
d. Total (sum of items 6.a through 6.c) (must equal Schedule RC, item 10)
....................... 2143 2,651,959 6.d.
e. Amount of intangible assts (included in item 6.b.(2) above) that have
been //////////////////
grandfathered or are otherwise qualifying for regulatory capital
purposes..................... 6442 0 6.e.
7. Mandatory convertible debt, net of common or perpetual preferred stock
dedicated to redeem //////////////////
the debt
................................................................................
........ 3295 75,000 7.
----------------------
</TABLE>
_____________
(1) Do not report federal funds sold and securities purchased under agreements
to resell with other commercial banks in the U.S. in this item.
27
<PAGE> 47
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-18
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-M--Continued
<TABLE>
<CAPTION>
----------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------ ----------------------------
<S> <C> <C> <C>
RCFD Bil Mil Thou
8. a. Other real estate owned:
///////////////////////
(1) Direct and indirect investments in real estate ventures
........................ 5372 0 8.a.(1)
///////////////////////
(2) All other real estate owned:
RCON
(a) Construction and land development in domestic offices
...................... 5508 170 8.a.(2)(a)
(b) Farmland in domestic offices
............................................... 5509 0
8.a.(2)(b)
(c) 1-4 family residential properties in domestic offices
...................... 5510 13,227 8.a.(2)(c)
(d) Multifamily (5 or more) residential properties in domestic offices
......... 5511 264 8.a.(2)(d)
(e) Nonfarm nonresidential properties in domestic offices
...................... 5512 7,768 8.a.(2)(e)
RCFN
(f) In foreign offices
......................................................... 5513
0 8.a.(2)(f)
RCFD
(3) Total (sum of items 8.a.(1) and 8.a.(2)) (must equal Schedule RC, item
7) ...... 2150 21,429 8.a.(3)
b. Investments in unconsolidated subsidiaries and associated companies:
///////////////////////
RCFD
(1) Direct and indirect investments in real estate ventures
........................ 5374 0 8.b.(1)
(2) All other investments in unconsolidated subsidiaries and associated
companies .. 5375 0 8.b.(2)
(3) Total (sum of items 8.b.(1) and 8.b.(2)) (must equal Schedule RC, item
8) ...... 2130 0 8.b.(3)
9. Noncumulative perpetual preferred stock and related surplus included in
Schedule RC, ///////////////////////
item 23, "Perpetual preferred stock and related surplus"
.............................. 3778 125,000 9.
10. Mutual fund and annuity sales in domestic offices during the quarter
(include ///////////////////////
proprietary, private label, and third party products):
///////////////////////
RCON
a. Money market funds
................................................................. 6441
364,727 10.a.
b. Equity securities funds
............................................................ 8427
137,578 10.b.
c. Debt securities funds
.............................................................. 8428
5,497 10.c.
d. Other mutual funds
................................................................. 8429
0 10.d.
e. Annuities
..........................................................................
8430 134,695 10.e.
f. Sales of proprietary mutual funds and annuities (included in items 10.a
through ///////////////////////
10.e above)
........................................................................ 8784
469,321 10.f.
///////////////////////
11. Net unamortized realized deferred gains (losses) on off-balance sheet
derivative RCFD
contracts included in assets and liabilities reported in Schedule RC
.................. A525 10,595 11.
12. Amount of assets netted against nondeposit liabilities and deposits in
foreign offices ///////////////////////
(other than insured branches in Puerto Rico and U.S. territories and
possessions) on ///////////////////////
the balance sheet (Schedule RC) in accordance with generally accepted
accounting ///////////////////////
principles(1)
......................................................................... A526
0 12.
---------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
- -------------------------------------------------
--------------------------
Memorandum
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ----------------- ----------------------------
<S> <C> <C> <C>
RCFD Bil Mil Thou
1. Reciprocal holdings of banking organizations' capital instruments
//////////////////
(To be completed for the December report only)
.............................................. 3836 N/A M.1.
-------------------
- --------------------------------------------------------------------------------
- -------------------------------------------------
</TABLE>
_________________
(1) Exclude netted on-balance sheet amounts associated with off-balance sheet
derivative contracts, deferred tax assets netted against deferred tax
liabilities, and assets netted in accounting for pensions.
28
<PAGE> 48
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-19
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-N--Past Due and Nonaccrual Loans, Leases,
and Other Assets
<TABLE>
<CAPTION>
The FFIEC regards the information reported in
all of Memorandum item 1, in items 1 through 10,
column A, and in Memorandum items 2 through 4,
- ----------
column A, as confidential.
C470 (-
------------------------------------------------------------------
Dollar Amounts in Thousands
------------------------------------------------------------------
(Column A) (Column B) (Column C)
Past due Past due 90 Nonaccrual
30 through 89 days or more
days and still and still
accruing accruing
- --------------------------------------------------------------------------------
- ---------------------------------------
<S> <C> <C> <C> <C> <C>
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou
1. Loans secured by real estate: ////////////////////
////////////////// //////////////////
a. To U.S. addressees (domicile) ................ 1245
1246 51,189 1247 235,148 1.a.
b. To non-U.S. addressees (domicile) ............ 1248
1249 0 1250 2 1.b.
2. Loans to depository institutions and ////////////////////
////////////////// //////////////////
acceptances of other banks: ////////////////////
////////////////// //////////////////
a. To U.S. banks and other U.S. depository ////////////////////
////////////////// //////////////////
institutions ................................. 5377 5378
0 5379 0 2.a.
b. To foreign banks ............................. 5380
5381 0 5382 0 2.b.
3. Loans to finance agricultural production and ////////////////////
////////////////// //////////////////
other loans to farmers .......................... 1594
1597 0 1583 487 3.
4. Commercial and industrial loans: ////////////////////
////////////////// //////////////////
a. To U.S. addressees (domicile) ................ 1251
1252 4,809 1253 80,747 4.a.
b. To non-U.S. addressees (domicile) ............ 1254
1255 0 1256 0 4.b.
5. Loans to individuals for household, family, and ////////////////////
////////////////// //////////////////
other personal expenditures: ////////////////////
////////////////// /////////////////
a. Credit cards and related plans ............... 5383
5384 1,917 5385 0 5.a.
b. Other (includes single payment, installment, ////////////////////
////////////////// //////////////////
and all student loans) ....................... 5386 5387
21,586 5388 7,167 5.b.
6. Loans to foreign governments and official ////////////////////
////////////////// //////////////////
institutions .................................... 5389
5390 0 5391 0 6.
7. All other loans ................................. 5459
5460 12,235 5461 2,448 7.
8. Lease financing receivables: ////////////////////
////////////////// //////////////////
a. Of U.S. addressees (domicile) ................ 1257
1258 149 1259 3,892 8.a.
b. Of non-U.S. addressees (domicile) ............ 1271
1272 0 1791 0 8.b.
9. Debt securities and other assets (exclude other ////////////////////
////////////////// //////////////////
real estate owned and other repossessed assets) . 3505
3506 0 3507 0 9.
------------------------------------------------------------------
</TABLE>
================================================================================
Amounts reported in items 1 through 8 above include guaranteed and unguaranteed
portions of past due and nonaccrual loans and leases. Report in item 10 below
certain guaranteed loans and leases that have already been included in the
amounts reported in items 1 through 8.
<TABLE>
<CAPTION>
10. Loans and leases reported in items 1
- ---------------------------------------------------------------
<S> <C> <C>
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou
through 8 above which are wholly or partially ///////////////////
////////////////// //////////////////
guaranteed by the U.S. Government ............... 5612
5613 19,524 5614 10,131 10.
a. Guaranteed portion of loans and leases ///////////////////
////////////////// //////////////////
included in item 10 above .................... 5615 5616
19,115 5617 8,048 10.a.
-----------------------------------------------------------------
</TABLE>
29
<PAGE> 49
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-20
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-------
Schedule RC-N--Continued
<TABLE>
<CAPTION>
----------
C473 <-
--------------------------------------------------------------
Dollar Amounts in Thousands
--------------------------------------------------------------
(Column A) (Column B) (Column C)
Past due Past due 90 Nonaccrual
30 through 89 days or more
days and still and still
Memoranda accruing
accruing
------------------- -------------------- -------------------
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou
- ----------------------------------------------------- ------------------
- ------------------ ------------------
<S> <C> <C> <C>
1. Restructured loans and leases included in //////////////////
////////////////// //////////////////
Schedule RC-N, items 1 through 8, above //////////////////
////////////////// //////////////////
(and not reported in Schedule RC-C, part I, //////////////////
////////////////// //////////////////
Memorandum item 2)............................... 1658 0
1659 0 1661 0 M.1.
2. Loans to finance commercial real estate, //////////////////
////////////////// //////////////////
construction, and land development activities //////////////////
////////////////// //////////////////
(not secured by real estate) included in //////////////////
////////////////// //////////////////
Schedule RC-N, items 4 and 7, above ............. 6558 0
6559 336 6560 1,377 M.2.
------------------ ------------------ ------------------
3. Loans secured by real estate in domestic offices RCON Bil Mil Thou
RCON Bil Mil Thou RCON Bil Mil Thou
------------------ ------------------ ------------------
(included in Schedule RC-N, item 1, above): //////////////////
////////////////// //////////////////
a. Construction and land development ............ 2759 0
2769 224 3492 22,856 M.3.a.
b. Secured by farmland .......................... 3493 0
3494 0 3495 144 M.3.b.
c. Secured by 1-4 family residential properties: //////////////////
////////////////// //////////////////
(1) Revolving, open-end loans secured by //////////////////
////////////////// //////////////////
1-4 family residential properties and //////////////////
////////////////// //////////////////
extended under lines of credit ........... 5398 133 5399
4,628 5400 9,247 M.3.c.(1)
(2) All other loans secured by 1-4 family //////////////////
////////////////// //////////////////
residential properties ................... 5401 12,297 5402
40,232 5403 102,965 M.3.c.(2)
d. Secured by multifamily (5 or more) //////////////////
////////////////// //////////////////
residential properties ....................... 3499 163 3500
0 3501 10,621 M.3.d.
e. Secured by nonfarm nonresidential properties . 3502 3,027
3503 6,105 3504 89,315 M.3.e.
-------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------
(Column A) (Column B)
Past due 30 Past due 90
through 89 days days or more
-------------------- --------------------
RCFD Bil Mil Thou RCFD Bil Mil Thou
-------------------- --------------------
<S> <C> <C>
4. Interest rate, foreign exchange rate, and other //////////////////
//////////////////
commodity and equity contracts: //////////////////
//////////////////
a. Book value of amounts carried as assets ...... 3522 0
3528 0 M.4.a.
b. Replacement cost of contracts with a //////////////////
//////////////////
positive replacement cost .................... 3529 0 3530
0 M.4.b.
-------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
Person to whom questions about the Reports of Condition and Income should
be directed: C477 <-
Pamela S. Flynn, Vice President (401) 278-5194
- ------------------------------------ --------------------------------------
Name and Title (TEXT 8901) Area code/phone number/extension
(TEXT 8902)
30
<PAGE> 50
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-21
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-O--Other Data for Deposit Insurance and FICO Assessments
__________
<TABLE>
<CAPTION>
----------
C475 (-
---------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------- --------------------
<S> <C> <C>
RCON Bil Mil Thou
1. Unposted debits (see instructions):
//////////////////
a. Actual amount of all unposted debits
...................................................... 0030 0
1.a.
OR
//////////////////
b. Separate amount of unposted debits:
//////////////////
(1) Actual amount of unposted debits to demand deposits
................................... 0031 N/A 1.b.(1)
(2) Actual amount of unposted debits to time and savings deposits(1)
...................... 0032 N/A 1.b.(2)
2. Unposted credits (see instructions):
//////////////////
a. Actual amount of all unposted credits
..................................................... 3510 0
2.a.
OR
//////////////////
b. Separate amount of unposted credits:
//////////////////
(1) Actual amount of unposted credits to demand deposits
.................................. 3512 N/A 2.b.(1)
(2) Actual amount of unposted credits to time and savings deposits(1)
..................... 3514 N/A 2.b.(2)
3. Uninvested trust funds (cash) held in bank's own trust department (not
included in total //////////////////
deposits in domestic offices)
................................................................ 3520
117,335 3.
4. Deposits of consolidated subsidiaries in domestic offices and in
insured branches in //////////////////
Puerto Rico and U.S. territories and possessions (not included in total
deposits): //////////////////
a. Demand deposits of consolidated subsidiaries
.............................................. 2211 369,799 4.a.
b. Time and savings deposits(1) of consolidated subsidiaries
................................. 2351 31,251 4.b.
c. Interest accrued and unpaid on deposits of consolidated subsidiaries
...................... 5514 0 4.c.
5. Deposits in insured branches in Puerto Rico and U.S. territories and
possessions: //////////////////
a. Demand deposits in insured branches (included in Schedule RC-E, Part
II) .................. 2229 0 5.a.
b. Time and savings deposits(1) in insured branches (included in Schedule
RC-E, Part II) ..... 2383 0 5.b.
c. Interest accrued and unpaid on deposits in insured branches
//////////////////
(included in Schedule RC-G, item 1.b)
..................................................... 5515 0
5.c.
6. Reserve balances actually passed through to the Federal Reserve by the
reporting bank on //////////////////
behalf of its respondent depository institutions that are also reflected
as deposit liabilities //////////////////
of the reporting bank:
//////////////////
a. Amount reflected in demand deposits (included in Schedule RC-E, Part I,
//////////////////
item 4 or 5, column
B)..................................................................... 2314
0 6.a.
b. Amount reflected in time and savings deposits(1) (included in Schedule
RC-E, Part I, //////////////////
item 4 or 5, column A or C, but not Column
B).............................................. 2315 0 6.b.
7. Unamortized premiums and discounts on time and savings deposits:(1),(2)
//////////////////
a. Unamortized premiums
...................................................................... 5516
675 7.a.
b. Unamortized discounts
..................................................................... 5517
0 7.b.
8. To be completed by banks with "Oakar deposits."
//////////////////
a. Deposits purchased or acquired from other FDIC-insured institutions
during the quarter //////////////////
(exclude deposits purchased or acquired from foreign offices other than
insured branches //////////////////
in Puerto Rico and U.S. territories and possessions):
//////////////////
(1) Total deposits purchased or acquired from other FDIC-insured
institutions during //////////////////
the quarter
..........................................................................
A531 0 8.a.(1)
(2) Amount of purchased or acquired deposits reported in item 8.a.(1)
above attributable //////////////////
to a secondary fund (i.e., BIF members report deposits attributable to
SAIF; SAIF //////////////////
members report deposits attributable to BIF)
......................................... A532 0 8.a.(2)
b. Total deposits sold or transferred to other FIDC-insured institutions
during the quarter //////////////////
(exclude sales or transfers by the reporting bank of deposits in foreign
offices other //////////////////
than insured branches in Puerto Rico and U.S. territories and possessions)
............... A533 0 8.b.
- --------------------------------------------------------------------------------
- -----------------------------------------------
</TABLE>
______________
(1) For FDIC insurance and FICO assessment purposes, "time and savings
deposits" consists of nontransaction accounts and all transaction accounts
other than demand deposits.
(2) Exclude core deposit intangibles.
31
<PAGE> 51
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-22
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-O--Continued
<TABLE>
<CAPTION>
----------------------------
Dollar Amounts in Thousands
- -------------------------------------------------------------------------------
- ------------------ --------------------
<S> <C>
RCON Bil Mil Thou
9. Deposits in lifeline
accounts.................................................................
5596////////////// 9.
10. Benefit-responseive "Depository Institution Investment Contracts" (included
in total //////////////////
deposits in domestic
offices)................................................................. 8432
0 10.
11. Adjustments to demand deposits in domestic offices and in insured branches
in Puerto Rico //////////////////
and U.S. territories and possessions reported in Schedule RC-E for certain
reciprocal //////////////////
demand balances:
//////////////////
a. Amount by which demand deposits would be reduced if the reporting
bank's reciprocal //////////////////
demand balances with the domestic offices of U.S. banks and savings
associations //////////////////
and insured branches in Puerto Rico and U.S. territories and possessions
that were //////////////////
reported on a gross basis in Schedule RC-E had been reported on a net
basis................ 8785 0 11.a.
b. Amount by which demand deposits would be increased if the reporting
bank's reciprocal //////////////////
demand balances with foreign banks and foreign offices of other U.S. banks
(other than //////////////////
insured branches in Puerto Rico and U.S. territories and possessions) that
were reported //////////////////
on a net basis in Schedule RC-E had been reported on a gross
basis......................... A181 0 11.b.
c. Amount by which demand deposits would be reduced if cash items in
process of collection //////////////////
were included in the calculation of the reporting bank's net reciprocal
demand balances //////////////////
with the domestic offices of U.S. banks and savings associations and
insured branches //////////////////
in Puerto Rico and U.S. territories and possessions in Schedule
RC-E....................... A182 0 11.c.
12. Amount of assets netted against deposit liabilities in domestic offices and
in insured //////////////////
branches in Puerto Rico and U.S. territories and possessions on the
balance sheet //////////////////
(Schedule RC) in accordance with generally accepted acocunting principles
(exclude amounts //////////////////
related to reciprocal demand balances):
//////////////////
a. Amount of assets netted against demand
deposits............................................ A527 0 12.a.
b. Amount of assets netted against time and savings
deposits.................................. A528 0 12.b.
------------------
</TABLE>
Memoranda (to be completed each quarter except as noted)
<TABLE>
<CAPTION>
---------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------- ---------------------
<S> <C>
RCON Bil Mil Thou
1. Total deposits in domestic offices of the bank (sum of Memorandum items
1.a.
(1) and 1.b.(1) //////////////////
must equal Schedule RC, item 13.a):
//////////////////
a. Deposit accounts of $100,000 or less:
//////////////////
(1) Amount of deposit accounts of $100,000 or less
........................................ 2702 15,053,198 M.1.a.(1)
(2) Number of deposit accounts of $100,000 or less (to be
Number //////////////////
---------------------------
completed for the June report only) ........................ RCON 3779
N/A ////////////////// M.1.a.(2)
---------------------------
b. Deposit accounts of more than $100,000:
//////////////////
(1) Amount of deposit accounts of more than $100,000
....................................... 2710 15,736,432 M.1.b.(1)
Number //////////////////
---------------------------
(2) Number of deposit accounts of more than $100,000 ........... RCON
2722 29,202 ////////////////// M.1.b.(2)
-------------------------------------------------
2. Estimated amount of uninsured deposits in domestic offices of the bank:
a. An estimate of your bank's uninsured deposits can be determined by
multiplying the number of
deposit accounts of more than $100,000 reported in Memorandum item 1.b.(2)
above by
$100,000 and subtracting the result from the amount of deposit accounts of
more than
$100,000 reported in Memorandum item 1.b.(1) above.
Indicate in the appropriate box at the right whether your bank has a
method or procedure for Yes No
----------------------
determining a better estimate of uninsured deposits than the estimate
described above ..... 6861 /// X M.2.a.
--------------------
b. If the box marked YES has been checked, report the estimate of
uninsured deposits RCON Bil Mil Thou
--------------------
determined by using your bank's method or procedure
....................................... 5597 N/A M.2.b.
----------------------
3. Has the reporting institution been consolidated wiht a parent bank or
savings association in
that parent bank's or parent savings association's Call Report or Thrift
Financial Report?
If so, report the legal title and FDIC Certificate Number of the parent
bank or parent
savings association:
FDIC Cert No.
-------------------------------
TEXT A545 N/A
RCON A545 N/A M.3.
- --------------------------------------------------------------------------------
- -----------------------------------------
</TABLE>
32
<PAGE> 52
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-23
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-R--Regulatory Capital
This schedule must be completed by all banks as follows: Banks that reported
total assets of $1 billion or more in Schedule RC, item 12, for June 30, 1996,
must complete items 2 through 9 and Memoranda items 1 and 2. Banks with assets
of less than $1 billion must complete items 1 through 3 below or Schedule RC-R
in its entirety, depending on their response to item 1 below.
<TABLE>
<S> <C> <C>
------------
C480 (-
1. Test for determining the extent to which Schedule RC-R must be completed.
To be completed -----------------
only by banks with total assets of less than $1 billion. Indicate in the
appropriate YES NO
box at the right whether the bank has total capital greater than or equal
to eight percent -------------------------
of adjusted total assets
.................................................................... RCFD
6056 /// 1.
-------------------------
For purposes of this test, adjusted total assets equals total assets less
cash, U.S. Treasuries, U.S. Government
agency obligations, and 80 percent of U.S. Government-sponsored agency
obligations plus the allowance for loan
and lease losses and selected off-balance sheet items as reported on
Schedule RC-L (see instructions).
If the box marked YES has been checked, then the bank only has to complete
items 2 and 3 below. If the box marked
NO has been checked, the bank must complete the remainder of this
schedule.
A NO response to item 1 does not necessarily mean that the bank's actual
risk-based capital ratio is less than eight
percent or that the bank is not in compliance with the risk-based capital
guidelines.
</TABLE>
- --------------------------------------------------------------
NOTE: All banks are required to complete items 2 and 3 below.
See optional worksheet items 3.a through 3.f
- --------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------ --------------------
<S> <C>
RCON Bil Mil Thou
2. Portion of qualifying limited-life capital instruments (original
weighted //////////////////
average maturity of at least five years) that is includible in Tier 2
capital: //////////////////
a. Subordinated debt(1) and intermediate term preferred
stock................................. A515 1,032,949 2.a.
b. Other limited-life capital
instruments..................................................... A516
0 2.b.
3. Amounts used in calculating regulatory capital ratios (report amounts
//////////////////
determined by the bank for its own internal regulatory capital analyses
//////////////////
consistent with applicable capital standards):
//////////////////
a. Tier 1
capital.........................................................................
.... 8274 3,751,196 3.a.
b. Tier 2
capital.........................................................................
.... 8275 1,692,587 3.b.
c. Total risk-based
capital...................................................................
3792 5,443,783 3.c.
d. Excess allowance for loan and lease losses (amount that exceeds 1.25%
of gross //////////////////
risk-weighted
assets)......................................................................
A222 178,575 3.d.
e. Net risk-weighted assets (gross risk-weighted assets less excess
allowance reported //////////////////
in item 3.d above and all other
deductions)................................................ A223 46,592,473
3.e.
f. "Average total assets" (Quarterly average reported in Schedule RC-K,
item 9, less all //////////////////
assets deducted from Tier 1
capital)(2).................................................... A224
45,159,948 3.f.
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------
(Column A) (Column B)
Items 4-9 and Memoranda items 1 and 2 are to be completed
Assets Credit Equiv-
by banks that answered NO to item 1 above and
Recorded alent Amount
by banks with total assets of $1 billion or more.
on the of Off-Balance
Balance Sheet Sheet Items(3)
-------------------- --------------------
<S> <C> <C>
-------------------- --------------------
4. Assets and credit equivalent amounts of off-balance sheet items assigned
RCFD Bil Mil Thou RCFD Bil Mil Thou
to the Zero percent risk category:
////////////////// //////////////////
a. Assets recorded on the balance sheet...................................
5163 2,055,883 ////////////////// 4.a.
b. Credit equivalent amount of off-balance sheet items ...................
////////////////// 3796 2,006,848 4.b.
-------------------------------------------
</TABLE>
______________
(1) Exclude mandatory convertible debt reported in Schedule RC-M, item 7.
(2) Do not deduct excess allowance for loan and lease losses.
(2) Do not report in column B the risk-weighted amount of assets reported in
column A.
33
<PAGE> 53
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-24
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-R--Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
-----------------------------------------
(Column A) (Column B)
Assets Credit Equiv-
Recorded alent Amount
on the of Off-Balance
Balance Sheet Sheet Items(1)
-------------------- --------------------
<S> <C> <C>
RCFD Bil Mil Thou RCFD Bil Mil Thou
5. Assets and credit equivalent amounts of off-balance sheet items
////////////////// //////////////////
assigned to the 20 percent risk category:
////////////////// //////////////////
a. Assets recorded on the balance sheet .................................
5156 8,192,992 ////////////////// 5.a.
b. Credit equivalent amount of off-balance sheet items
////////////////// 3801 1,140,442 5.b.
6. Assets and credit equivalent amounts of off-balance sheet items
////////////////// //////////////////
assigned to the 50 percent risk category:
////////////////// //////////////////
a. Assets recorded on the balance sheet ..................................
3802 5,436,503 ////////////////// 6.a.
b. Credit equivalent amount of off-balance sheet items ...................
////////////////// 3803 805,757 6.b.
7. Assets and credit equivalent amounts of off-balance sheet items
////////////////// //////////////////
assigned to the 100 percent risk category:
////////////////// //////////////////
a. Assets recorded on the balance sheet ..................................
3804 30,903,771 ////////////////// 7.a.
b. Credit equivalent amount of off-balance sheet items ...................
////////////////// 3805 10,879,460 7.b.
8. On-balance sheet asset values excluded from and deducted in the
////////////////// //////////////////
calculation of the risk-based capital ratio(2) ...........................
3806 836,445 ////////////////// 8.
9. Total assets recorded on the balance sheet (sum of
////////////////// //////////////////
items 4.a, 5.a, 6.a, 7.a, and 8, column A)(must equal Schedule RC,
////////////////// //////////////////
item 12 plus items 4.b and 4.c) ..........................................
3807 47,425,594 ////////////////// 9.
-------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
Memoranda
RCFD Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------- --------------------
<S> <C>
1. Current credit exposure across all off-balance sheet derivative contracts
covered by the //////////////////
risk-basked capital standards
................................................................. 8764
177,407 M.1
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
- --
With a remaining maturity of
---------------------------------------------------------------------------
- --
(Column A) (Column B) (Column C)
One year or less Over one year Over five years
2. Notional principal amounts of off-
through five years
balance sheet derivative contracts(3): -----------------------
- ----------------------- ---------------------------
<S> <C> <C>
RCFD Tri Bil Mil Thou RCFD Tri Bil Mil Thou RCFD Tri Bil Mil Thou
a. Interest rate contracts ........... 3809 7,047,455 8766
39,328,101 8767 1,413,955 M.2.a.
b. Foreign exchange contracts ........ 3812 1,532,313 8769
86,346 8770 0 M.2.b.
c. Gold contracts .................... 8771 136,026 8772
0 8773 0 M.2.c.
d. Other precious metals contracts ... 8774 18,615 8775
0 8776 0 M.2.d.
e. Other commodity contracts ......... 8777 0 8778
0 8779 0 M.2.e.
f. Equity derivative contracts ....... A000 0 A001
0 A002 0 M.2.f.
---------------------------------------------------------------------------
- --
</TABLE>
- --------------------
(1) Do not report in column B the risk-weighted amount of
assets reported in column A.
(2) Include the difference between the fair value and the amortized cost of
available-for-sale debt securities in item 8 and report the amortized
cost of these debt securities in items 4 through 7 above. For available-
for-sale equity securities, if fair value exceeds cost, include the
difference between the fair value and the cost in item 8 and report the
cost of these equity securities in items 5 through 7 above; if cost exceeds
fair value, report the fair value of these equity securities in items 5
through 7 above and include no amount in item 8. Item 8 also includes
on-balance sheet asset values (or portions thereof) of off-balance sheet
interest rate, foreign exchange rate, and commodity contracts and those
contracts (e.g., futures contracts) not subject to risk-based capital.
Exclude from item 8 margin accounts and accrued receivables not included
in the calculation of credit equivalent amounts of off-balance sheet
derivatives as well as any portion of the allowance for loan and lease
losses in excess of the amount that may be included in Tier 2 capital.
(3) Exclude foreign exchange contracts with an original maturity of 14 days
or less and all futures contracts.
34
<PAGE> 54
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-25
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Optional Narrative Statement Concerning the Amounts
Reported in the Reports of Condition and Income
at close of business on March 1, 1997
Fleet National Bank Springfield Massachusetts
_____________________________ ____________________________, __________________
Legal Title of Bank City State
The management of the reporting bank may, if it wishes, submit a brief
narrative statement on the amounts reported in the Reports of
Condition and Income. This optional statement will be made available to the
public, along with the publicly available data in the Reports of Condition and
Income, in response to any request for individual bank report data. However,
the information reported in column A and in all of Memorandum item 1 of
Schedule RC-N is regarded as confidential and will not be released to the
public. BANKS CHOOSING TO SUBMIT THE NARRATIVE STATEMENT SHOULD ENSURE THAT
THE STATEMENT DOES NOT CONTAIN THE NAMES OR OTHER IDENTIFICATIONS OF INDIVIDUAL
BANK CUSTOMERS, REFERENCES TO THE AMOUNTS REPORTED IN THE CONFIDENTIAL ITEMS
IN SCHEDULE RC-N, OR ANY OTHER INFORMATION THAT THEY ARE NOT WILLING TO HAVE
MADE PUBLIC OR THAT WOULD COMPROMISE THE PRIVACY OF THEIR CUSTOMERS. Banks
choosing not to make a statement may check the "No comment" box below and
should make no entries of any kind in the space provided for the narrative
statement; i.e., DO NOT enter in this space such phrases as "No statement,"
"Not applicable," "N/A," "No comment," and "None."
The optional statement must be entered on this sheet. The statement should
not exceed 100 words. Further, regardless of the number of words, the
statement must not exceed 750 characters, including punctuation, indentation,
and standard spacing between words and sentences. If any submission should
exceed 750 characters, as defined, it will be truncated at 750 characters
with no notice to the submitting bank and the truncated statement will appear
as the bank's statement both on agency computerized records and in
computer-file releases to the public.
All information furnished by the bank in the narrative statement must be
accurate and not misleading. Appropriate efforts shall be taken by the
submitting bank to ensure the statement's accuracy. The statement must be
signed, in the space provided below, by a senior officer of the bank who
thereby attests to its accuracy.
If, subsequent to the original submission, material changes are submitted for
the data reported in the Reports of Condition and Income, the existing narrative
statement will be deleted from the files, and from disclosure; the bank, at
its option, may replace it with a statement, under signature, appropriate to
the amended data.
The optional narrative statement will appear in agency records and in release
to the public exactly as submitted (or amended as described in the preceding
paragraph) by the management of the bank (except for the truncation of
statements exceeding the 750-character limit described above). THE STATEMENT
WILL NOT BE EDITED OR SCREENED IN ANY WAY BY THE SUPERVISORY AGENCIES FOR
ACCURACY OR RELEVANCE. DISCLOSURE OF THE STATEMENT SHALL NOT SIGNIFY THAT ANY
FEDERAL SUPERVISORY AGENCY HAS VERIFIED OR COMFIRMED THE ACCURACY OF THE
INFORMATION CONTAINED THEREIN. A STATEMENT TO THIS EFFECT WILL APPEAR ON ANY
PUBLIC RELEASE OF THE OPTIONAL STATEMENT SUBMITTED BY THE MANAGEMENT OF THE
REPORTING BANK.
- -------------------------------------------------------------------------------
No comment X (RCON 6979) C471 C472 <-
---
BANK MANAGEMENT STATEMENT (please type or print clearly):
(TEXT 6980)
/S/ Giro DeRosa 4/28/97
-------------------------------------- -----------------
Signature of Executive Officer of Bank Date of Signature
35
<PAGE> 1
EXHIBIT 25.3
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------
FORM T-1
--------------------------
STATEMENT OF ELIGIBILITY AND QUALIFICATION UNDER THE
TRUST INDENTURE ACT OF 1939 OF A CORPORATION
DESIGNATED TO ACT AS TRUSTEE
[ ] CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(B)(2)
FLEET NATIONAL BANK
----------------------------------------------------------
(Exact name of trustee as specified in its charter)
Not applicable 06-0850628
---------------------------- ------------------
(State of incorporation if (I.R.S. Employer
not a national bank) Identification No.)
777 Main Street, Hartford, Connecticut 06115
---------------------------------------------------
(Address of principal executive offices) (Zip Code)
Patricia Beaudry, 777 Main Street, Hartford, CT (860) 728-2065
------------------------------------------------------------------
(Name, address and telephone number of agent for service)
Conseco Financing Trust IV
Conseco Financing Trust V
Conseco Financing Trust VI
Conseco Financing Trust VII
------------------------------------------------------------------
(Exact name of obligor as specified in its charter)
Delaware Applied for
Delaware Applied for
Delaware Applied for
Delaware Applied for
- ------------------------------- ------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
11825 N. Pennsylvania Street, Carmel, Indiana 46032
------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Preferred Securities
------------------------------------------------------------------
(Title of the indenture securities)
<PAGE> 2
Item 1. General Information.
Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising authority to
which it is subject:
The Comptroller of the Currency,
Washington, D.C.
Federal Reserve Bank of Boston
Boston, Massachusetts
Federal Deposit Insurance Corporation
Washington, D.C.
(b) Whether it is authorized to exercise corporate trust powers:
The trustee is so authorized.
Item 2. Affiliations with obligor. If the obligor is an affiliate of
the trustee, describe each such affiliation.
None with respect to the trustee; none with respect to Fleet
Financial Group, Inc. and its affiliates (the "affiliates").
Item 16. List of exhibits. List below all exhibits filed as a part of
this statement of eligibility and qualification.
1. A copy of the Articles of Association of the trustee as
now in effect.
2. A copy of the Certificate of Authority of the trustee
to do Business and the Certification of Fiduciary Powers.
3. A copy of the By-laws of the trustee as now in effect.
4. Consent of the trustee required by Section 321(b) of
the Act.
5. A copy of the latest Consolidated Report of Condition
and Income of the trustee, published pursuant to law or the requirements
of its supervising or examining authority.
<PAGE> 3
NOTES
Inasmuch as this Form T-1 is filed prior to the ascertainment by the
trustee of all facts on which to base its answer to Item 2, the answer to said
Item is based upon incomplete information. Said Item may, however, be
considered correct unless amended by an amendment to this Form T-1.
<PAGE> 4
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the
trustee, Fleet National Bank, a national banking association organized and
existing under the laws of the United States, has duly caused this statement of
eligibility and qualification to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of Hartford, and State of
Connecticut, on the 9th day of June, 1997.
FLEET NATIONAL BANK,
Trustee
By /s/
-------------------------------------
Susan T. Keller
Its Vice President
<PAGE> 5
EXHIBIT 1
ARTICLES OF ASSOCIATION
OF
FLEET NATIONAL BANK
FIRST. The title of this Association, which shall carry on the business of
banking under the laws of the United States, shall be "Fleet National Bank."
SECOND. The main office of the Association shall be in Springfield, Hampden
County Commonwealth of Massachusetts. The general business of the Association
shall be conducted at its main office and its branches.
THIRD. The board of directors of this Association shall consist of not less
than five (5) nor more than twenty-five (25) shareholders, the exact number of
directors within such minimum and maximum limits to be fixed and determined
from time to time by resolution of a majority of the full board of directors or
by resolution of the shareholders at any annual or special meeting thereof.
Unless otherwise provided by the laws of the United States, any vacancy in the
board of directors for any reason, including an increase in the number thereof,
may be filled by action of the board of directors.
FOURTH. The annual meeting of the shareholders for the election of directors
and the transaction of whatever other business may be brought before said
meeting shall be held at the main office or such other place as the board of
directors may designate, on the day of each year specified therefore in the
bylaws, but if no election is held on that day, it may be held on any
subsequent day according to the provisions of law; and all elections shall be
held according to such lawful regulations as may be prescribed by the board of
directors.
FIFTH. The authorized amount of capital stock of this Association shall be
eight million five hundred thousand (8,500,000) shares of which three million
five hundred thousand (3,500,000) shares shall be common stock with a
par value of six and 25/100 dollars ($6.25) each, and of which five million
(5,000,000) shares without par value shall be preferred stock. The capital
stock may be increased or decreased from time to time, in accordance with
the provisions of the laws of the United States.
No holder of shares of the capital stock of any class of the Association shall
have any pre-emptive or preferential right of subscription to any shares of any
class of stock of the Association, whether now or hereafter authorized, or to
any obligations convertible into stock of the Association, issued or sold, nor
any right of subscription to any thereof other than such, if any, as the board
of directors, in its discretion, may from time to time determine and at such
price as the board of directors may from time to time fix.
<PAGE> 6
The board of directors of the Association is authorized, subject to limitations
prescribed by law and the provisions of this Article, to provide for the
issuance from time to time in one or more series of any number of the preferred
shares, and to establish the number of shares be included in each series, and
to fix the designation, relative rights, preferences, qualifications and
limitations of the shares of each such series. The authority of the board of
directors with respect to each series shall include, but not be limited to,
determination of the following:
a. The number of shares constituting that series and the distinctive
designation of that series;
b. The dividend rate on the shares of that series, whether dividends
shall be cumulative, and, if so, from which date or dates, and whether they
shall be payable in preference to, or in another relation to, the dividends
payable to any other class or classes or series of stock;
c. Whether that series shall have voting rights, in addition to the voting
rights provided by law, and, if so, the terms of such voting rights;
d. Whether that series shall have conversion or exchange privileges, and,
if so, the terms and conditions of such conversion or exchange, including
provision for the adjustment of the conversion or exchange rate in such
events as the board of directors shall determine;
e. Whether or not the shares of that series shall be redeemable, and, if so,
the terms and conditions of such redemption, including the manner of
selecting shares for redemption if less than all shares are to be redeemed,
the date or dates upon or after which they shall be redeemable, and the
amount per share payable in case of redemption, which amount may vary under
different conditions and at different redemption dates;
f. Whether that series shall be entitled to the benefit of a sinking fund to
be applied to the purchase or redemption of shares of that series, and, if
so, the terms and amounts of such sinking fund;
g. The right of the shares of that series to the benefit of conditions and
restrictions upon the creation of indebtedness of the Association or any
subsidiary, upon the issue of any additional stock (including additional
shares of such series or of any other series) and upon the payment of
dividends or the making of other distributions on, and the purchase,
redemption or other acquisition by the Association or any subsidiary of
any outstanding stock of the Association;
h. The right of the shares of that series in the event of voluntary or
involuntary liquidation, dissolution or winding up of the Association and
whether such rights shall be in preference to, or in another relation to,
the comparable rights of any other class or classes or series of stock;
and
i. Any other relative, participating, optional or other special rights,
qualifications, limitations or restrictions of that series.
Shares of any series of preferred stock which have been redeemed (whether
through the operation of a sinking fund or otherwise) or which, if convertible
or exchangeable, have been converted into or exchanged for shares of stock of
any other class or classes shall have the status of authorized and unissued
shares of preferred stock of the same series and may be reissued as a part of
the series of which they were originally a part or may be reclassified and
reissued as part of a new series of preferred stock to be created by resolution
or resolutions of the board of directors or as part of any other series or
preferred stock, all subject to the conditions and the restrictions adopted by
the board of directors providing for the issue of any series of preferred
stock and by the provisions of any applicable law.
Subject to the provisions of any applicable law, or except as otherwise
provided by the resolution or resolutions providing for the issue of any series
of preferred stock, the holders of outstanding shares of common stock shall
exclusively possess voting power for the election of directors and for all
purposes, each holder of record of shares of common stock being entitled to one
vote for each share of common stock standing in his name on the books of the
Association.
Except as otherwise provided by the resolution or resolutions providing for the
issue of any series of preferred stock, after payment shall have been made to
the holders of preferred stock of the full amount of dividends to which they
shall be entitled pursuant to the resolution or resolutions providing for the
issue of any other series of preferred stock, the holders of common stock shall
be entitled, to the exclusion of the holders of preferred stock of any and all
series, to receive such dividends as from time to time may be declared by the
board of directors.
Except as otherwise provided by the resolution or resolutions for the issue
of any series of preferred stock, in the event of any liquidation, dissolution
or winding up of the Association, whether voluntary or involuntary, after
payment shall have been made to the holders of preferred stock of the full
amount to which they shall be entitled pursuant to the resolution or
resolutions providing for the issue of any series of preferred stock the
holders of common stock shall be entitled, to the exclusion of the holders of
preferred stock of any and all series, to share, ratable according to the
number of shares of common stock held by them, in all remaining assets of the
Association available for distribution to its shareholders.
The number of authorized shares of any class may be increased or decreased by
the affirmative vote of the holders of a majority of the stock of the
Association entitled to vote.
<PAGE> 7
SIXTH. The board of directors shall appoint one of its members president of
this Association, who shall be chairman of the board, unless the board appoints
another director to be the chairman. The board of directors shall have the
power to appoint one or more vice presidents; and to appoint a secretary and
such other officers and employees as may be required to transact the business
of this Association.
The board of directors shall have the power to define the duties of the
officers and employees of the Association; to fix the salaries to be paid to
them; to dismiss them; to require bonds from them and to fix the penalty
thereof; to regulate the manner in which any increase of the capital of the
Association shall be made; to manage and administer the business and affairs of
the Association; to make all bylaws that it may be lawful for them to make; and
generally to do and perform all acts that it may be legal for a board of
directors to do and perform.
SEVENTH. The board of directors shall have the power to change the location of
the main office to any other place within the limits of the City of Hartford,
Connecticut, without the approval of the shareholders but subject to the
approval of the Comptroller of the Currency; and shall have the power to
establish or change the location of any branch or branches of the Association
to any other location, without the approval of the shareholders but subject to
the approval of the Comptroller of the Currency.
EIGHTH. The corporate existence of this Association shall continue until
terminated in accordance with the laws of the United States.
NINTH. The board of directors of this Association, or any three or more
shareholders owning, in the aggregate, not less than ten percent (10%) of the
stock of this Association, may call a special meeting of shareholders at any
time. Unless otherwise provided by the laws of the United States, a notice of
the time, place and purpose of every annual and special meeting of the
shareholders shall be given by first class mail, postage prepaid, mailed at
least ten (10) days prior to the date of such meeting to each shareholder of
record at his address as shown upon the books of this Association.
TENTH. (a) Right to Indemnification. Each person who was or is made a party
or is threatened to be made a party to any threatened, pending or completed
action, suit, or proceeding, whether civil, criminal, administrative, or
investigative (hereinafter a "proceeding"), by reason of the fact that he or
she is or was a director, officer or employee of the Association or is or was
serving at the request of the Association as a director, officer, employee or
agent of another corporation or of a partnership, joint venture, limited
liability company, trust, or other enterprise, including service with respect
to an employee benefit plan, shall be indemnified and held harmless by the
Association to the fullest extent authorized by the law of the state in which
the Association's ultimate parent company is incorporated, except as provided
in subsection (b). The aforesaid indemnity shall protect the indemnified
person against all expense, liability and loss (including attorney's fees,
judgements, fines ERISA excise taxes or penalties, and amounts paid in
settlement) reasonably incurred by such person in connection with such a
proceeding. Such indemnification shall continue as to a person who has ceased
to be a director, officer or employee and shall inure to the benefit of his or
her heirs, executors, and administrators, but shall only cover such person's
period of service with the Association. The Association may, by action of its
Board of Directors, grant rights to indemnification to agents of the
Association and to any director, officer, employee or agent of any of its
subsidiaries with the same scope and effect as the foregoing indemnification
of directors and officers.
(b) Restrictions on Indemnification. Notwithstanding the foregoing, (i) no
person shall be indemnified hereunder by the Association against expenses,
penalties, or other payments incurred in an administrative proceeding or action
instituted by a federal bank regulatory agency which proceeding or action
results in a final order assessing civil money penalties against that person,
requiring affirmative action by that person in the form of payments to the
Association, or removing or prohibiting that person from service with the
Association, and any advancement of expenses to that person in that proceeding
must be repaid; and (ii) no person shall be indemnified hereunder by the
Association and no advancement of expenses shall be made to any person
hereunder to the extent such indemnification or advancement of expenses would
violate or conflict with any applicable federal statute now or hereafter in
force or any applicable final regulation or interpretation now or hereafter
adopted by the Office of the Comptroller of the Currency ("OCC") or the Federal
Deposit Insurance Corporation ("FDIC"). The Association shall comply with any
requirements imposed on it by any such statue or regulation in connection with
any indemnification or advancement of expenses hereunder by the Association.
With respect to proceedings to enforce a claimant's rights to indemnification,
the Association shall indemnify any such claimant in connection with such a
proceeding only as provided in subsection (d) hereof.
(c) Advancement of Expenses. The conditional right to indemnification
conferred in this section shall be a contract right and shall include the
right to be paid by the Association the reasonable expenses (including
attorney's fees) incurred in defending a proceeding in advance of its final
disposition (an "advancement of expenses"); provided, however, that an
advancement of expenses shall be made only upon (i) delivery to the Association
of a binding written undertaking by or on behalf of the person receiving the
advancement to repay all amounts so advanced if it is ultimately determined
that such person is not entitled to be indemnified in such proceeding,
including if such proceeding results in a final order assessing civil money
penalties against that person, requiring affirmative action by that person
in the form of payments to the Association, or removing or prohibiting that
person from service with the Association, and (ii) compliance with any other
actions or determinations required by applicable law, regulation or OCC or FDIC
interpretation to be taken or made by the Board of Directors of the Association
<PAGE> 8
or other persons prior to an advancement of expenses. The Association shall
cease advancing expenses at any time its Board of Directors believes that any
of the prerequisites for advancement of expenses are no longer being met.
(d) Right of Claimant to Bring Suit. If a claim under subsection (a) of the
section is not paid in full by the Association within thirty (30) days after
written claim has been received by the Association, the claimant may at any
time thereafter bring suit against the Association to recover the unpaid amount
of the claim. If successful in whole or in part in any such suit, or in a
suit brought by the Association to recover an advancement of expenses pursuant
to the terms of an undertaking, the claimant shall be entitled to be paid also
the expense of prosecuting or defending such claim. It shall be a defense to
any such action brought by the claimant to enforce a right to indemnification
hereunder (other than an action brought to enforce a claim for an advancement
of expenses where the required undertaking, if any, has been tendered to the
Association) that the claimant has not met any applicable standard for
indemnification under the law of the state in which the Association's ultimate
parent company is incorporated. In any suit brought by the Association to
recover an advancement of expenses pursuant to the terms of an undertaking, the
Association shall be entitled to recover such expenses upon a final
adjudication that the claimant has not met any applicable standard for
indemnification standard for indemnification under the law of the state in
which the Association's ultimate parent company is incorporated.
(e) Non-Exclusivity of Rights. The rights to indemnification and the
advancement of expenses conferred in this section shall not be exclusive of any
other right which any person may have or hereafter acquired under any statute,
agreement, vote of stockholders or disinterested directors or otherwise.
(f) Insurance. The Association may purchase, maintain, and make payment or
reimbursement for reasonable premiums on, insurance to protect itself and any
director, officer, employee or agent of the Association or another corporation,
partnership, joint venture, trust or other enterprise against any expense,
liability or loss, whether or not the Association would have the power to
indemnify such person against such expense, liability or loss under the law of
the state in which the Association's ultimate parent company is incorporated;
provided however, that such insurance shall explicitly exclude insurance
coverage for a final order of a federal bank regulatory agency assessing civil
money penalties against an Association director, officer, employee or agent.
ELEVENTH. These articles of association may be amended at any regular or
special meeting of the shareholders by the affirmative vote of the holders of a
majority of the stock of this Association, unless the vote of the holders of
greater amount of stock is required by law, and in that case by the vote of the
holders of such greater amount. The notice of any shareholders' meeting at
which an amendment to the articles of association of this Association is to be
considered shall be given as hereinabove set forth.
I hereby certify that the articles of association of this Association, in their
entirety, are listed above in items first through eleventh.
Secretary/Assistant Secretary
- --------------------------------------------------
Dated at , as of
.
--------------------------------------- --------------------
Revision of February 15, 1996
<PAGE> 9
EXHIBIT 2
AMENDED AND RESTATED BY-LAWS OF
FLEET NATIONAL BANK
ARTICLE I
MEETINGS OF SHAREHOLDERS
Section 1. Annual Meeting. The regular annual meeting of the shareholders for
the election of Directors and the transaction of any other business that may
properly come before the meeting shall be held at the Main Office of the
Association, or such other place as the Board of Directors may designate, on
the fourth Thursday of April in each year at 1:15 o'clock in the afternoon
unless some other hour of such day is fixed by the Board of Directors.
If, from any cause, an election of Directors is not made on such day, the Board
of Directors shall order the election to be held on some subsequent day, of
which special notice shall be given in accordance with the provisions of law,
and of these bylaws.
Section 2. Special Meetings. Special meetings of the shareholders may be called
at any time by the Board of Directors, the President, or any shareholders
owning not less than twenty-five percent (25%) of the stock of the Association.
Section 3. Notice of Meetings of Shareholders. Except as otherwise provided
by law, notice of the time and place of annual or special meetings of the
shareholders shall be mailed, postage prepaid, at least ten (10) days before
the date of the meeting to each shareholder of record entitled to vote thereat
at his address as shown upon the books of the Association; but any failure to
mail such notice to any shareholder or any irregularity therein, shall not
affect the validity of such meeting or of any of the proceedings thereat.
Notice of a special meeting shall also state the purpose of the meeting.
Section 4. Quorum; Adjourned Meetings. Unless otherwise provided by law, a
quorum for the transaction of business at every meeting of the shareholders
shall consist of not less than two-fifths (2/5) of the outstanding capital
stock represented in person or by proxy; less than such quorum may adjourn the
meeting to a future time. No notice need be given of an adjourned annual or
special meeting of the shareholders if the adjournment be to a definite place
and time.
Section 5. Votes and Proxies. At every meeting of the shareholders, each
share of the capital stock shall be entitled to one vote except as otherwise
provided by law. A majority of the votes cast shall decide every question
or matter submitted to the shareholder at any meeting, unless otherwise
provided by law or by the Articles of Association or these By-laws. Share-
holders may vote by proxies duly authorized in writing and filed with the
Cashier, but no officer, clerk, teller or bookkeeper of the Association may act
as a proxy.
<PAGE> 10
Section 6. Nominations to Board of Directors. At any meeting of shareholders
held for the election of Directors, nominations for election to the Board of
Directors may be made, subject to the provisions of this section, by any share-
holder of record of any outstanding class of stock of the Association entitled
to vote for the election of Directors. No person other than those whose names
are stated as proposed nominees in the proxy statement accompanying the notice
of the meeting may be nominated as such meeting unless a shareholder shall have
given to the President of the Association and to the Comptroller of the
Currency, Washington, DC written notice of intention to nominate such other
person mailed by certified mail or delivered not less than fourteen (14) days
nor more than fifty (50) days prior to the meeting of shareholders at which
such nomination is to be made; provided, however, that if less than twenty-one
(21) days' notice of such meeting is given to shareholders, such notice of
intention to nominate shall be mailed by certified mail or delivered to said
President and said Comptroller on or before the seventh day following the day
on which the notice of such meeting was mailed. Such notice of intention to
nominate shall contain the following information to the extent known to the
notifying shareholder: (a) the name and address of each proposed nominee; (b)
the principal occupation of each proposed nominee; (c) the total number of
shares of capital stock of the Association that will be voted for each proposed
nominee; (d) the name and residence address of the notifying shareholder; and
(e) the number of shares of capital stock of the Association owned by the
notifying shareholder. In the event such notice is given, the proposed nominee
may be nominated either by the shareholder giving such notice or by any other
shareholder present at the meeting at which such nomination is to be made.
Such notice may contain the names of more than one proposed nominee, and if
more than one is named, any one or more of those named may be nominated.
Section 7. Action Taken Without a Shareholder Meeting. Any action requiring
shareholder approval or consent may be taken without a meeting and without
notice of such meeting by written consent of the shareholders.
ARTICLE II
DIRECTORS
Section 1. Number. The Board of Directors shall consist of such number of
shareholders, not less than five (5) nor more than twenty-five (25), as from
time to time shall be determined by a majority of the votes to which all of its
shareholders are at the time entitled, or by the Board of Directors as
hereinafter provided.
Section 2. Mandatory Retirement for Directors. No person shall be elected a
director who has attained the age of 68 and no person shall continue to serve
as a director after the date of the first meeting of the stockholders of the
Association held on or after the date on which such person attains the age of
68; provided, however, that any director serving on the Board as of December
15, 1995 who has attained the age of 65 on or prior to such date shall be
permitted to continue to serve as a director until the date of the first
meeting of the stockholders of the Association held on or after the date on
which such person attains the age of 70.
-2-
<PAGE> 11
Section 3. General Powers. The Board of Directors shall exercise all the
corporate powers of the Association, except as expressly limited by law, and
shall have the control, management, direction and disposition of all its
property and affairs.
Section 4. Annual Meeting. Immediately following a meeting of shareholders
held for the election of Directors, the Cashier shall notify the directors-
elect who may be present of their election and they shall then hold a meeting
at the Main Office of the Association, or such other place as the Board of
Directors may designate, for the purpose of taking their oaths, organizing the
new Board, electing officers and transacting any other business that may come
before such meeting.
Section 5. Regular Meeting. Regular meetings of the Board of Directors shall
be held without notice at the Main Office of the Association, or such other
place as the Board of Directors may designate, at such dates and times as the
Board shall determine. If the day designated for a regular meeting falls on a
legal holiday, the meeting shall be held on the next business day.
Section 6. Special Meetings. A special meeting of the Board of Directors may
be called at anytime upon the written request of the Chairman of the Board, the
President, or of two Directors, stating the purpose of the meeting. Notice of
the time and place shall be given not later than the day before the date of the
meeting, by mailing a notice to each Director at his last known address, by
delivering such notice to him personally, or by telephoning.
Section 7. Quorum; Votes. A majority of the Board of Directors at the time
holding office shall constitute a quorum for the transaction of all business,
except when otherwise provided by law, but less than a quorum may adjourn
a meeting from time to time, and the meeting may be held, as adjourned, without
further notice. If a quorum is present when a vote is taken, the affirmative
vote of a majority of Directors present is the act of the Board of Directors.
Section 8. Action by Directors Without a Meeting. Any action requiring
Director approval or consent may be taken without a meeting and without notice
of such meeting by written consent of all the Directors.
Section 9. Telephonic Participation in Directors' Meetings. A Director or
member of a Committee of the Board of Directors may participate in a meeting of
the Board or of such Committee may participate in a meeting of the Board or of
such Committee by means of a conference telephone or similar communications
equipment enabling all Directors participating in the meeting to hear one
another, and participation in such a meeting shall constitute presence in
person at such a meeting.
Section 10. Vacancies. Vacancies in the Board of Directors may be filled by
the remaining members of the Board at any regular or special meeting of the
Board.
Section 11. Interim Appointments. The Board of Directors shall, if the share-
holders at any meeting for the election of Directors have determined a number
of Directors less than twenty-five (25), have the power, by affirmative vote of
the majority of all the Directors, to increase such number of Directors to not
more than twenty-five (25) and to elect Directors to fill the resulting
vacancies and to serve until the next annual meeting of shareholders or the
next election of Directors; provided, however, that the number of Directors
shall not be so increased by more than two (2) if the number last determined
by shareholders was fifteen (15) or less, or increased by more than four (4) if
the number last determined by shareholders was sixteen (16) or more.
Section 12. Fees. The Board of Directors shall fix the amount and direct the
payment of fees which shall be paid to each Director for attendance at any
meeting of the Board of Directors or of any Committees of the Board.
ARTICLE III
COMMITTEES OF THE BOARD
Section 1. Executive Committee. The Board of Directors shall appoint from its
members an Executive Committee which shall consist of such number of persons as
the Board of Directors shall determine; the Chairman of the Board and the
President shall be members ex-officio of the Executive Committee with full
voting power. The Chairman of the Board or the President may from time to time
appoint from the Board of Directors as temporary additional members of the
Executive Committee, with full voting powers, not more than two members to
serve for such periods as the Chairman of the Board or the President may
determine. The Board of Directors shall designate a member of the Executive
Committee to serve as Chairman thereof. A meeting of the Executive Committee
may be called at any time upon the written request of the Chairman of the
Board, the President or the Chairman of the Executive Committee, stating the
purpose of the meeting. Not less than twenty four hours' notice of said meeting
shall be given to each member of the Committee personally, by telephoning, or
by mail. The Chairman of the Executive Committee or, in his absence, a member
of the Committee chosen by a majority of the members present shall preside at
meetings of the Executive Committee.
-3-
<PAGE> 12
The Executive Committee shall possess and may exercise all the powers of the
Board when the Board is not in session except such as the Board, only, by law,
is authorized to exercise; it shall keep minutes of its acts and proceedings
and cause same to be presented and reported at every regular meeting and at any
special meeting of the Board including specifically, all its actions relating
to loans and discounts.
All acts done and powers and authority conferred by the Executive Committee,
from time to time, within the scope of its authority, shall be deemed to be,
and may be certified as being, the acts of and under the authority of the
Board.
Section 2. Risk Management Committee. The Board shall appoint from its
members a Risk Management Committee which shall consist of such number as the
Board shall determine. The Board shall designate a member of the Risk
Management Committee to serve as Chairman thereof. It shall be the duty of the
Risk Management Committee to (a) serve as the channel of communication with
management and the Board of Directors of Fleet Financial Group, Inc. to assure
that formal processes supported by management information systems are in place
for the identification, evaluation and management of significant risks inherent
in or associated with lending activities, the loan portfolio, asset-liability
management, the investment portfolio, trust and investment advisory activities,
the sale of nondeposit investment products and new products and services and
such additional activities or functions as the Board may determine from time
to time; (b) assure the formulation and adoption of policies approved by the
Risk Management Committee or Board governing lending activities, management of
the loan portfolio, the maintenance of an adequate allowance for loan and lease
losses, asset-liability management, the investment portfolio, the retail
sale of non-deposit investment products, new products and services and such
additional activities or functions as the Board may determine from time to time
(c) assure that a comprehensive independent loan review program is in place for
the early detection of problem loans and review significant reports of the loan
review department, management's responses to those reports and the risk
attributed to unresolved issues; (d) subject to control of the Board, exercise
general supervision over trust activities, the investment of trust funds, the
disposition of trust investments and the acceptance of new trusts and the terms
of such acceptance, and (e) perform such additional duties and exercise such
additional powers of the Board as the Board may determine from time to time.
Section 3. Audit Committee. The Board shall appoint from its members and
Audit Committee which shall consist of such number as the Board shall determine
no one of whom shall be an active officer or employee of the Association or
Fleet Financial Group, Inc. or any of its affiliates. In addition, members of
the Audit Committee must not (i) have served as an officer or employee of the
Association or any of its affiliates at any time during the year prior to their
appointment; or (ii) own, control, or have owned or controlled at any time
during the year prior to appointment, ten percent (10%) or more of any
outstanding class of voting securities of the Association. At least two (2)
members of the Audit Committee must have significant executive, professional,
educational or regulatory experience in financial, auditing, accounting,
or banking matters. No member of the Audit Committee may have significant
direct or indirect credit or other relationships with the Association, the
termination of which would materially adversely affect the Association's
financial condition or results of operations.
The Board shall designate a member of the Audit Committee to serve as Chairman
thereof. It shall be the duty of the Audit Committee to (a) cause a continuous
audit and examination to be made on its behalf into the affairs of the
Association and to review the results of such examination; (b) review
significant reports of the internal auditing department, management's responses
to those reports and the risk attributed to unresolved issues; (c) review the
basis for the reports issued under Section 112 of The Federal Deposit Insurance
Corporation Improvement Act of 1991; (d) consider, in consultation with the
independent auditor and an internal auditing executive, the adequacy of the
Association's internal controls, including the resolution of identified
material weakness and reportable conditions; (e) review regulatory
communications received from any federal or state agency with supervisory
jurisdiction or other examining authority and monitor any needed corrective
action by management; (f) ensure that a formal system of internal controls is
in place for maintaining compliance with laws and regulations; (g) cause an
audit of the Trust Department at least once during each calendar year and
within 15 months of the last such audit or, in lieu thereof, adopt a
continuous audit system and report to the Board each calendar year and within
15 months of the previous report on the performance of such audit function;
and (h) perform such additional duties and exercise such additional powers of
the Board as the Board may determine from time to time.
The Audit Committee may consult with internal counsel and retain its own
outside counsel without approval (prior or otherwise) from the Board or
management and obligate the Association to pay the fees of such counsel.
-4-
<PAGE> 13
Section 4. Community Affairs Committee. The Board shall appoint from its
members a Community Affairs Committee which shall consist of such number as the
Board shall determine. The Board shall designate a member of the Community
Affairs Committee to serve as Chairman thereof. It shall be the duty of the
Community Affairs Committee to (a) oversee compliance by the Association with
the Community Reinvestment Act of 1977, as amended, and the regulations
promulgated thereunder; and (b) perform such additional duties and exercise
such additional powers of the Board as the Board may determine from time to
time.
Section 5. Regular Meetings. Except for the Executive Committee which shall
meet on an ad hoc basis as set forth in Section 1 of this Article, regular
meetings of the Committees of the Board of Directors shall be held, without
notice, at such time and place as the Committee or the Board of Directors may
appoint and as often as the business of the Association may require.
Section 6. Special Meetings. A Special Meeting of any of the Committees of
the Board of Directors may be called upon the written request of the Chairman
of the Board or the President, or of any two members of the respective
Committee, stating the purpose of the meeting. Not less than twenty-four
hours' notice of such special meeting shall be given to each member of the
Committee personally, by telephoning, or by mail.
Section 7. Emergency Meetings. An Emergency Meeting of any of the Committees
of the Board of Directors may be called at the request of the Chairman of the
Board or the President, who shall state that an emergency exists, upon not
less than one hour's notice to each member of the Committee personally or by
telephoning.
Section 8. Action Taken Without a Committee Meeting. Any Committee of the
Board of Directors may take action without a meeting and without notice of such
meeting by resolution assented to in writing by all members of such Committee.
Section 9. Quorum. A majority of a Committee of the Board of Directors shall
constitute a quorum for the transaction of any business at any meeting of such
Committee. If a quorum is not available, the Chairman of the Board or the
President shall have power to make temporary appointments to a Committee of-
members of the Board of Directors, to act in the place and stead of members who
temporarily cannot attend any such meeting; provided, however, that any
temporary appointment to the Audit Committee must meet the requirements for
members of that Committee set forth in Section 3 of this Article.
Section 10. Record. The committees of the Board of Directors shall keep a
record of their respective meetings and proceedings which shall be presented
at the regular meeting of the Board of Directors held in the calendar month
next following the meetings of the Committees. If there is no regular Board
of Directors meeting held in the calendar month next following the meeting of
a Committee, then such Committee's records shall be presented at the next
regular Board of Directors meeting held in a month subsequent to such Committee
meeting.
Section 11. Changes and Vacancies. The Board of Directors shall have power
to change the members of any Committee at any time and to fill vacancies on any
Committee; provided, however, that any newly appointed member of the Audit
Committee must meet the requirements for members of that Committee set forth in
Section 3 of this Article.
Section 12. Other Committees. The Board of Directors may appoint, from time
to time, other committees of one or more persons, for such purposes and with
such powers as the Board may determine.
ARTICLE IV
WAIVER OF NOTICE OF MEETINGS
Section 1. Waiver. Whenever notice is required to be given to any shareholder,
Director, or member of a Committee of the Board of Directors, such notice may
be waived in writing either before or after such meeting by any shareholder,
Director or Committee member respectively, as the case may be, who may be
entitled to such notice; and such notice will be deemed to be waived by
attendance at any such meeting.
-5-
<PAGE> 14
ARTICLE V
OFFICERS AND AGENTS
Section 1. Officers. The Board shall appoint a Chairman of the Board and a
President, and shall have the power to appoint one or more Executive Vice
Presidents, one or more Senior Vice Presidents, one or more Vice Presidents, a
Cashier, a Secretary, an Auditor, a Controller, one or more Trust Officers and-
such other officers as are deemed necessary or desirable for the proper
transaction of business of the Association. The Chairman of the Board and the
President shall be appointed from members of the Board of Directors. Any two
or more offices, except those of President and Cashier, or Secretary, may be
held by the same person. The Board may, from time to time, by resolution
passed by a majority of the entire Board, designate one or more officers of the
Association or of an affiliate or of Fleet Financial Group, Inc. with power to
appoint one or more Vice Presidents and such other officers of the Association
below the level of Vice President as the officer or officers designated in such
resolution deem necessary or desirable for the proper transaction of the
business of the Association.
Section 2. Chairman of the Board. The chairman of the Board shall preside at
all meetings of the Board of Directors. Subject to definition by the Board of
Directors, he shall have general executive powers and such specific powers and
duties as from time to time may be conferred upon or assigned to him by the
Board of Directors.
Section 3. President. The President shall preside at all meetings of the
Board of Directors if there be no Chairman or if the Chairman be absent.
Subject to definition by the Board of Directors, he shall have general
executive powers and such specific powers and duties as from time to time may
be conferred upon or assigned to him by the Board of Directors.
-6-
<PAGE> 15
Section 4. Cashier and Secretary. The Cashier shall be the Secretary of the
Board and of the Executive Committee, and shall keep accurate minutes of their
meetings and of all meetings of the shareholders. He shall attend to the
giving of all notices required by these By-laws. He shall be custodian of the
corporate seal, records, documents and papers of the Association. He shall
have such powers and perform such duties as pertain by law or regulation to the
office of Cashier, or as are imposed by these By-laws, or as may be delegated
to him from time to time by the Board of Directors, the Chairman of the Board
or the President.
Section 5. Auditor. The Auditor shall be the chief auditing officer of the
Association. He shall continuously examine the affairs of the Association and
from time to time shall report to the Board of Directors. He shall have such
powers and perform such duties as are conferred upon, or assigned to him by
these By-laws, or as may be delegated to him from time to time by the Board
of Directors.
Section 6. Officers Seriatim. The Board of Directors shall designate from
time to time not less than two officers who shall in the absence or disability
of the Chairman or President or both, succeed seriatim to the duties and
responsibilities of the Chairman and President respectively.
Section 7. Clerks and Agents. The Board of Directors may appoint, from time
to time, such clerks, agents and employees as it may deem advisable for the
prompt and orderly transaction of the business of the Association, define
their duties, fix the salaries to be paid them and dismiss them. Subject to
the authority of the Board of Directors, the Chairman of the Board or the
President, or any other officer of the Association authorized by either of them
may appoint and dismiss all or any clerks, agents and employees and prescribe
their duties and the conditions of their employment, and from time to time
fix their compensation.
Section 8. Tenure. The Chairman of the Board of Directors and the President
shall, except in the case of death, resignation, retirement or disqualification
under these By-laws, or unless removed by the affirmative vote of at least two-
thirds of all of the members of the Board of Directors, hold office for the
term of one year or until their respective successors are appointed. Either
of such officers appointed to fill a vacancy occurring in an unexpired term
shall serve for such unexpired term of such vacancy. All other officers,
clerks, agents, attorneys-in-fact and employees of the Association shall hold
office during the pleasure of the Board of Directors or of the officer or
committee appointing them respectively.
ARTICLE VI
TRUST DEPARTMENT
Section 1. General Powers and Duties. All fiduciary powers of the Association
shall be exercised through the Trust Department, subject to such regulations as
the Comptroller of the Currency shall from time to time establish. The Trust
Department shall be to placed under the management and immediate supervision
of an officer or officers appointed by the Board of Directors. The duties of
all officers of the Trust Department shall be to cause the policies and
instructions of the Board and the Risk Management Committee with respect to the
trusts under their supervision to be carried out, and to supervise the due
performance of the trusts and agencies entrusted to the Association and under
their supervision, in accordance with law and in accordance with the terms of
such trusts and agencies.
-7-
<PAGE> 16
ARTICLE VII
BRANCH OFFICES
Section 1. Establishment. The Board of Directors shall have full power to
establish, to discontinue, or, from time to time, to change the location of any
branch office, subject to such limitations as may be provided by law.
Section 2. Supervision and Control. Subject to the general supervision and
control of the Board of Directors, the affairs of branch offices shall be
under the immediate supervision and control of the President or of such other
officer or officers, employee or employees, or other individuals as the Board
of Directors may from time to time determine, with such powers and duties as
the Board of Directors may confer upon or assign to him or them.
ARTICLE VIII
SIGNATURE POWERS
Section 1. Authorization. The power of officers, employees, agents and
attorneys to sign on behalf of and to affix the seal of the Association shall
be prescribed by the Board of Directors or by the Executive Committee or by
both; provided that the President is authorized to restrict such power of any
officer, employee, agent or attorney to the business of a specific department
or departments, or to a specific branch office or branch offices. Facsimile
signatures may be authorized.
-8-
<PAGE> 17
ARTICLE IX
STOCK CERTIFICATES AND TRANSFERS
Section 1. Stock Records. The Trust Department shall have custody of the
stock certificate books and stock ledgers of the Association, and shall make
all transfers of stock, issue certificates thereof and disburse dividends
declared thereon.
Section 2. Form of Certificate. Every shareholder shall be entitled to a
certificate conforming to the requirements of law and otherwise in such form
as the Board of Directors may approve. The certificates shall state on the
face thereof that the stock is transferable only on the books of the
Association and shall be signed by such officers as may be prescribed from time
to time by the Board of Directors or Executive Committee. Facsimile signatures
may be authorized.
Section 3. Transfers of Stock. Transfers of stock shall be made only on the
books of the Association by the holder in person, or by attorney duly
authorized in writing, upon surrender of the certificate therefor properly
endorsed, or upon the surrender of such certificate accompanied by a properly
executed written assignment of the same, or a written power of attorney to
sell, assign or transfer the same or the shares represented thereby.
Section 4. Lost Certificate. The Board of Directors or Executive Committee
may order a new certificate to be issued in place of a certificate lost or
destroyed, upon proof of such loss or destruction and upon tender to the
Association by the shareholder, of a bond in such amount and with or without
surety, as may be ordered, indemnifying the Association against all liability,
loss, cost and damage by reason of such loss or destruction and the issuance
of a new certificate.
Section 5. Closing Transfer Books. The Board of Directors may close the
transfer books for a period not exceeding thirty days preceding any regular
or special meeting of the shareholders, or the day designated for the payment
of a dividend or the allotment of rights. In lieu of closing the transfer
books the Board of Directors may fix a day and hour not more than thirty days
prior to the day of holding any meeting of the shareholders, or the day
designated for the payment of a dividend, or the day designated for the
allotment of rights, or the day when any change of conversion or exchange of
capital stock is to go into effect, as the day as of which shareholders
entitled to notice of and to vote at such meetings or entitled to such dividend
or to such allotment of rights or to exercise the rights in respect of any
such change, conversion or exchange of capital stock, shall be determined, and
only such shareholders as shall be shareholders of record on the day and hour
so fixed shall be entitled to notice of and to vote at such meeting or to
receive payment of such dividend or to receive such allotment of rights or to
exercise such rights, as the case may be.
ARTICLE X
THE CORPORATE SEAL
Section 1. Seal. The following is an impression of the seal of the
Association adopted by the Board of Directors.
ARTICLE XI
BUSINESS HOURS
Section 1. Business Hours. The main office of this Association and each
branch office thereof shall be open for business on such days, and for such
hours as the Chairman, or the President, or any Executive Vice President, or
such other officer as the Board of Directors shall from time to time
designate, may determine as to each office to conform to local custom and
convenience, provided that any one or more of the main and branch offices or
certain departments thereof may be open for such hours as the President, or
such other officer as the Board of Directors shall from time to time designate,
may determine as to each office or department on any legal holiday on which
work is not prohibited by law, and provided further that any one or more of
the main and branch offices or certain departments thereof may be ordered
closed or open on any day for such hours as to each office or department as
the President, or such other officer as the Board of Directors shall from time
to time designate, subject to applicable laws regulations, may determine when
such action may be required by reason of disaster or other emergency condition.
ARTICLE IX
CHANGES IN BY-LAWS
Section 1. Amendments. These By-laws may be amended upon vote of a majority
of the entire Board of Directors at any meeting of the Board, provided ten (10)
day's notice of the proposed amendment has been given to each member of the
Board of Directors. No amendment may be made unless the By-law, as amended, is
consistent with the requirements of law and of the Articles of Association.
These By-laws may also be amended by the Association's shareholders.
A true copy
Attest:
Secretary/Assistant Secretary
- ---------------------------------------
Dated at , as of
.
--------------------------------------- ----------------------
Revision of January 11, 1993
-9-
<PAGE> 18
[LOGO] Exhibit 3
- -------------------------------------------------------------------------------
Comptroller of the Currency
Administrator of National Banks
- -------------------------------------------------------------------------------
Washington, D.C. 20219
CERTIFICATE
I, Eugene A. Ludwig, Comptroller of the Currency, do hereby certify that:
1. The Comptroller of the Currency, pursuant to Revised Statutes 324, et
seq., as amended, 12 U.S.C. 1, et seq., as amended, has possession, custody and
control of all records pertaining to the chartering of all National Banking
Associations.
2. "Fleet National Bank," (Charter No. 1338) is a National Banking
Association formed under the laws of the United States and is authorized
thereunder to transact the business of banking and exercise Fiduciary Powers on
the date of this Certificate.
IN TESTIMONY WHEREOF, I have hereunto
subscribed my name and caused my seal of office
to be affixed to these presents at the Treasury
Department in the City of Washington and
[SEAL]
District of Columbia, this 23rd day of
December, 1996.
/s/ Eugene A. Ludwig
----------------------
Comptroller of the Currency
<PAGE> 19
EXHIBIT 4
CONSENT OF THE TRUSTEE
REQUIRED BY SECTION 321(b)
OF THE TRUST INDENTURE ACT OF 1939
In connection with the qualification of a Declaration of Trust of
Conseco Financing Trust IV, V, VI and VII, the undersigned, does hereby consent
that, pursuant to Section 321(b) of the Trust Indenture Act of 1939, reports of
examinations with respect to the undersigned by Federal, State, Territorial or
District authorities may be furnished by such authorities to the Securities and
Exchange Commission upon request therefor.
FLEET NATIONAL BANK,
Trustee
/s/ Susan T.Keller
By _____________________
Susan T. Keller
Its Vice President
Dated: June 9, 1997
<PAGE> 20
Board of Governors of the Federal Reserve System
OMB Number: 7100-0036
Federal Deposit Insurance Corporation
OMB Number: 3064-0052
Office of the Comptroller of the Currency
Federal Financial OMB Number: 1557-0081
Institutions Examination
Council Expires March 31, 1999
- --------------------------------------------------------------------------------
/1/
Please refer to page i,
[LOGO APPEARS HERE] Table of Contents, for
the required disclosure
of estimated burden.
- --------------------------------------------------------------------------------
CONSOLIDATED REPORTS OF CONDITION AND INCOME FOR
A BANK WITH DOMESTIC AND FOREIGN OFFICES -- FFIEC 031
REPORT AT THE CLOSE OF BUSINESS MARCH 31, 1997 (970331)
-----------
(RCRI 9999)
This report is required by law: 12 U.S.C. Section 324 (State member banks); 12
U.S.C. Section 1817 (State nonmember banks); and 12 U.S.C. Section 161
(National banks).
This report form is to be filed by banks with branches and consolidated
subsidiaries in U.S. territories and possessions, Edge or Agreement
subsidiaries, foreign branches, consolidated foreign subsidiaries, or
International Banking Facilities.
- --------------------------------------------------------------------------------
NOTE: The Reports of Condition and Income must be signed by an authorized
officer and the Report of Condition must be attested to by not less than two
directors (trustees) for State nonmember banks and three directors for State
member and National banks.
I, Giro S. DeRosa, Vice President
-----------------------------------------------------------------------------
Name and Title of Officer Authorized to Sign Report
of the named bank do hereby declare that these Reports of Condition and Income
(including the supporting schedules) have been prepared in conformance with the
instructions issued by the appropriate Federal regulatory authority and are
true to the best of my knowledge and belief.
/s/ Gino S. DeRosa
- --------------------------------------------------------------------------------
Signature of Officer Authorized to Sign Report
April 24, 1997
- --------------------------------------------------------------------------------
Date of Signature
The Reports of Condition and Income are to be prepared in accordance with
Federal regulatory authority instructions. NOTE: These instructions may in some
cases differ from generally accepted accounting principles.
We, the undersigned directors (trustees), attest to the correctness of this
Report of Condition (including the supporting schedules) and declare that it
has been examined by us and to the best of our knowledge and belief has been
prepared in conformance with the instructions issued by the appropriate Federal
regulatory authority and is true and correct.
/s/
- --------------------------------------------------------------------------------
Director (Trustee)
/s/
- --------------------------------------------------------------------------------
Director (Trustee)
/s/
- --------------------------------------------------------------------------------
Director (Trustee)
- --------------------------------------------------------------------------------
FOR BANKS SUBMITTING HARD COPY REPORT FORMS:
STATE MEMBER BANKS: Return the original and one copy to the appropriate Federal
Reserve District Bank.
STATE NONMEMBER BANKS: Return the original only in the special return address
envelope provided. If express mail is used in lieu of the special return
address envelope, return the original only to the FDIC, c/o Quality Data
Systems, 2127 Espey Court, Suite 204, Crofton, MD 21114.
NATIONAL BANKS: Return the original only in the special return address envelope
provided. If express mail is used in lieu of the special return address
envelope, return the original only to the FDIC, c/o Quality Data Systems, 2127
Espey Court, Suite 204, Crofton, MD 21114.
FDIC Certificate Number 0 2 4 9 9
---------------------
(RCRI 9050)
Banks should affix the address label in this space.
Fleet National Bank
- ------------------------------------------------
Legal Title of Bank (TEXT 9010)
One Monarch Place
- ------------------------------------------------
City (TEXT 9130)
Springfield, MA 01102
- ------------------------------------------------
State Abbrev. (TEXT 9200) ZIP Code (TEXT 9220)
Board of Governors of the Federal Reserve System, Federal Deposit
Insurance Corporation, Office of the Comptroller of the Currency.
<PAGE> 21
FFIEC 031
Page i
/2/
Consolidated Reports of Condition and Income for
A Bank With Domestic and Foreign Offices
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
TABLE OF CONTENTS
SIGNATURE PAGE
Cover
REPORT OF INCOME
Schedule RI -- Income Statement...................................... RI-1, 2, 3
Schedule RI-A -- Changes in Equity Capital........................... RI-4
Schedule RI-B -- Charge-offs and Recoveries and Changes in Allowance
for Loan and Lease Losses........................................... RI-4, 5
Schedule RI-D -- Income from International Operations................ RI-6
Schedule RI-E -- Explanations........................................ RI-7,8
</TABLE>
DISCLOSURE OF ESTIMATED BURDEN
THE ESTIMATED AVERAGE BURDEN ASSOCIATED WITH THIS INFORMATION COLLECTION IS 34.1
HOURS PER RESPONDENT AND IS ESTIMATED TO VARY FROM 15 TO 400 HOURS PER RESPONSE,
DEPENDING ON INDIVIDUAL CIRCUMSTANCES. BURDEN ESTIMATES INCLUDE THE TIME FOR
REVIEWING INSTRUCTIONS, GATHERING AND MAINTAINING DATA IN THE REQUIRED FORM,AND
COMPLETING THE INFORMATION COLLECTION, BUT EXCLUDE THE TIME FOR COMPILING AND
MAINTAINING BUSINESS RECORDS IN THE NORMAL COURSE OF A RESPONDENT'S ACTIVITIES.
A FEDERAL AGENCY MAY NOT CONDUCT OR SPONSOR, AND AN ORGANIZATION (OR A PERSON)
IS NOT REQUIRED TO RESPOND TO A COLLECTION OF INFORMATION, UNLESS IT DISPLAYS
A CURRENTLY VALID OMB CONTROL NUMBER. COMMENTS CONCERNING THE ACCURACY OF THIS
BURDEN ESTIMATE AND SUGGESTIONS FOR REDUCING THIS BURDEN SHOULD BE DIRECTED TO
THE OFFICE OF INFORMATION AND REGULATORY AFFAIRS, OFFICE OF MANAGEMENT AND
BUDGET, WASHINGTON, D.C. 20503, AND TO ONE OF THE FOLLOWING:
SECRETARY
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551
LEGISLATIVE AND REGULATORY ANALYSIS DIVISION
OFFICE OF THE COMPTROLLER OF THE CURRENCY
WASHINGTON, D.C. 20219
ASSISTANT EXECUTIVE SECRETARY
FEDERAL DEPOSIT INSURANCE CORPORATION
WASHINGTON, D.C. 20429
REPORT OF CONDITION
<TABLE>
<S> <C>
Schedule RC -- Balance Sheet..................................... RC-1,2
Schedule RC-A -- Cash and Balances Due From Depository
Institutions..................................................... RC-3
Schedule RC-B -- Securities...................................... RC-3, 4,5
Schedule RC-C -- Loans and Lease Financing Receivables:
Part I. Loans and Leases....................................... RC-6,7
Part II. Loans to Small Businesses and Small Farms
(included in the forms for June 30 only)...................... RC-7a,7b
Schedule RC-D -- Trading Assets and Liabilitie (to be
completed only by selected banks).............................. RC-8
Schedule RC-E -- Deposit Liabilities............................. RC-9, 10,11
Schedule RC-F -- Other Assets.................................... RC-11
Schedule RC-G -- Other Liabilities............................... RC-11
Schedule RC-H -- Selected Balance Sheet Items for Domestic
Offices......................................................... RC-12
Schedule RC-I -- Selected Assets and Liabilities of IBFs......... RC-13
Schedule RC-K -- Quarterly Averages.............................. RC-13
Schedule RC-L -- Off-Balance Sheet Items......................... RC-14, 15,16
Schedule RC-M -- Memoranda....................................... RC-17,18
Schedule RC-N -- Past Due and Nonaccrual Loans, Leases, and
Other Assets.................................................... RC-19, 20
Schedule RC-O -- Other Data for Deposit Insurance
and FICO Assessments............................................ RC-21, 22
Schedule RC-R -- Regulatory Capital.............................. RC-23,24
Optional Narrative Statement Concerning the Amounts Reported
in the Reports of Condition and Income.......................... RC-25
</TABLE>
Special Report (TO BE COMPLETED BY ALL BANKS)
Schedule RC-J -- Repricing Opportunities (sent only to and to be completed only
by savings banks)
For information or assistance, National and State nonmember banks should
contact the FDIC's Call Reports Analysis Unit, 550 17th Street, NW, Washington,
D.C. 20429, toll free on (800) 688-FDIC(3342), Monday through Friday between
8:00 a.m. and 5:00 p.m., Eastern time. State member banks should contact their
Federal Reserve District Bank.
<PAGE> 22
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-1
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Consolidated Report of Income
for the period January 1, 1997-March 31, 1997
All Report of Income schedules are to be reported on a calendar year-to-date
basis in thousands of dollars.
Schedule RI--Income Statement
<TABLE>
<CAPTION>
----------
I480 (-
---------------------
Dollar Amounts
in Thousands
- -------------------------------------------------------------
- ------------- ---------------------
RIAD Bil Mil Thou
<S> <C> <C> <C>
1. Interest income:
//////////////////
a. Interest and fee income on loans:
//////////////////
(1) In domestic offices:
//////////////////
(a) Loans secured by real estate
................................................... 4011 261,522
1.a.(1)(a)
(b) Loans to depository institutions
............................................... 4019 390 1.a.(1)(b)
(c) Loans to finance agricultural production and other loans to farmers
............ 4024 90 1.a.(1)(c)
(d) Commercial and industrial loans
................................................ 4012 284,321
1.a.(1)(d)
(e) Acceptances of other banks
..................................................... 4026 0
1.a.(1)(e)
(f) Loans to individuals for household, family, and other personal
expenditures: //////////////////
(1) Credit cards and related plans
............................................. 4054 3,139
1.a.(1)(f)(1)
(2) Other
...................................................................... 4055
44,118 1.a.(1)(f)(2)
(g) Loans to foreign governments and official institutions
......................... 4056 0 1.a.(1)(g)
(h) Obligations (other than securities and leases) of states and political
//////////////////
subdivisions in the U.S.:
//////////////////
(1) Taxable obligations
........................................................ 4503 0
1.a.(1)(h)(1)
(2) Tax-exempt obligations
..................................................... 4504 2,403
1.a.(1)(h)(2)
(i) All other loans in domestic offices
............................................ 4058 31,819 1.a.(1)(i)
(2) In foreign offices, Edge and Agreement subsidiaries, and IBFs
...................... 4059 1,140 1.a.(2)
b. Income from lease financing receivables:
//////////////////
(1) Taxable leases
..................................................................... 4505
39,514 1.b.(1)
(2) Tax-exempt leases
.................................................................. 4307
526 1.b.(2)
c. Interest income on balances due from depository institutions:(1)
//////////////////
(1) In domestic offices
................................................................ 4105
200 1.c.(1)
(2) In foreign offices, Edge and Agreement subsidiaries, and IBFs
...................... 4106 6 1.c.(2)
d. Interest and dividend income on securities:
//////////////////
(1) U.S. Treasury securities and U.S. Government agency obligations
.................... 4027 78,125 1.d.(1)
(2) Securities issued by states and political subdivisions in the U.S.:
//////////////////
(a) Taxable securities
............................................................. 4506
0 1.d.(2)(a)
(b) Tax-exempt securities
.......................................................... 4507 1,673
1.d.(2)(b)
(3) Other domestic debt securities
..................................................... 3657 26
1.d.(3)
(4) Foreign debt securities
............................................................ 3658
1,161 1.d.(4)
(5) Equity securities (including investments in mutual funds)
.......................... 3659 3,601 1.d.(5)
e. Interest income from trading assets
.................................................... 4069 13 1.e.
----------------------
</TABLE>
____________
(1) Includes interest income on time certificates of deposit not held for
trading.
3
<PAGE> 23
Legal Title of Bank: FLEET NATIONAL BANK
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: ONE MONARCH PLACE
Page RI-2
City, State Zip: SPRINGFIELD, MA 01102
FDIC Certificate No.: 02499
-----------
SCHEDULE RI--CONTINUED
<TABLE>
<CAPTION>
--------------
Dollar Amounts in Thousands Year-to-date
- ----------------------------------------------------------------------------
- -----------------------------------------------
<S> <C> <C> <C> <C>
1. Interest income (continued)
RIAD Bil Mil Thou
f. Interest income on federal funds sold and securities purchased
//////////////////
under agreements to resell ..........................................
4020 1,887 1.f.
g. Total interest income (sum of items 1.a through 1.f) ................
4107 755,674 1.g.
2. Interest expense:
//////////////////
a. Interest on deposits:
//////////////////
(1) Interest on deposits in domestic offices:
//////////////////
(a) Transaction accounts (NOW accounts, ATS accounts, and
//////////////////
telephone and preauthorized transfer accounts) .............. 4508
1,888 2.a.(1)(a)
(b) Nontransaction accounts:
//////////////////
(1) Money market deposit accounts (MMDAs) ................... 4509
56,424 2.a.(1)(b)(1)
(2) Other savings deposits .................................. 4511
9,062 2.a.(1)(b)(2)
(3) Time deposits of $100,000 or more ....................... A517
35,929 2.a.(1)(b)(3)
(4) Time deposits of less than $100,000 ..................... A518
82,720 2.a.(1)(b)(4)
(2) Interest on deposits in foreign offices, Edge and Agreement
//////////////////
subsidiaries, and IBFs .......................................... 4172
24,266 2.a.(2)
b. Expense of federal funds purchased and securities sold under
//////////////////
agreements to repurchase ............................................
4180 62,158 2.b.
c. Interest on demand notes issued to the U.S. Treasury trading
//////////////////
liabilities and other borrowed money ................................
4185 10,706 2.c.
d. Not applicable
//////////////////
e. Interest on subordinated notes and debentures .......................
4200 20,653 2.e.
f. Total interest expense (sum of items 2.a through 2.e) ...............
4073 303,806 2.f.
-----------------------
3. Net interest income (item 1.g minus 2.f)
............................... ////////////////// RIAD 4074 451,868
3.
-----------------------
4. Provisions:
////////////////// -----------------------
a. Provision for loan and lease losses .................................
////////////////// RIAD 4230 611 4.a.
b. Provision for allocated transfer risk ...............................
////////////////// RIAD 4243 0 4.b
----------------------
5. Noninterest income:
//////////////////
a. Income from fiduciary activities ....................................
4070 71,635 5.a.
b. Service charges on deposit accounts in domestic offices .............
4080 59,101 5.b.
c. Trading revenue (must equal Schedule RI, sum of Memorandum
//////////////////
items 8.a through 8.d) ..............................................
A220 8,776 5.c.
d.-e. Not applicable
//////////////////
f. Other noninterest income:
//////////////////
(1) Other fee income ................................................
5407 161,180 5.f.(1)
(2) All other noninterest income* ...................................
5408 33,991 5.f.(2)
-----------------------
g. Total noninterest income (sum of items 5.a through 5.f) .............
////////////////// RIAD 4079 334,683 5.g.
6. a. Realized gains (losses) on held-to-maturity securities
.............. ////////////////// RIAD 3521 (6,190) 6.a.
b. Realized gains (losses) on available-for-sale securities ............
////////////////// RIAD 3196 (430) 6.b.
-----------------------
7. Noninterest expense:
//////////////////
a. Salaries and employee benefits ......................................
4135 163,977 7.a.
b. Expenses of premises and fixed assets (net of rental income)
//////////////////
(excluding salaries and employee benefits and mortgage interest) ....
4217 49,343 7.b.
c. Other noninterest expense* ..........................................
4092 250,037 7.c.
-----------------------
d. Total noninterest expense (sum of items 7.a through 7.c) ............
////////////////// RIAD 4093 463,357 7.d.
-----------------------
8. Income (loss) before income taxes and extraordinary items and other
//////////////////
adjustments (item 3 plus or minus items 4.a, 4.b, 5.g,
////////////////// -----------------------
6.a, 6.b, and 7.d) .....................................................
////////////////// RIAD 4301 315,963 8.
9. Applicable income taxes (on item 8)
.................................... ////////////////// RIAD 4302
123,632 9.
-----------------------
10. Income (loss) before extraordinary items and other adjustments
////////////////// -----------------------
(item 8 minus 9) .......................................................
////////////////// RIAD 4300 192,331 10.
11. Extraordinary items and other adjustments, net of income taxes*
////////////////// RIAD 4320 0 11.
12. Net income (loss) (sum of items 10 and 11)
////////////////// RIAD 4340 192,331 12.
-----------------------
</TABLE>
____________
*Describe on Schedule RI-E--Explanations.
4
<PAGE> 24
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-3
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----
SCHEDULE RI--CONTINUED
<TABLE>
<CAPTION>
---------
I481 (-
----------------
Year-to-date
--------------------
Memoranda Dollar
Amounts in Thousands RIAD Bil Mil Thou
- --------------------------------------------------------------------------------
- ---------------------- --------------------
<S> <C> <C>
1. Interest expense incurred to carry tax-exempt securities, loans, and
leases acquired after //////////////////
August 7, 1986, that is not deductible for federal income tax purposes
.......................... 4513 681 M.1.
2. Income from the sale and servicing of mutual funds and annuities in
domestic offices //////////////////
(included in Schedule RI, item 8)
............................................................... 8431
16,571 M.2.
3.-4. Not applicable
5. Number of full-time equivalent employees at end of current period
(round to //// Number
nearest whole number)
...........................................................................
4150 12,449 M.5.
6. Not applicable
//////////////////
7. If the reporting bank has restated its balance sheet as a result of
applying push down //// MM DD YY
accounting this calendar year, report the date of the bank's
acquisition......................... 9106 00/00/00 M.7.
8. Trading revenue (from cash instruments and off-balance sheet derivative
instruments) //////////////////
(sum of Memorandum items 8.a through 8.d must equal Schedule RI, item
5.c): //// Bill Mil Thou
a. Interest rate
exposures.......................................................................
8757 907 M.8.a.
b. Foreign exchange
exposures....................................................................
8758 7,869 M.8.b.
c. Equity security and index
exposures........................................................... 8759
0 M.8.c.
d. Commodity and other
exposures.................................................................
8760 0 M.8.d.
9. Impact on income of off-balance sheet derivatives held for purposes
other than trading: //////////////////
a. Net increase (decrease) to interest
income.................................................... 8761 3,704
M.9.a.
b. Net (increase) decrease to interest
expense................................................... 8762 2,612
M.9.b.
c. Other (noninterest)
allocations...............................................................
8763 1,380 M.9.c.
10. Credit losses off-balance sheet derivatives (see instructions)
.................................. A251 0 M.10.
-------------------
YES NO
11. Does the reporting bank have a Subchapter S election in effect for federal
income tax -------------------
purposes for the current tax year?
.............................................................. A530 ////
x M.11.
-------------------
//// Bil Mil Thou
12. Deferred portion of total applicable income taxes included in Schedule RI,
-------------------
items 9 and 11 (to be reported with the December Report of Income)
.............................. 4772 N/A M.12.
-------------------
</TABLE>
____________
*Describe on Schedule RI-E--Explanations.
5
<PAGE> 25
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-4
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-A--Changes in Equity Capital
Indicate decreases and losses in parentheses.
<TABLE>
<CAPTION>
----------
I483 (-
------------------------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ---------------------- -----------------------
RIAD BIL MIL THOU
<S> <C> <C> <C>
1. Total equity capital originally reported in the December 31, 1996,
Reports of Condition //////////////////
and Income
................................................................................
...... 3215 4,519,112 1.
2. Equity capital adjustments from amended Reports of Income, net*
................................. 3216 0 2.
3. Amended balance end of previous calendar year (sum of items 1 and 2)
............................ 3217 4,519,112 3.
4. Net income (loss) (must equal Schedule RI, item 12)
............................................. 4340 192,331 4.
5. Sale, conversion, acquisition, or retirement of capital stock, net
.............................. 4346 0 5.
6. Changes incident to business combinations, net
.................................................. 4356 0 6.
7. LESS: Cash dividends declared on preferred stock
................................................ 4470 2,922 7.
8. LESS: Cash dividends declared on common stock
................................................... 4460 209,000 8.
9. Cumulative effect of changes in accounting principles from prior years*
(see instructions //////////////////
for this schedule)
..............................................................................
4411 42,977 9.
10. Corrections of material accounting errors from prior years* (see
instructions for this schedule) 4412 0 10.
11. Change in net unrealized holding gains (losses) on available-for-sale
securities ................ 8433 (34,402) 11.
12. Foreign currency translation adjustments
........................................................ 4414 0
12.
13. Other transactions with parent holding company* (not included in items 5,
7, or 8 above) ........ 4415 0 13.
14. Total equity capital end of current period (sum of items 3 through 13)
(must equal Schedule RC, //////////////////
item 28)
................................................................................
........ 3210 4,508,096 14.
----------------------
</TABLE>
____________
*Describe on Schedule RI-E--Explanations.
Schedule RI-B--Charge-offs and Recoveries and Changes
in Allowance for Loan and Lease Losses
Part I. Charge-offs and Recoveries on Loans and Leases
Part I excludes charge-offs and recoveries through
the allocated transfer risk reserve.
<TABLE>
<CAPTION>
----------
I486 (-
-----------------------------------------
Dollar Amounts in Thousands
-------------------------------- --------
Calendar year-to-date
-----------------------------------------
(Column A) (Column B)
Charge-offs Recoveries
- ------------------------------------------------------------------------------
- -------------------- --------------------
RIAD BIL MIL THOU RIAD BIL MIL THOU
<S> <C> <C> <C>
1. Loans secured by real estate:
////////////////// //////////////////
a. To U.S. addressees (domicile) .........................................
4651 11,390 4661 5,546 1.a.
b. To non-U.S. addressees (domicile) .....................................
4652 0 4662 0 1.b.
2. Loans to depository institutions and acceptances of other banks:
////////////////// //////////////////
a. To U.S. banks and other U.S. depository institutions ..................
4653 0 4663 0 2.a.
b. To foreign banks ......................................................
4654 0 4664 0 2.b.
3. Loans to finance agricultural production and other loans to farmers ......
4655 97 4665 29 3.
4. Commercial and industrial loans:
////////////////// //////////////////
a. To U.S. addressees (domicile) .........................................
4645 9,932 4617 11,507 4.a.
b. To non-U.S. addressees (domicile) .....................................
4646 0 4618 0 4.b.
5. Loans to individuals for household, family, and other personal
////////////////// //////////////////
expenditures:
////////////////// //////////////////
a. Credit cards and related plans ........................................
4656 1,116 4666 176 5.a.
b. Other (includes single payment, installment, and all student loans) ...
4657 10,188 4667 3,031 5.b.
6. Loans to foreign governments and official institutions ...................
4643 0 4627 0 6.
7. All other loans ..........................................................
4644 1,139 4628 213 7.
8. Lease financing receivables:
////////////////// //////////////////
a. Of U.S. addressees (domicile) .........................................
4658 94 4668 655 8.a.
b. Of non-U.S. addressees (domicile) .....................................
4659 0 4669 0 8.b.
9. Total (sum of items 1 through 8) .........................................
4635 33,956 4605 21,157 9.
-------------------------------------------
</TABLE>
6
<PAGE> 26
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-5
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-B--Continued
Part I. Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
-------------------------------------------
Calendar year-to-date
-------------------------------------------
(Column A) (Column B)
Memoranda
Charge-offs Recoveries
- ------------------------------------------------------------------------------
- -------------------- --------------------
RIAD Bil Mil Thou RIAD Bil Mil Thou
<S> <C> <C> <C> <C>
1-3. Not applicable
////////////////// //////////////////
4. Loans to finance commercial real estate, construction, and land
////////////////// //////////////////
development activities (not secured by real estate) included in
////////////////// //////////////////
Schedule RI-B, part I, items 4 and 7, above...............................
5409 8,010 5410 7,599 M.4.
5. Loans secured by real estate in domestic offices (included in
////////////////// //////////////////
Schedule RI-B, part I, item 1, above):
////////////////// //////////////////
a. Construction and land development......................................
3582 468 3583 1,288 M.5.a.
b. Secured by farmland....................................................
3584 0 3585 75 M.5.b.
c. Secured by 1-4 family residential properties:
////////////////// //////////////////
(1) Revolving, open-end loans secured by 1-4 family residential
////////////////// //////////////////
properties and extended under lines of credit...................... 5411
1,164 5412 505 M.5.c.(1)
(2) All other loans secured by 1-4 family residential properties.......
5413 5,954 5414 1,761 M.5.c.(2)
d. Secured by multifamily (5 or more) residential properties..............
3588 1,613 3589 425 M.5.d.
e. Secured by nonfarm nonresidential properties...........................
3590 2,191 3591 1,492 M.5.e.
-------------------------------------------
</TABLE>
Part II. Changes in Allowance for Loan and Lease Losses
<TABLE>
<CAPTION>
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ------------------- ----------------------
RIAD Bil Mil Thou
<S> <C> <C> <C>
1. Balance originally reported in the December 31, 1996, Reports of Condition
and Income.......... 3124 776,811 1.
2. Recoveries (must equal part I, item 9, column B
above)......................................... 4605 21,157 2.
3. LESS: Charge-offs (must equal part I, item 9, column A
above).................................. 4635 33,956 3.
4. Provision for loan and lease losses (must equal Schedule RI, item
4.a)......................... 4230 611 4.
5. Adjustments* (see instructions for this
schedule).............................................. 4815 (1,410)
5.
6. Balance end of current period (sum of items 1 through 5) (must equal
Schedule RC, //////////////////
item
4.b)............................................................................
.......... 3123 763,213 6.
--------------------
</TABLE>
____________
*Describe on Schedule RI-E--Explanations.
7
<PAGE> 27
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-6
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-D--Income from International Operations
For all banks with foreign offices, Edge or Agreement subsidiaries, or IBFs
where international operations account for more than 10 percent of total
revenues, total assets, or net income.
Part I. Estimated Income from International Operations
<TABLE>
<CAPTION>
----------
I492 (-
---------------
Year-to-date
---------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ----------------- --------------------
<S> <C> <C> <C>
RIAD Bil Mil Thou
1. Interest income and expense booked at foreign offices, Edge and Agreement
subsidiaries, //////////////////
and IBFs:
//////////////////
a. Interest income booked
................................................................... 4837
N/A 1.a.
b. Interest expense booked
.................................................................. 4838
N/A 1.b.
c. Net interest income booked at foreign offices, Edge and Agreement
subsidiaries, and IBFs //////////////////
(item 1.a minus 1.b)
..................................................................... 4839
N/A 1.c.
2. Adjustments for booking location of international operations:
//////////////////
a. Net interest income attributable to international operations booked at
domestic offices .. 4840 N/A 2.a.
b. Net interest income attributable to domestic business booked at foreign
offices .......... 4841 N/A 2.b.
c. Net booking location adjustment (item 2.a minus 2.b)
..................................... 4842 N/A 2.c.
3. Noninterest income and expense attributable to international operations:
//////////////////
a. Noninterest income attributable to international operations
.............................. 4097 N/A 3.a.
b. Provision for loan and lease losses attributable to international
operations ............. 4235 N/A 3.b.
c. Other noninterest expense attributable to international operations
....................... 4239 N/A 3.c.
d. Net noninterest income (expense) attributable to international
operations (item 3.a //////////////////
minus 3.b and 3.c)
....................................................................... 4843
N/A 3.d.
4. Estimated pretax income attributable to international operations before
capital allocation //////////////////
adjustment (sum of items 1.c, 2.c, and 3.d)
................................................. 4844 N/A 4.
5. Adjustment to pretax income for internal allocations to international
operations to reflect //////////////////
the effects of equity capital on overall bank funding costs
................................. 4845 N/A 5.
6. Estimated pretax income attributable to international operations after
capital allocation //////////////////
adjustment (sum of items 4 and 5)
........................................................... 4846 N/A
6.
7. Income taxes attributable to income from international operations as
estimated in item 6 .... 4797 N/A 7.
8. Estimated net income attributable to international operations (item 6 minus
7) .............. 4341 N/A 8.
----------------------
</TABLE>
<TABLE>
<CAPTION>
Memoranda
- ---------------------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ----------------- ---------------------
<S> <C> <C> <C>
RIAD Bil Mil Thou
1. Intracompany interest income included in item 1.a above
..................................... 4847 N/A M.1.
2. Intracompany interest expense included in item 1.b above
.................................... 4848 N/A M.2.
--------------------------
</TABLE>
Part II. Supplementary Details on Income from International Operations Required
by the Departments of Commerce and Treasury for Purposes of the U.S.
International Accounts and the U.S. National Income and Product Accounts
<TABLE>
<CAPTION>
Year-to-date
- --------------------------------------------------------------------------------
- ---------------- --------------------
<S> <C> <C> <C>
Dollar Amounts in Thousands RIAD Bil Mil Thou
- --------------------------------------------------------------------------------
- ---------------- --------------------
1. Interest income booked at IBFs
.............................................................. 4849
N/A 1.
2. Interest expense booked at IBFs
............................................................. 4850
N/A 2.
3. Noninterest income attributable to international operations booked at
domestic offices //////////////////
(excluding IBFs):
//////////////////
a. Gains (losses) and extraordinary items
................................................... 5491 N/A 3.a.
b. Fees and other noninterest income
........................................................ 5492 N/A
3.b.
4. Provision for loan and lease losses attributable to international operations
booked at //////////////////
domestic offices (excluding IBFs)
........................................................... 4852 N/A
4.
5. Other noninterest expense attributable to international operations booked at
domestic offices //////////////////
(excluding IBFs)
............................................................................
4853 N/A 5.
--------------------
</TABLE>
8
<PAGE> 28
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-7
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-E--Explanations
Schedule RI-E is to be completed each quarter on a calendar year-to-date basis.
Detail all adjustments in Schedules RI-A and RI-B, all extraordinary items and
other adjustments in Schedule RI, and all significant items of other
noninterest income and other noninterest expense in Schedule RI. (See
instructions for details.)
<TABLE>
<CAPTION>
- ----------
I495 (-
------ --------
Year-to-date
--- ---------------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ------------------ --------------------
<S> <C> <C> <C>
RIAD Bil Mil Thou
1. All other noninterest income (from Schedule RI, item 5.f.(2))
//////////////////
Report amounts that exceed 10% of Schedule RI, item 5.f.(2):
//////////////////
a. Net gains (losses) on other real estate owned
............................................ 5415 0 1.a.
b. Net gains (losses) on sales of loans
..................................................... 5416 0 1.b.
c. Net gains (losses) on sales of premises and fixed assets
................................. 5417 0 1.c.
Itemize and describe the three largest other amounts that exceed 10% of
//////////////////
Schedule RI, item 5.f.(2):
//////////////////
-------------
d. TEXT 4461 Intercompany Investment Services Fees
4461 11,715 1.d.
-----------
- ------------------------------------------------------------------------------
e. TEXT 4462
4462 1.e.
-----------
- ------------------------------------------------------------------------------
f. TEXT 4463
4463 1.f.
---------------------------------------------------------------------------
- ----------------
2. Other noninterest expense (from Schedule RI, item 7.c):
//////////////////
a. Amortization expense of intangible assets
................................................ 4531 20,272 2.a.
Report amounts that exceed 10% of Schedule RI, item 7.c:
//////////////////
b. Net (gains) losses on other real estate owned
............................................ 5418 0 2.b.
c. Net (gains) losses on sales of loans
..................................................... 5419 0 2.c.
d. Net (gains) losses on sales of premises and fixed assets
................................. 5420 0 2.d.
Itemize and describe the three largest other amounts that exceed 10% of
//////////////////
Schedule RI, item 7.c:
//////////////////
-------------
e. TEXT 4464 Intercompany Corporate Support Function Charges
4464 80,442 2.e.
-----------
- ------------------------------------------------------------------------------
f. TEXT 4467 Intercompany Data Processing & Programming Charges
4467 74,344 2.f.
-----------
- ------------------------------------------------------------------------------
g. TEXT 4468
4468 2.g.
---------------------------------------------------------------------------
- ----------------
3. Extraordinary items and other adjustments and applicable income tax
effect //////////////////
(from Schedule RI, item 11) (itemize and describe all extraordinary items
and //////////////////
all adjustments):
//////////////////
-------------
a. (1) TEXT 4469
4469 3.a.(1)
---------------------------------------------------------------------------
- ------------
(2) Applicable income tax effect
RIAD 4486 ///////////////// 3.a.(2)
-------------
- -------------------
b. (1) TEXT 4487
4487 3.b.(1)
---------------------------------------------------------------------------
- ------------
(2) Applicable income tax effect
RIAD 4488 ///////////////// 3.b.(2)
-------------
- -------------------
c. (1) TEXT 4489
4489 0 3.c.(1)
---------------------------------------------------------------------------
- ------------
(2) Applicable income tax effect
RIAD 4491 ////////////////// 3.c.(2)
4. Equity capital adjustments from amended Reports of Income (from
Schedule RI-A, //////////////////
item 2) (itemize and describe all adjustments):
//////////////////
-------------
a. TEXT 4492
4492 4.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4493
4493 4.b.
---------------------------------------------------------------------------
- ----------------
5. Cumulative effect of changes in accounting principles from prior years
//////////////////
(from Schedule RI-A, item 9) (itemize and describe all changes in
accounting principles): //////////////////
-------------
a. TEXT 4494 Effect on change to GAAP from previous non-GAAP
instructions A546 42,977 5.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4495
4495 5.b.
---------------------------------------------------------------------------
- ----------------
6. Corrections of material accounting errors from prior years (from
Schedule RI-A, item 10) //////////////////
(itemize and describe all corrections):
//////////////////
-------------
a. TEXT 4496
4496 6.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4497
4497 6.b.
---------------------------------------------------------------------------
- ----------------
</TABLE>
9
<PAGE> 29
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-8
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-E--Continued
<TABLE>
<CAPTION>
- ----------------
Year-to-date
----------------------
Dollar Amounts in Thousands
----------------------
- --------------------------------------------------------------------------------
- ------------------ --------------------
<S> <C> <C> <C>
RIAD Bil Thou
7. Other transactions with parent holding company (from Schedule RI-A,
item 13)
(itemize and describe all such transactions):
//////////////////
-----------
a. TEXT 4498
4498 7.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4499
4499 7.b.
---------------------------------------------------------------------------
- ----------------
8. Adjustments to allowance for loan and lease losses (from Schedule RI-B,
part II, item 5) ///////////////////
(itemize and describe all adjustments):
///////////////////
-------------
a. TEXT 4521 Adj to beg bal to correct prior period posting errs
4521 (1,410) 8.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4522
4522 8.b
---------------------------------------------------------------------------
- ---------------- ---------------------
9. Other explanations (the space below is provided for the bank to briefly
describe, at its I498 I499 (-
----------------------
option, any other significant items affecting the Report of Income):
---
No comment X (RIAD 4769)
---
Other explanations (please type or print clearly):
(TEXT 4769)
</TABLE>
10
<PAGE> 30
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-1
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for March 31, 1997
All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the
quarter.
Schedule RC--Balance Sheet
__________
<TABLE>
<CAPTION>
----------
C400 (-
------------ --------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ----------------- --------------------
<S> <C> <C> <C>
RCFD Bil Mil Thou
ASSETS
//////////////////
1. Cash and balances due from depository institutions (from Schedule
RC-A): //////////////////
a. Noninterest-bearing balances and currency and coin(1)
................................... 0081 3,237,415 1.a.
b. Interest-bearing balances(2)
............................................................ 0071
46,240 1.b.
2. Securities:
//////////////////
a. Held-to-maturity securities (from Schedule RC-B, column A)
.............................. 1754 154,725 2.a.
b. Available-for-sale securities (from Schedule RC-B, column D)
............................ 1773 4,670,125 2.b.
3. Federal funds sold and securities purchased under agreements to
resell...................... 1350 294,589 3.
4. Loans and lease financing receivables:
//////////////////
----------------------
a. Loans and leases, net of unearned income (from Schedule RC-C) ....
RCFD 2122 33,218,336 ////////////////// 4.a.
b. LESS: Allowance for loan and lease losses ........................
RCFD 3123 763,213 ////////////////// 4.b.
c. LESS: Allocated transfer risk reserve ............................
RCFD 3128 0 ////////////////// 4.c.
---------------------- //////////////////
d. Loans and leases, net of unearned income,
//////////////////
allowance, and reserve (item 4.a minus 4.b and 4.c)
..................................... 2125 32,455,123 4.d.
5. Trading assets (from Schedule RC-D)
........................................................ 3545 93,776
5.
6. Premises and fixed assets (including capitalized leases)
................................... 2145 527,415 6.
7. Other real estate owned (from Schedule RC-M)
............................................... 2150 21,429 7.
8. Investments in unconsolidated subsidiaries and associated companies
(from Schedule RC-M) ... 2130 0 8.
9. Customers' liability to this bank on acceptances outstanding
............................... 2155 5,274 9.
10. Intangible assets (from Schedule RC-M)
..................................................... 2143 2,651,959 10.
11. Other assets (from Schedule RC-F)
.......................................................... 2160 2,504,311
11.
12. Total assets (sum of items 1 through 11)
................................................... 2170 46,662,381 12.
----------------------
</TABLE>
____________
(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
11
<PAGE> 31
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-2
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
Schedule RC--Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
-------------------------
////////// Bil Mil Thou
- --------------------------------------------------------------------------------
- -------------- -------------------------
<S> <C> <C> <C>
LIABILITIES
///////////////////////
13. Deposits:
///////////////////////
///////////////////////
a. In domestic offices (sum of totals of columns A and C from Schedule
RC-E, part I) ..... RCON 2200 30,789,630 13.a.
---------------------------
(1) Noninterest-bearing(1) ................................ RCON 6631
9,293,258 /////////////////////// 13.a.(1)
(2) Interest-bearing ...................................... RCON 6636
21,496,372 /////////////////////// 13.a.(2)
---------------------------
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs (from
Schedule RC-E, ///////////////////////
part II)
..............................................................................
RCFN 2200 2,221,589 13.b.
---------------------------
(1) Noninterest-bearing ................................... RCFN 6631
38,272 /////////////////////// 13.b.(1)
(2) Interest-bearing ...................................... RCFN 6636
2,183,317 /////////////////////// 13.b.(2)
---------------------------
14. Federal funds purchased and securities sold under agreements to repurchase
............... RCFD 2800 5,510,870 14.
15. a. Demand notes issued to the U.S. Treasury
.............................................. RCON 2840 35,346 15.a.
b. Trading liabilities (from Schedule RC-D)
.............................................. RCFD 3548 77,911 15.b.
16. Other borrowed money (includes mortgage indebtedness and obligations under
///////////////////////
capitalized leases):
///////////////////////
a. With remaining maturity of one year or less
........................................... RCFD 2332 479,711 16.a.
b. With remaining maturity of more than one year
......................................... RCFD 2333 584,632 16.b.
17. Not applicable
///////////////////////
18. Bank's liability on acceptances executed and outstanding
................................. RCFD 2920 5,274 18.
19. Subordinated notes and debentures(2)
..................................................... RCFD 3200 1,187,482
19.
20. Other liabilities (from Schedule RC-G)
................................................... RCFD 2930 1,261,840
20.
21. Total liabilities (sum of items 13 through 20)
........................................... RCFD 2948 42,154,285 21.
22. Not applicable
///////////////////////
EQUITY CAPITAL
///////////////////////
23. Perpetual preferred stock and related surplus
............................................ RCFD 3838 125,000 23.
24. Common stock
.............................................................................
RCFD 3230 19,487 24.
25. Surplus (exclude all surplus related to preferred
stock).................................. RCFD 3839 2,551,927 25.
26. a. Undivided profits and capital reserves
................................................ RCFD 3632 1,837,050
26.a.
b. Net unrealized holding gains (losses) on available-for-sale securities
................ RCFD 8434 (25,638) 26.b.
27. Cumulative foreign currency translation adjustments
...................................... RCFD 3284 0 27.
28. Total equity capital (sum of items 23 through 27)
........................................ RCFD 3210 4,508,096 28.
29. Total liabilities, limited-life preferred stock, and equity capital (sum of
items 21 ///////////////////////
and 28)
................................................................................
.. RCFD 3300 46,662,381 29.
-------------------------
</TABLE>
<TABLE>
<S> <C> <C>
Memorandum
To be reported only with the March Report of Condition.
1. Indicate in the box at the right the number of the statement below that
Number best describes the most comprehensive level of auditing work
performed
----------------
for the bank by independent external auditors as of any date during 1996
........................ RCFD 6724 2 M.1.
----------------
</TABLE>
<TABLE>
<S> <C>
1 = Independent audit of the bank conducted in accordance 4 = Directors'
examination of the bank performed by other
with generally accepted auditing standards by a certified external
auditors (may be required by state chartering
public accounting firm which submits a report on the bank
authority)
2 = Independent audit of the bank's parent holding company 5 = Review of
the bank's financial statements by external
conducted in accordance with generally accepted auditing auditors
standards by a certified public accounting firm which 6 =
Compilation of the bank's financial statements by external
submits a report on the consolidated holding company auditors
(but not on the bank separately) 7 = Other
audit procedures (excluding tax preparation work)
3 = Directors' examination of the bank conducted in accordance 8 = No
external audit work
with generally accepted auditing standards by a certified
public accounting firm (may be required by state
chartering authority)
- ------------
</TABLE>
(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited-life preferred stock and related surplus.
12
<PAGE> 32
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-3
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-A--Cash and Balances Due From Depository Institutions
Exclude assets held for trading.
<TABLE>
<CAPTION>
----------
Dollar Amounts in Thousands C405 (-
--------------------------------- --------
(Column A) (Column B)
Consolidated Domestic
Bank Offices
- -----------------------------------------------------------------------------
- -------------------- --------------------
RCFD Bil Mil Thou RCON Bil Mil Thou
<S> <C> <C> <C>
1. Cash items in process of collection, unposted debits, and currency and
////////////////// //////////////////
coin ....................................................................
0022 3,139,724 ////////////////// 1.
a. Cash items in process of collection and unposted debits ..............
////////////////// 0020 2,453,832 1.a.
b. Currency and coin ....................................................
////////////////// 0080 685,892 1.b.
2. Balances due from depository institutions in the U.S. ...................
////////////////// 0082 104,091 2.
a. U.S. branches and agencies of foreign banks (including their IBFs) ...
0083 0 ////////////////// 2.a.
b. Other commercial banks in the U.S. and other depository institutions
////////////////// //////////////////
in the U.S. (including their IBFs) ...................................
0085 104,124 ////////////////// 2.b.
3. Balances due from banks in foreign countries and foreign central banks ..
////////////////// 0070 39,679 3.
a. Foreign branches of other U.S. banks .................................
0073 31,028 ////////////////// 3.a.
b. Other banks in foreign countries and foreign central banks ...........
0074 8,779 ////////////////// 3.b.
4. Balances due from Federal Reserve Banks .................................
0090 0 0090 0 4.
5. Total (sum of items 1 through 4) (total of column A must equal
////////////////// //////////////////
Schedule RC, sum of items 1.a and 1.b) ..................................
0010 3,283,655 0010 3,283,494 5.
-------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Memorandum
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ---------------- ----------------------
RCON Bil Mil Thou
<S> <C> <C>
1. Noninterest-bearing balances due from commercial banks in the U.S. (included
in item 2, //////////////////
column B above)
...........................................................................
0050 88,751 M.1.
----------------------
</TABLE>
Schedule RC-B--Securities
Exclude assets held for trading.
<TABLE>
<CAPTION>
Dollar Amounts in Thousands C410
(-
--------------------------------------------------------------------------
- --------
Held-to-maturity Available-for-sale
-----------------------------------------
- -----------------------------------------
(Column A) (Column B) (Column C) (Column D)
Amortized Cost Fair Value Amortized Cost Fair Value(1)
- -------------------------------------- --------------------
- -------------------- -------------------- --------------------
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil
Thou
<S> <C> <C>
1. U.S. Treasury securities ......... 0211 253 0213 253
1286 378,839 1287 374,998 1.
2. U.S. Government agency ////////////////// //////////////////
////////////////// //////////////////
obligations (exclude ////////////////// //////////////////
////////////////// //////////////////
mortgage-backed securities): ////////////////// //////////////////
////////////////// //////////////////
a. Issued by U.S. Govern- ////////////////// //////////////////
////////////////// //////////////////
ment agencies(2) .............. 1289 0 1290 0
1291 0 1293 0 2.a.
b. Issued by U.S. ////////////////// //////////////////
////////////////// //////////////////
Government-sponsored ////////////////// //////////////////
////////////////// //////////////////
agencies(3) ................... 1294 0 1295 0
1297 0 1298 0 2.b.
---------------------------------------------------------------------------
- ----------
</TABLE>
_____________
(1) Includes equity securities without readily determinable fair values at
historical cost in item 6.b, column D.
(2) Includes Small Business Administration "Guaranteed Loan Pool Certificates,"
U.S. Maritime Administration obligations, and Export-Import Bank
participation certificates.
(3) Includes obligations (other than mortgage-backed securities) issued by the
Farm Credit System, the Federal Home Loan Bank System, the Federal Home
Loan Mortgage Corporation, the Federal National Mortgage Association, the
Financing Corporation, Resolution Funding Corporation, the Student Loan
Marketing Association, and the Tennessee Valley Authority.
13
<PAGE> 33
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-4
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-B--Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
---------------------------------------------------------------------------
- ----------
Held-to-maturity Available-for-sale
-----------------------------------------
- -----------------------------------------
(Column A) (Column B) (Column C) (Column D)
Amortized Cost Fair Value Amortized Cost Fair Value(1)
-------------------- -------------------- --------------------
- --------------------
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil
Thou
<S> <C> <C>
3. Securities issued by states ////////////////// //////////////////
////////////////// //////////////////
and political subdivisions ////////////////// //////////////////
////////////////// //////////////////
in the U.S.: ////////////////// //////////////////
////////////////// //////////////////
a. General obligations ........... 1676 142,061 1677 142,019
1678 0 1679 0 3.a.
b. Revenue obligations ........... 1681 12,411 1686 12,413
1690 0 1691 0 3.b.
c. Industrial development ////////////////// //////////////////
////////////////// //////////////////
and similar obligations ....... 1694 0 1695 0
1696 0 1697 0 3.c.
4. Mortgage-backed ////////////////// //////////////////
////////////////// //////////////////
securities (MBS): ////////////////// //////////////////
////////////////// //////////////////
a. Pass-through securities: ////////////////// //////////////////
////////////////// //////////////////
(1) Guaranteed by ////////////////// //////////////////
////////////////// //////////////////
GNMA ...................... 1698 0 1699 0 1701
759,302 1702 756,748 4.a.(1)
(2) Issued by FNMA ////////////////// //////////////////
////////////////// //////////////////
and FHLMC ................. 1703 0 1705 0 1706
3,239,252 1707 3,204,046 4.a.(2)
(3) Other pass-through ////////////////// //////////////////
////////////////// //////////////////
securities................. 1709 0 1710 0 1711
35,001 1713 35,001 4.a.(3)
b. Other mortgage-backed ////////////////// //////////////////
////////////////// //////////////////
securities (include CMOs, ////////////////// //////////////////
////////////////// //////////////////
REMICs, and stripped ////////////////// //////////////////
////////////////// //////////////////
MBS): ////////////////// //////////////////
////////////////// //////////////////
(1) Issued or guaranteed ////////////////// //////////////////
////////////////// //////////////////
by FNMA, FHLMC, ////////////////// //////////////////
////////////////// //////////////////
or GNMA ................... 1714 0 1715 0 1716
0 1717 0 4.b.(1)
(2) Collateralized ////////////////// //////////////////
////////////////// //////////////////
by MBS issued or ////////////////// //////////////////
////////////////// //////////////////
guaranteed by FNMA, ////////////////// //////////////////
////////////////// //////////////////
FHLMC, or GNMA............. 1718 0 1719 0 1731
0 1732 0 4.b.(2)
(3) All other mortgage- ////////////////// //////////////////
////////////////// //////////////////
backed securities.......... 1733 0 1734 0 1735
430 1736 430 4.b.(3)
5. Other debt securities: ////////////////// //////////////////
////////////////// //////////////////
a. Other domestic debt ////////////////// //////////////////
////////////////// //////////////////
securities .................... 1737 0 1738 0
1739 589 1741 578 5.a.
b. Foreign debt ////////////////// //////////////////
////////////////// //////////////////
securities .................... 1742 0 1743 0
1744 20,547 1746 20,572 5.b.
6. Equity securities: ////////////////// //////////////////
////////////////// //////////////////
a. Investments in mutual ////////////////// //////////////////
////////////////// //////////////////
funds and other equity ////////////////// //////////////////
////////////////// //////////////////
securities with readily ////////////////// //////////////////
////////////////// //////////////////
determinable fair values....... ////////////////// //////////////////
A510 59,654 A511 59,654 6.a.
b. All other equity ////////////////// //////////////////
////////////////// //////////////////
securities(1).................. ////////////////// //////////////////
1752 218,098 1753 218,098 6.b.
7. Total (sum of items 1 ////////////////// //////////////////
////////////////// //////////////////
through 6) (total of ////////////////// //////////////////
////////////////// //////////////////
column A must equal ////////////////// //////////////////
////////////////// //////////////////
Schedule RC, item 2.a) ////////////////// //////////////////
////////////////// //////////////////
(total of column D must ////////////////// //////////////////
////////////////// //////////////////
equal Schedule RC, ////////////////// //////////////////
////////////////// //////////////////
item 2.b)......................... 1754 154,725 1771 154,685
1772 4,711,712 1773 4,670,125 7.
---------------------------------------------------------------------------
- ----------
</TABLE>
_____________
(1) Includes equity securities without readily determinable fair values at
historical cost in item 6.d, column D.
14
<PAGE> 34
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-5
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-B--Continued
<TABLE>
<CAPTION>
Memoranda
- -----------
C412 (-
----------- ---------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------- --------------------------
RCFD Bil Mil Thou
<S> <C> <C> <C>
1. Pledged securities(2)
......................................................................... 0416
1,887,282 M.1.
2. Maturity and repricing data for debt securities(2),(3),(4) (excluding those
in nonaccrual status): //////////////////
a. Fixed rate debt securities with a remaining maturity of:
//////////////////
(1) Three months or less
................................................................... 0343
49,199 M.2.a.(1)
(2) Over three months through 12 months
.................................................... 0344 100,424
M.2.a.(2)
(3) Over one year through five years
....................................................... 0345 1,032,358
M.2.a.(3)
(4) Over five years
........................................................................ 0346
2,378,449 M.2.a.(4)
(5) Total fixed rate debt securities (sum of Memorandum items 2.a.(1)
through 2.a.(4)) ..... 0347 3,560,430 M.2.a.(5)
b. Floating rate debt securities with a repricing frequency of:
//////////////////
(1) Quarterly or more frequently
........................................................... 4544 291,185
M.2.b.(1)
(2) Annually or more frequently, but less frequently than quarterly
........................ 4545 683,203 M.2.b.(2)
(3) Every five years or more frequently, but less frequently than annually
................. 4551 5,580 M.2.b.(3)
(4) Less frequently than every five years
.................................................. 4552 6,700
M.2.b.(4)
(5) Total floating rate debt securities (sum of Memorandum items 2.b.(1)
through 2.b.(4)) .. 4553 986,668 M.2.b.(5)
c. Total debt securities (sum of Memorandum items 2.a.(5) and 2.b.(5))
(must equal total debt //////////////////
securities from Schedule RC-B, sum of items 1 through 5, columns A and D,
minus nonaccrual //////////////////
debt securities included in Schedule RC-N, item 9, column C)
............................... 0393 4,547,098 M.2.c.
3.-5. Not applicable
//////////////////
6. Floating rate debt securities with a remaining maturity of one year or
less(2),(4) (included in //////////////////
Memorandum item 2.b.(1) through 2.b(4) above)
................................................. 5519 6,233 M.6.
7. Amortized cost of held-to-maturity securities sold or transferred to
available-for-sale or //////////////////
trading securities during the calendar year-to-date (report the amortized
cost at date of sale //////////////////
or
transfer).......................................................................
............ 1778 97,163 M.7.
8. High-risk mortgage securities (included in the held-to-maturity and
available-for-sale //////////////////
accounts in Schedule RC-B, item 4.b):
//////////////////
a. Amortized
cost............................................................................
.. 8780 0 M.8.a.
b. Fair
value...........................................................................
....... 8781 0 M.8.b.
9. Structured notes (included in the held-to-maturity and available-for-sale
accounts in //////////////////
Schedule RC-B, items 2, 3, and 5):
//////////////////
a. Amortized
cost............................................................................
.. 8782 0 M.9.a.
b. Fair
value...........................................................................
....... 8783 0 M.9.b.
----------------------
</TABLE>
_____________
(2) Includes held-to-maturity securities at amortized cost and
available-for-sale securities at fair value.
(3) Exclude equity securities, e.g., investments in mutual funds, Federal
Reserve stock, common stock, and preferred stock.
(4) Memorandum items 2 and 6 are not applicable to savings banks that must
complete supplemental Schedule RC-J.
15
<PAGE> 35
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-6
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-C--Loans and Lease Financing Receivables
Part I. Loans and Leases
<TABLE>
<CAPTION>
Do not deduct the allowance for loan and lease losses from amounts
- ----------
reported in this schedule. Report total loans and leases, net of unearned
Dollar Amounts in Thousands C415 (-
income. Exclude assets held in trading and commercial paper.
- --------------------------------- --------
(Column A) (Column B)
Consolidated Domestic
Bank Offices
-------------------- --------------------
<S> <C> <C> <C> <C> <C>
RCFD Bil Mil Thou RCON Bil Mil Thou
1. Loans secured by real estate ..........................................
1410 12,645,427 ////////////////// 1.
a. Construction and land development ..................................
////////////////// 1415 614,592 1.a.
b. Secured by farmland (including farm residential and other
////////////////// //////////////////
improvements) ......................................................
////////////////// 1420 1,969 1.b.
c. Secured by 1-4 family residential properties:
////////////////// //////////////////
(1) Revolving, open-end loans secured by 1-4 family residential
////////////////// //////////////////
properties and extended under lines of credit ..................
////////////////// 1797 1,791,682 1.c.(1)
(2) All other loans secured by 1-4 family residential properties:
////////////////// //////////////////
(a) Secured by first liens .....................................
////////////////// 5367 5,510,321 1.c.(2)(a)
(b) Secured by junior liens ....................................
////////////////// 5368 601,304 1.c.(2)(b)
d. Secured by multifamily (5 or more) residential properties ..........
////////////////// 1460 469,577 1.d.
e. Secured by nonfarm nonresidential properties .......................
////////////////// 1480 3,655,982 1.e.
2. Loans to depository institutions:
////////////////// //////////////////
a. To commercial banks in the U.S. ....................................
////////////////// 1505 144,639 2.a.
(1) To U.S. branches and agencies of foreign banks ................. 1506
0 ////////////////// 2.a.(1)
(2) To other commercial banks in the U.S. .......................... 1507
144,639 ////////////////// 2.a.(2)
b. To other depository institutions in the U.S. .......................
1517 16,875 1517 16,875 2.b.
c. To banks in foreign countries ......................................
////////////////// 1510 776 2.c.
(1) To foreign branches of other U.S. banks ........................ 1513
712 ////////////////// 2.c.(1)
(2) To other banks in foreign countries ............................ 1516
64 ////////////////// 2.c.(2)
3. Loans to finance agricultural production and other loans to farmers ...
1590 3,768 1590 3,768 3.
4. Commercial and industrial loans:
////////////////// //////////////////
a. To U.S. addressees (domicile) ......................................
1763 13,274,469 1763 13,261,387 4.a.
b. To non-U.S. addressees (domicile) ..................................
1764 97,858 1764 74,898 4.b.
5. Acceptances of other banks:
////////////////// //////////////////
a. Of U.S. banks ......................................................
1756 0 1756 0 5.a.
b. Of foreign banks ...................................................
1757 0 1757 0 5.b.
6. Loans to individuals for household, family, and other personal
////////////////// //////////////////
expenditures (i.e., consumer loans) (includes purchased paper) ........
////////////////// 1975 1,983,378 6.
a. Credit cards and related plans (includes check credit and other
////////////////// //////////////////
revolving credit plans) ............................................ 2008
87,261 ////////////////// 6.a.
b. Other (includes single payment, installment, and all student loans).
2011 1,896,117 ////////////////// 6.b.
7. Loans to foreign governments and official institutions (including
////////////////// //////////////////
foreign central banks) ................................................
2081 0 2081 0 7.
8. Obligations (other than securities and leases) of states and political
////////////////// //////////////////
subdivisions in the U.S. (includes nonrated industrial development
////////////////// //////////////////
obligations) ..........................................................
2107 141,553 2107 141,553 8.
9. Other loans ...........................................................
1563 2,353,839 ////////////////// 9.
a. Loans for purchasing or carrying securities (secured and unsecured).
////////////////// 1545 245,417 9.a.
b. All other loans (exclude consumer loans) ...........................
////////////////// 1564 2,108,422 9.b.
10. Lease financing receivables (net of unearned income) ..................
////////////////// 2165 2,555,754 10.
a. Of U.S. addressees (domicile) ......................................
2182 2,555,754 ////////////////// 10.a.
b. Of non-U.S. addressees (domicile) ..................................
2183 0 ////////////////// 10.b.
11. LESS: Any unearned income on loans reflected in items 1-9 above .......
2123 0 2123 0 11.
12. Total loans and leases, net of unearned income (sum of items 1 through
////////////////// //////////////////
10 minus item 11) (total of column A must equal Schedule RC, item 4.a).
2122 33,218,336 2122 33,182,294 12.
-------------------------------------------
</TABLE>
16
<PAGE> 36
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-7
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-C--Continued
Part I. Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
-------------------------------------------
(Column A) (Column B)
Consolidated Domestic
Bank Offices
Memoranda
RCON Bil Mil Thou
- -----------------------------------------------------------------------------
- -------------------- --------------------
<S> <C> <C>
1. Not applicable
//////////////////
2. Loans and leases restructured and in compliance with modified terms
//////////////////
(included in Schedule RC-C, part I, above and not reported as past due
//////////////////
or nonaccrual in Schedule RC-N, Memorandum item 1):
//////////////////
a. Loans secured by real estate:
//////////////////
(1) To U.S. addressees (domicile) ...................................
1687 0 M.2.a.(1)
(2) To non-U.S. addressees (domicile) ...............................
1689 0 M.2.a.(2)
b. All other loans and all lease financing receivables (exclude loans to
//////////////////
individuals for household, family, and other personal expenditures)..
8691 0 M.2.b.
c. Commercial and industrial loans to and lease financing receivables
//////////////////
of non-U.S. addresses (domicile) included in Memorandum item 2.b
//////////////////
above................................................................
8692 0 M.2.c.
3. Maturity and repricing data for loans and leases(1) (excluding those
//////////////////
in nonaccrual status):
//////////////////
a. Fixed rate loans and leases with a remaining maturity of:
//////////////////
(1) Three months or less ............................................
0348 2,046,255 M.3.a.(1)
(2) Over three months through 12 months .............................
0349 297,728 M.3.a.(2)
(3) Over one year through five years ................................
0356 2,280,748 M.3.a.(3)
(4) Over five years .................................................
0357 5,414,134 M.3.a.(4)
(5) Total fixed rate loans and leases (sum of
//////////////////
Memorandum items 3.a.(1) through 3.a.(4)) ....................... 0358
10,038,865 M.3.a.(5)
b. Floating rate loans with a repricing frequency of:
//////////////////
(1) Quarterly or more frequently ....................................
4554 19,014,916 M.3.b.(1)
(2) Annually or more frequently, but less frequently than quarterly .
4555 3,087,028 M.3.b.(2)
(3) Every five years or more frequently, but less frequently than
//////////////////
annually ........................................................ 4561
618,323 M.3.b.(3)
(4) Less frequently than every five years ...........................
4564 129,313 M.3.b.(4)
(5) Total floating rate loans (sum of Memorandum items 3.b.(1)
//////////////////
through 3.b.(4)) ................................................ 4567
22,849,580 M.3.b.(5)
c. Total loans and leases (sum of Memorandum items 3.a.(5) and 3.b.(5))
//////////////////
(must equal the sum of total loans and leases, net, from
//////////////////
Schedule RC-C, part I, item 12, plus unearned income from
//////////////////
Schedule RC-C, part I, item 11, minus total nonaccrual loans and
//////////////////
leases from Schedule RC-N, sum of items 1 through 8, column C) ......
1479 32,888,445 M.3.c.
d. Floating rate loans with a remaining maturity or one year or less
(included in Memorandum items 3.b.(1) through 3.b.(4) above) ........
A246 4,490,228 M.3.d.
4. Loans to finance commercial real estate, construction, and land
//////////////////
development activities (NOT SECURED BY REAL ESTATE) included in
//////////////////
Schedule RC-C, part I, items 4 and 9, column A, page RC-6(2) ...........
2746 296,062 M.4.
5. Loans and leases held for sale (included in Schedule RC-C, part I,
above) 5369 1,355,986 M.5.
6. Adjustable rate closed-end loans secured by first liens on 1-4 family
////////////////// RCON Bil Mil Thou
residential properties (included in Schedule RC-C, part I, item
//////////////////
1.c.(2)(a), column B, page RC-6) .......................................
////////////////// 5370 1,818,959 M.6.
-------------------------------------------
</TABLE>
_____________
(1) Memorandum item 3 is not applicable to savings banks that must complete
supplemental Schedule RC-J.
(2) Exclude loans secured by real estate that are included in Schedule RC-C,
part I, item 1, column A.
17
<PAGE> 37
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-8
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-D--Trading Assets and Liabilities
Schedule RC-D is to be completed only by banks with $1 billion or more in total
assets or with $2 billion or more in par/notional amount of off-balance sheet
derivative contracts (as reported in Schedule RC-L, items 14.a through 14.e,
columns A through D).
<TABLE>
<CAPTION>
- ---------
C420 (-
----------------- --------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------ -------------------------
<S> <C> <C> <C>
//////// Bil Mil Thou
ASSETS
///////////////////////
1. U.S. Treasury securities in domestic offices
................................................ RCON 3531 82 1.
2. U.S. Government agency obligations in domestic offices (exclude
mortgage- ///////////////////////
backed securities)
..........................................................................
RCON 3532 0 2.
3. Securities issued by states and political subdivisions in the U.S. in
domestic offices ...... RCON 3533 0 3.
4. Mortgage-backed securities (MBS) in domestic offices:
///////////////////////
a. Pass-through securities issued or guaranteed by FNMA, FHLMC, or GNMA
..................... RCON 3534 0 4.a.
b. Other mortgage-backed securities issued or guaranteed by FNMA, FHLMC,
or GNMA ///////////////////////
(include CMOs, REMICs, and stripped
MBS).................................................. RCON 3535 0
4.b.
c. All other mortgage-backed
securities...................................................... RCON 3536
0 4.c.
5. Other debt securities in domestic offices
................................................... RCON 3537 0
5.
6. Certificates of deposit in domestic offices
................................................. RCON 3538 0 6.
7. Commercial paper in domestic offices
........................................................ RCON 3539
0 7.
8. Bankers acceptances in domestic offices
..................................................... RCON 3540 0
8.
9. Other trading assets in domestic offices
.................................................... RCON 3541 0
9.
10. Trading assets in foreign offices
........................................................... RCFN 3542
0 10.
11. Revaluation gains on interest rate, foreign exchange rate, and other
commodity and equity ///////////////////////
contracts:
///////////////////////
a. In domestic offices
...................................................................... RCON
3543 91,682 11.a.
b. In foreign offices
....................................................................... RCFN
3543 2,012 11.b.
12. Total trading assets (sum of items 1 through 11) (must equal Schedule RC,
item 5) ........... RCFD 3545 93,776 12.
---------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------
Dollar Amounts in Thousands
<S> <C> <C> <C>
LIABILITIES
- ---------------------------
///////// Bil Mil Thou
13. Liability for short positions
............................................................... RCFD 3546
0 13.
14. Revaluation losses on interest rate, foreign exchange rate, and other
commodity and equity ///////////////////////
contracts
................................................................................
... RCFD 3547 77,911 14.
15. Total trading liabilities (sum of items 13 and 14) (must equal Schedule RC,
item 15.b) ...... RCFD 3548 77,911 15.
---------------------------
</TABLE>
18
<PAGE> 38
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-9
City, State Zip: Springfield MA, 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-E--Deposit Liabilities
Part I. Deposits in Domestic Offices
<TABLE>
<CAPTION>
----------
Dollar Amounts in Thousands C425 (-
------------------------------------------------------ --------
Nontransaction
Transaction Accounts Accounts
----------------------------------------- --------------------
(Column A) (Column B) (Column C)
Total transaction Memo: Total Total
accounts (including demand deposits nontransaction
total demand (included in accounts
deposits) column A) (including MMDAs)
-------------------- -------------------- --------------------
- ---------------------------------------------------------- --------------------
- -------------------- --------------------
<S> <C> <C> <C> <C>
RCON Bil Mil Thou RCON Bil Mil Thou RCON Bil Mil Thou
Deposits of: //////////////////
////////////////// //////////////////
1. Individuals, partnerships, and corporations .......... 2201 8,327,509
2240 7,923,022 2346 20,348,243 1.
2. U.S. Government ...................................... 2202 14,334
2280 14,314 2520 5,568 2.
3. States and political subdivisions in the U.S. ........ 2203 403,756
2290 393,570 2530 729,379 3.
4. Commercial banks in the U.S. ......................... 2206 588,003
2310 588,003 2550 397 4.
5. Other depository institutions in the U.S. ............ 2207 185,300
2312 185,300 2349 2,284 5.
6. Banks in foreign countries ........................... 2213 12,574
2320 12,574 2236 0 6.
7. Foreign governments and official institutions //////////////////
////////////////// //////////////////
(including foreign central banks) .................... 2216 0
2300 0 2377 0 7.
8. Certified and official checks ........................ 2330 172,283
2330 172,283 ////////////////// 8.
9. Total (sum of items 1 through 8) (sum of //////////////////
////////////////// //////////////////
columns A and C must equal Schedule RC, //////////////////
////////////////// //////////////////
item 13.a) ........................................... 2215 9,703,759
2210 9,289,066 2385 21,085,871 9.
----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------
Memoranda
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ------------------- --------------------
<S> <C> <C>
RCON Bil Mil Thou
1. Selected components of total deposits (i.e., sum of item 9, columns A and
C): //////////////////
a. Total Individual Retirement Accounts (IRAs) and Keogh Plan accounts
........................ 6835 2,504,673 M.1.a.
b. Total brokered deposits
.................................................................... 2365
1,212,576 M.1.b.
c. Fully insured brokered deposits (included in Memorandum item 1.b
above): //////////////////
(1) Issued in denominations of less than $100,000
.......................................... 2343 2,164 M.1.c.(1)
(2) Issued either in denominations of $100,000 or in denominations greater
than //////////////////
$100,000 and participated out by the broker in shares of $100,000 or less
............. 2344 1,210,412 M.1.c.(2)
d. Maturity data for brokered deposits:
//////////////////
(1) Brokered deposits issued in denominations of less than $100,000 with a
remaining //////////////////
maturity of one year or less (included in Memorandum item 1.c.(1) above)
.............. A243 707 M.1.d.(1)
(2) Brokered deposits issued in denominations of $100,000 or more with a
remining //////////////////
maturity of one year or less (included in Memorandum item 1.b above)
................... A244 565,510 M.1.d.(2)
e. Preferred deposits (uninsured deposits of states and political
subdivisions in the U.S. //////////////////
reported in item 3 above which are secured or collateralized as required
under state law) .. 5590 323,638 M.1.e.
2. Components of total nontransaction accounts (sum of Memorandum items 2.a
through 2.d must //////////////////
equal item 9, column C above):
//////////////////
a. Savings deposits:
//////////////////
(1) Money market deposit accounts (MMDAs)
.................................................. 6810 10,163,621
M.2.a.(1)
(2) Other savings deposits (excludes MMDAs)
................................................ 0352 2,392,789 M.2.a.(2)
b. Total time deposits of less than $100,000
.................................................. 6648 6,310,045 M.2.b.
c. Total time deposits of $100,000 or more
.................................................... 2604 2,219,416
M.2.c.
3. All NOW accounts (included in column A above)
................................................. 2398 414,693 M.3.
4. Not applicable
----------------------
</TABLE>
19
<PAGE> 39
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-10
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-E--Continued
Part I. Continued
Memoranda (continued)
<TABLE>
<CAPTION>
-----------------
Dollar Amounts in Thousands RCON Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------ ------------------
<S> <C> <C>
5. Maturity and repricing data for time deposits of less than $100,000 (sum of
//////////////////
Memorandum items 5.a.(1) through 5.b.(3) must equal Memorandum item 2.b
above):(1) //////////////////
a. Fixed rate time deposits of less than $100,000 with a remaining
maturity of: //////////////////
(1) Three months or less
................................................................... A225
1,512,534 M.5.a.(1)
(2) Over three months through 12 months
.................................................... A226 2,890,076
M.5.a.(2)
(3) Over one year
..........................................................................
A227 1,849,309 M.5.a.(3)
b. Floating rate time deposits of less than $100,000 with a repricing
frequency of: //////////////////
(1) Quarterly or more frequently
........................................................... A228 58,126
M.5.b.(1)
(2) Annually or more frequently, but less frequently than quarterly
........................ A229 0 M.5.b.(2)
(3) Less frequently than annually
.......................................................... A230 0
M.5.b.(3)
c. Floating rate time deposits of less than $100,000 with a remaining
maturity of //////////////////
one year or less (included in Memorandum item 5.b.(1) through 5.b.(3)
above) ............... A231 39,996 M.5.c.
6. Maturity and repricing data for time deposits of $100,000 or more (i.e. time
certificates //////////////////
of deposit of $100,000 or more and open-account time deposits of $100,000
or more) //////////////////
(sum of memorandum items 6.a.(1) through 6.b.(4) must equal Memorandum
//////////////////
item 2.c above):(1)
//////////////////
a. Fixed rate time deposits of $100,000 or remaining maturity of:
//////////////////
(1) Three months or less
................................................................... A232
625,327 M.6.a.(1)
(2) Over three months through 12 months
.................................................... A233 731,348
M.6.a.(2)
(3) Over one year through five years
....................................................... A234 821,728
M.6.a.(3)
(4) Over five years
........................................................................ A235
8,344 M.6.a.(4)
b. Floating rate time deposits of $100,000 or more than a repricing
frequency of: //////////////////
(1) Quarterly or more frequently
........................................................... A236 2,653
M.6.b.(1)
(2) Annually or more frequently, but less frequently than quarterly
........................ A237 30,016 M.6.b.(2)
(3) Every five years or more frequently, but less frequently than annually
................. A238 0 M.6.b.(3)
(4) Less frequently than every five years
.................................................. A239 0
M.6.b.(4)
c. Floating rate time deposits of $100,000 or more with a remaining
maturity of //////////////////
one year or less (included in Memorandum items 6.b.(1) through 6.b.(4)
above) ............. A240 1,783 M.6.c.
----------------------
</TABLE>
_____________
(1) Memorandum items 5 and 6 are not applicable to savings banks that must
complete supplemental Schedule RC-J.
20
<PAGE> 40
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-11
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-E--Continued
Part II. Deposits in Foreign Offices (including Edge and
Agreement Subsidiaries and IBFs)
<TABLE>
<CAPTION>
-------------------
Dollar Amounts in Thousands RCFN Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------- ------------------
<S> <C> <C> <C>
Deposits of:
//////////////////
1. Individuals, partnerships, and corporations
................................................... 2621 1,933,242 1.
2. U.S. banks (including IBFs and foreign branches of U.S. banks)
................................ 2623 282,676 2.
3. Foreign banks (including U.S. branches and agencies of foreign banks,
including their IBFs) ... 2625 0 3.
4. Foreign governments and official institutions (including foreign central
banks) ............... 2650 0 4.
5. Certified and official checks
................................................................. 2330
0 5.
6. All other deposits
............................................................................
2668 5,671 6.
7. Total (sum of items 1 through 6) (must equal Schedule RC, item 13.b)
.......................... 2200 2,221,589 7.
----------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------
Memorandum Dollar
Amounts in Thousands RCFN Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------- ------------------
<S> <C> <C> <C>
1. Time deposits with a remaining maturity of one year or less
(included in Part II, item 7
above)............................................................ A245
2,220,930 M.1.
---------------------
</TABLE>
Schedule RC-F--Other Assets
<TABLE>
<CAPTION>
----------
C430 <-
-------------------- --------
Dollar Amounts in Thousands ////////// Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------ ----------------------------
<S> <C> <C> <C>
1. Income earned, not collected on loans
........................................................ RCFD 2164
167,296 1.
2. Net deferred tax assets(1)
................................................................... RCFD 2148
0 2.
3. Interest-only strips receivable (not in the form of a security)(2) on:
....................... ///////////////////////
a. Mortgage Loans
............................................................................
RCFD A519 0 3.a.
b. Other Financial Assets
.................................................................... RCFD A520
0 3.b.
4. Other (itemize and describe amounts that exceed 25% of this item)
............................ RCFD 2168 2,337,015 4.
a. TEXT 3549 Purchased Foreclosure Receivables
RCFD 3549 764,918 /////////////////////// 4.a.
----------------------------------------------------------------
b. TEXT 3550
RCFD 3550 /////////////////////// 4.b.
----------------------------------------------------------------
c. TEXT 3551
RCFD 3551 /////////////////////// 4.c.
-----------------------------------------------------------------
---------------------------
5. Total (sum of items 1 through 4) (must equal Schedule RC, item 11)
........................... RCFD 2160 2,504,311 5.
---------------------------
</TABLE>
<TABLE>
<CAPTION>
Memorandum
- -----------------------------
Dollar Amounts in Thousands ///////// Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------ ----------------------------
<S> <C> <C> <C>
1. Deferred tax assets disallowed for regulatory capital purposes
............................... RCFD 5610 0 M.1.
---------------------------
</TABLE>
Schedule RC-G--Other Liabilities
<TABLE>
<CAPTION>
----------
C435 <-
-------------------- --------
Dollar Amounts in Thousands ///////////Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------ ----------------------------
<S> <C> <C>
1. a. Interest accrued and unpaid on deposits in domestic offices(3)
............................ RCON 3645 39,854 1.a.
b. Other expenses accrued and unpaid (includes accrued income taxes
payable) ................. RCFD 3646 444,109 1.b.
2. Net deferred tax liabilities(1)
.............................................................. RCFD 3049
459,679 2.
3. Minority interest in consolidated subsidiaries
............................................... RCFD 3000 0 3.
4. Other (itemize amounts that exceed 25% of this item)
......................................... RCFD 2938 318,198 4.
a. TEXT 3552 Payable -- Market Valuation of Hedge Derivatives RCFD
3552 98,863 /////////////////////// 4.a.
----------------------------------------------------------------
b. TEXT 3553 RCFD
3553 /////////////////////// 4.b.
----------- ----------------------------------------------------
c. TEXT 3554 RCFD
3554 /////////////////////// 4.c.
-----------------------------------------------------------------
---------------------------
5. Total (sum of items 1 through 4) (must equal Schedule RC, item 20)
........................... RCFD 2930 1,261,840 5.
---------------------------
</TABLE>
____________
(1) See discussion of deferred income taxes in Glossary entry on "income
taxes."
(2) Report interest-only strips receivable in the form of a security as
available-for-sale securities in Schedule RC, item 2.b, or as trading
assets in Schedule RC, item 5, as appropriate.
(3) For savings banks, include "dividends" accrued and unpaid on deposits.
21
<PAGE> 41
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-12
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-H--Selected Balance Sheet Items for Domestic Offices
<TABLE>
<CAPTION>
C440 <-
------------ --------
Domestic Offices
--------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------- --------------------
<S> <C> <C>
1. Customers' liability to this bank on acceptances outstanding
.................................. 2155 5,274 1.
2. Bank's liability on acceptances executed and outstanding
...................................... 2920 5,274 2.
3. Federal funds sold and securities purchased under agreements to resell
........................ 1350 294,589 3.
4. Federal funds purchased and securities sold under agreements to repurchase
.................... 2800 5,510,870 4.
5. Other borrowed money
..........................................................................
3190 1,064,343 5.
EITHER
//////////////////
6. Net due from own foreign offices, Edge and Agreement subsidiaries, and IBFs
................... 2163 N/A 6.
OR
//////////////////
7. Net due to own foreign offices, Edge and Agreement subsidiaries, and IBFs
..................... 2941 2,183,951 7.
8. Total assets (excludes net due from foreign offices, Edge and Agreement
subsidiaries, //////////////////
and IBFs)
................................................................................
..... 2192 46,622,157 8.
9. Total liabilities (excludes net due to foreign offices, Edge and Agreement
subsidiaries, and //////////////////
IBFs)
................................................................................
......... 3129 39,930,110 9.
----------------------
ITEMS 10-17 Include Held-to-Maturity and Available-for-Sale Securities in
Domestic Offices. ----------------------
RCON Bil Mil Thou
--------------------
10. U.S. Treasury securities
..................................................................... 1779
375,251 10.
11. U.S. Government agency obligations (exclude mortgage-backed
securities).......................
securities)
................................................................................
.. 1785 0 11.
12. Securities issued by states and political subdivisions in the U.S.
........................... 1786 154,472 12.
13. Mortgage-backed securities (MBS):
//////////////////
a. Pass-through securities:
//////////////////
(1) Issued or guaranteed by FNMA, FHLMC, or GNMA
.......................................... 1787 3,960,794 13.a.(1)
(2) Other pass-through securities
......................................................... 1869 35,001
13.a.(2)
b. Other mortgage-backed securities (include CMOs, REMICs, and stripped
MBS): //////////////////
(1) Issued or guaranteed by FNMA, FHLMC, or GNMA
.......................................... 1877 0 13.b.(1)
(2) All other mortgage-backed securities
.................................................. 2253 430
13.b.(2)
14. Other domestic debt securities
............................................................... 3159
578 14.
15. Foreign debt securities
...................................................................... 3160
20,572 15.
16. Equity securities:
//////////////////
a. Investments in mutual funds and other equity securities with readily
determinable //////////////////
fair values
...............................................................................
A513 59,654 16.a.
b. All other equity securities
............................................................... 3169
218,098 16.b.
17. Total held-to-maturity and available-for-sale securities (sum of items 10
through 16) ........ 3170 4,824,850 17.
----------------------
Memorandum (to be completed only by banks with IBFs and other "foreign"
offices)
----------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
- --------------------------------------------------------------------------------
- --------------------- --------------------
EITHER
//////////////////
1. Net due from the IBF of the domestic offices of the reporting bank
............................ 3051 0 M.1.
OR
//////////////////
2. Net due to the IBF of the domestic offices of the reporting bank
.............................. 3059 N/A M.2.
----------------------
</TABLE>
22
<PAGE> 42
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-13
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-I--Selected Assets and Liabilities of IBFs
To be completed only by banks with IBFs and other "foreign" offices.
<TABLE>
<CAPTION>
----------
C445 <-
------------ --------
Dollar Amounts in Thousands RCFN Bil Mil Thou
- --------------------------------------------------------------------------------
- --------------------- --------------------
<S> <C> <C>
1. Total IBF assets of the consolidated bank (component of Schedule RC,
item 12) .................. 2133 0 1.
2. Total IBF loans and lease financing receivables (component of Schedule
RC-C, part I, item 12, //////////////////
column A)
................................................................................
...... 2076 0 2.
3. IBF commercial and industrial loans (component of Schedule RC-C, part
I, item 4, //////////////////
column A)
................................................................................
...... 2077 0 3.
4. Total IBF liabilities (component of Schedule RC, item 21)
...................................... 2898 0 4.
5. IBF deposit liabilities due to banks, including other IBFs (component
of Schedule RC-E, //////////////////
part II, items 2 and 3)
........................................................................ 2379
0 5.
6. Other IBF deposit liabilities (component of Schedule RC-E, part II,
items 1, 4, 5, and 6) ...... 2381 0 6.
</TABLE>
Schedule RC-K--Quarterly Averages (1)
__________
<TABLE>
<CAPTION>
----------
C455 <-
----------------- --------
Dollar Amounts in Thousands ///////// Bil Mil Thou
- --------------------------------------------------------------------------------
- --------------- -------------------------
<S> <C> <C> <C>
ASSETS
///////////////////////
1. Interest-bearing balances due from depository institutions
............................... RCFD 3381 17,448 1.
2. U.S. Treasury securities and U.S. Government agency obligations(2)
....................... RCFD 3382 4,634,832 2.
3. Securities issued by states and political subdivisions in the U.S.(2)
.................... RCFD 3383 157,216 3.
4. a. Other debt securities(2)
.............................................................. RCFD 3647
89,778 4.a.
b. Equity securities(3) (includes investments in mutual funds and Federal
Reserve stock) . RCFD 3648 269,680 4.b.
5. Federal funds sold and securities purchased under agreements to resell
................... RCFD 3365 139,917 5.
6. Loans:
///////////////////////
a. Loans in domestic offices:
///////////////////////
(1) Total loans
....................................................................... RCON
3360 30,372,236 6.a.(1)
(2) Loans secured by real estate
...................................................... RCON 3385 13,150,160
6.a.(2)
(3) Loans to finance agricultural production and other loans to farmers
............... RCON 3386 4,125 6.a.(3)
(4) Commercial and industrial loans
................................................... RCON 3387 12,501,912
6.a.(4)
(5) Loans to individuals for household, family, and other personal
expenditures ....... RCON 3388 2,068,618 6.a.(5)
b. Total loans in foreign offices, Edge and Agreement subsidiaries, and
IBFs ............. RCFD 3360 93,587 6.b.
7. Trading assets
...........................................................................
RCFD 3401 90,881 7.
8. Lease financing receivables (net of unearned income)
..................................... RCFD 3484 2,563,612 8.
9. Total assets(4)
..........................................................................
RCFD 3368 45,942,216 9.
LIABILITIES
///////////////////////
10. Interest-bearing transaction accounts in domestic offices (NOW accounts,
ATS accounts, ///////////////////////
and telephone and preauthorized transfer accounts) (exclude demand
deposits) ............. RCON 3485 572,015 10.
11. Nontransaction accounts in domestic offices:
///////////////////////
a. Money market deposit accounts (MMDAs)
................................................. RCON 3486 9,973,512
11.a.
b. Other savings deposits
................................................................ RCON 3487
2,380,156 11.b.
c. Time deposit of $100,000 or more
...................................................... RCON A514 2,333,867
11.c.
d. Time deposits of less than
$100,000.................................................... RCON A529
6,544,111 11.d.
12. Interest-bearing deposits in foreign offices, Edge and Agreement
subsidiaries, and IBFs .. RCFN 3404 2,128,882 12.
13. Federal funds purchased and securities sold under agreements to repurchase
............... RCFD 3353 4,956,376 13.
14. Other borrowed money (includes mortgage indebtedness and obligations under
capitalized ///////////////////////
leases)
................................................................................
.. RCFD 3355 919,643 14.
---------------------------
</TABLE>
_____________
(1) For all items, banks have the option of reporting either (1) an average of
daily figures for the quarter, or (2) an average of weekly figures (i.e.,
the Wednesday of each week of the quarter).
(2) Quarterly averages for all debt securities should be based on amortized
cost.
(3) Quarterly averages for all equity securities should be based on historical
cost.
(4) The quarterly average for total assets should reflect all debt securities
(not held for trading) at amortized cost, equity securities with readily
determinable fair values at the lower of cost or fair value, and equity
securities without readily determinable fair values at historical cost.
23
<PAGE> 43
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-14
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-L--Off-Balance Sheet Items
Please read carefully the instructions for the preparation of Schedule RC-L.
Some of the amounts reported in Schedule RC-L are regarded as volume indicators
and not necessarily as measures of risk.
<TABLE>
<CAPTION>
----------
C460 <-
------------ --------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- -------------------- --------------------
<S> <C> <C> <C>
RCFD Bil Mil Thou
1. Unused commitments:
//////////////////
a. Revolving, open-end lines secured by 1-4 family residential properties,
e.g., home //////////////////
equity lines
...............................................................................
3814 2,120,991 1.a.
b. Credit card lines
..........................................................................
3815 39,190 1.b.
c. Commercial real estate, construction, and land development:
//////////////////
(1) Commitments to fund loans secured by real estate
....................................... 3816 456,954 1.c.(1)
(2) Commitments to fund loans not secured by real estate
................................... 6550 562,044 1.c.(2)
d. Securities underwriting
.................................................................... 3817
0 1.d.
e. Other unused commitments
................................................................... 3818
21,889,418 1.e.
2. Financial standby letters of credit and foreign office guarantees
............................. 3819 2,339,536 2.
a. Amount of financial standby letters of credit conveyed to others ....
RCFD 3820 84,599 ////////////////// 2.a.
3. Performance standby letters of credit and foreign office guarantees
........................... 3821 166,920 3.
a. Amount of performance standby letters of credit conveyed to others ..
RCFD 3822 5,267 ////////////////// 3.a.
4. Commercial and similar letters of credit
...................................................... 3411 131,496 4.
5. Participations in acceptances (as described in the instructions)
conveyed to others by //////////////////
the reporting bank
............................................................................
3428 145 5.
6. Participations in acceptances (as described in the instructions)
acquired by the reporting //////////////////
(nonaccepting) bank
...........................................................................
3429 20,053 6.
7. Securities borrowed
...........................................................................
3432 0 7.
8. Securities lent (including customers' securities lent where the
customer is indemnified //////////////////
against loss by the reporting bank)
........................................................... 3433 1,862,344
8.
9. Financial assets transferred with recourse that have been treated as
sold for //////////////////
Call Report purposes:
//////////////////
a. First lien 1-to-4 family residential mortgage loans:
//////////////////
(1) Outstanding principal balance of mortgages transferred as of the
report date ........... A521 578,869 9.a.(1)
(2) Amount of recourse exposure on these mortgages as of the report date
................... A522 578,869 9.a.(2)
b. Other financial assets (excluding small business obligations reported
in item 9.c): //////////////////
(1) Outstanding principal balance of assets transferred as of the report
date .............. A523 0 9.b.(1)
(2) Amount of recourse exposure on these assets as of the report date
.....,,,.............. A524 0 9.b.(2)
c. Small business obligations transferred with recourse under Section 208
of the //////////////////
Riegle Community Development and Regulatory Improvement Act of 1994:
//////////////////
(1) Outstanding principal balance of small business obligations
transferred //////////////////
as of the report date
.................................................................. A249
0 9.c.(1)
(2) Amount of retained recourse on these obligations of the report date
.................... A250 0 9.c.(2)
10. Notional amount of credit derivatives:
//////////////////
a. Credit derivatives on which the reporting bank is the guarantor
............................ A534 0 10.a.
b. Credit derivatives on which the reporting bank is the beneficiary
.......................... A535 0 10.b.
11. Spot foreign exchange contracts
............................................................... 8765
1,774,864 11.
12. All other off-balance sheet liabilities (exclude off-balance sheet
derivatives) (itemize and //////////////////
describe each component of this item over 25% of Schedule RC, item 28,
"Total equity capital") 3430 0 12.
a. TEXT 3555 ...................................................... RCFD
3555 ////////////////// 12.a.
b. TEXT 3556 ...................................................... RCFD
3556 ////////////////// 12.b.
c. TEXT 3557 ...................................................... RCFD
3557 ////////////////// 12.c.
d. TEXT 3558 ...................................................... RCFD
3558 ////////////////// 12.d.
</TABLE>
24
<PAGE> 44
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0595 FFIEC 031
Address: One Monarch Place
Page RC-15
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-L--Continued
<TABLE>
<CAPTION>
-------------------
Dollar Amounts in Thousands RCFD Bil Mil Thou
- --------------------------------------------------------------------------------
- ---------------- -------------------
<S> <C> <C> <C>
13. All other off-balance sheet assets (exclude off-balance sheet derivatives)
(itemize and //////////////////
describe each component of this item over 25% of Schedule RC, item 28,
"Total equity capital") 5591 0 13.
//////////////////
a. TEXT 5592 .......................................................
RCFD 5592 ////////////////// 13.a.
b. TEXT 5593 .......................................................
RCFD 5593 ////////////////// 13.b.
c. TEXT 5594 .......................................................
RCFD 5594 ////////////////// 13.c.
d. TEXT 5595 .......................................................
RCFD 5595 ////////////////// 13.d.
</TABLE>
<TABLE>
<CAPTION>
-------------
C461 <-
---------------------------------------------------------------------------
- ------------
(Column A) (Column B) (Column C) (Column D)
Dollar Amounts in Thousands Interest Rate Foreign Exchange
Equity Derivative Commodity And
- ---------------------------------- Contracts Contracts
Contracts Other Contracts
Off-balance Sheet Derivatives
- --------------------------------------------------------------------------------
- -------
Position Indicators Tril Bil Mil Thou Tril Bil Mil Thou Tril
Bil Mil Thou Tril Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------------------------------
<S> <C> <C> <C> <C> <C>
14. Gross amounts (e.g., //////////////////// //////////////////
////////////////// ///////////////////
notional amounts) (for each //////////////////// //////////////////
////////////////// ///////////////////
column, sum of items 14.a //////////////////// //////////////////
////////////////// ///////////////////
through 14.e must equal //////////////////// //////////////////
////////////////// ///////////////////
sum of items 15, 16.a, //////////////////// //////////////////
////////////////// ///////////////////
and 16.b): //////////////////// //////////////////
////////////////// ///////////////////
a. Futures contracts.......... 0 0
0 48,835 14.a
RCFD 8693 RCFD 8694 RCFD 8695 RCFD
8696
b. Foward contracts........... 2,410,500 2,006,310
0 154,640 14.b
RCFD 8697 RCFD 8698 RCFD 8699 RCFD
8700
c. Exchange-traded option //////////////////// //////////////////
////////////////// ///////////////////
contracts: //////////////////// //////////////////
////////////////// ///////////////////
(1) Written options........ 0 13,706
0 0 14.c.(1)
RCFD 8701 RCFD 8702 RCFD 8703 RCFD
8704
(2) Purchased options...... 1,234,000 13,706
0 0 14.c.(2)
RCFD 8705 RCFD 8706 RCFD 8707 RCFD
8708
d. Over-the-counter option //////////////////// //////////////////
////////////////// ///////////////////
contracts: //////////////////// //////////////////
////////////////// ///////////////////
(1) Written options........ 5,433,087 0
0 0 14.d.(1)
RCFD 8709 RCFD 8710 RCFD 8711 RCFD
8712
(2) Purchased options...... 26,684,679 0
0 0 14.d.(2)
RCFD 8713 RCFD 8714 RCFD 8715 RCFD
8716
e. Swaps...................... 22,159,333 0
0 0 14.e.
RCFD 3450 RCFD 3826 RCFD 8719 RCFD
8720
15. Total gross notional amount //////////////////// //////////////////
////////////////// ///////////////////
of derivatives contracts //////////////////// //////////////////
////////////////// ///////////////////
held for trading.............. 5,395,980 2,033,722
0 0 15.
RCFD A126 RCFD A127 RCFD 8723 RCFD
8724
16. Total gross notional amount //////////////////// //////////////////
////////////////// ///////////////////
of derivative contracts //////////////////// //////////////////
////////////////// ///////////////////
held for purposes other //////////////////// //////////////////
////////////////// ///////////////////
than trading: //////////////////// //////////////////
////////////////// ///////////////////
a. Contracts marked //////////////////// //////////////////
////////////////// ///////////////////
to market ................. 3,095,500 0
0 48,835 16.a.
RCFD 8725 RCFD 8726 RCFD 8727 RCFD
8728
b. Contracts not marked //////////////////// //////////////////
////////////////// ///////////////////
to market ................. 49,431,119 0
0 154,640 16.b.
RCFD 8729 RCFD 8730 RCFD 8731 RCFD
8732
---------------------------------------------------------------------------
- -------------
</TABLE>
25
<PAGE> 45
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-16
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-L--Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
---------------------------------------------------------------------------
- -------------
(Column A) (Column B) (Column C) (Column D)
Interest Rate Foreign Exchange Equity Derivative Commodity
and
Contracts Contracts Contracts Other
Contracts
Off-balance Sheet Derivatives
Position Indicators
- --------------------------------------------------------------------------------
- ------------------------------------------
<S> <C> <C> <C> <C>
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil
Thou
17. Gross fair values of ////////////////// //////////////////
////////////////// //////////////////
derivative contracts: ////////////////// //////////////////
////////////////// //////////////////
a. Contracts held for ////////////////// //////////////////
////////////////// //////////////////
trading: ////////////////// //////////////////
////////////////// //////////////////
(1) Gross positive ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8733 35,179 8734 58,515 8735
0 8736 0 17.a.(1)
(2) Gross negative ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8737 27,884 8738 50,027 8739
0 8740 0 17.a.(2)
b. Contracts held for ////////////////// //////////////////
////////////////// //////////////////
purposes other than ////////////////// //////////////////
////////////////// //////////////////
trading that are marked ////////////////// //////////////////
////////////////// //////////////////
to market: ////////////////// //////////////////
////////////////// //////////////////
(1) Gross positive ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8741 1,270 8742 0 8743
0 8744 800 17.b.(1)
(2) Gross negative ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8745 770 8746 0 8747
0 8748 0 17.b.(2)
c. Contracts held for ////////////////// //////////////////
////////////////// //////////////////
purposes other than ////////////////// //////////////////
////////////////// //////////////////
trading that are not ////////////////// //////////////////
////////////////// //////////////////
marked to market: ////////////////// //////////////////
////////////////// //////////////////
(1) Gross positive ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8749 90,496 8750 0 8751
0 8752 417 17.c.(1)
(2) Gross negative ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8753 232,577 8754 0 8755
0 8756 0 17.c.(2)
---------------------------------------------------------------------------
- ---------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------
Memoranda
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- -------------------- --------------------
<S> <C>
RCFD Bil Mil Thou
1-2. Not applicable
//////////////////
3. Unused commitments with an original maturity exceeding one year that
are reported in //////////////////
Schedule RC-L, items 1.a through 1.e, above (report only the unused
portions of commitments //////////////////
that are fee paid or otherwise legally binding)
............................................... 3833 19,008,771 M.3.
a. Participations in commitments with an original maturity
//////////////////
exceeding one year conveyed to others ........................... RCFD
3834 1,887,977 ////////////////// M.3.a.
4. To be completed only by banks with $1 billion or more in total assets:
//////////////////
Standby letters of credit and foreign office guarantees (both financial
and performance) issued //////////////////
to non-U.S. addressees (domicile) included in Schedule RC-L, items 2 and
3, above ............. 3377 382,371 M.4.
5. Installment loans to individuals for household, family, and other
personal expenditures that //////////////////
have been securitized and sold without recourse (with servicing retained),
//////////////////
amounts outstanding by type of loan:
//////////////////
a. Loans to purchase private passenger automobiles (TO BE COMPLETED FOR
THE SEPTEMBER //////////////////
REPORT
ONLY)...........................................................................
..... 2741 N/A M.5.a.
b. Credit cards and related plans (TO BE COMPLETED
QUARTERLY).................................. 2742 0 M.5.b.
c. All other consumer installment credit (including mobile home loans)
(TO BE COMPLETED //////////////////
FOR THE SEPTEMBER REPORT
ONLY).............................................................. 2743
N/A M.5.c.
----------------------
</TABLE>
26
<PAGE> 46
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-17
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-M--Memoranda
<TABLE>
<CAPTION>
----------
C465 (-
----------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- --------------------- ----------------------------
<S> <C> <C>
RCFD Bil Mil Thou
1. Extensions of credit by the reporting bank to its executive officers,
directors, principal //////////////////
shareholders, and their related interests as of the report date:
//////////////////
a. Aggregate amount of all extensions of credit to all executive officers,
directors, principal //////////////////
shareholders, and their related interests
.................................................... 6164 565,035 1.a.
b. Number of executive officers, directors, and principal shareholders to
whom the amount of all //////////////////
extensions of credit by the reporting bank (including extensions of credit
to //////////////////
related interests) equals or exceeds the lesser of $500,000 or 5 percent
Number //////////////////
of total capital as defined for this purpose in agency regulations.
RCFD 6165 23 ////////////////// 1.b.
2. Federal funds sold and securities purchased under agreements to resell with
U.S. branches //////////////////
and agencies of FOREIGN BANKS(1) (included in Schedule RC, item
3)............................... 3405 0 2.
3. Not applicable.
//////////////////
4. Outstanding principal balance of 1-4 family residential mortgage loans
serviced for others //////////////////
(include both retained servicing and purchased servicing):
//////////////////
a. Mortgages serviced under a GNMA contract
..................................................... 5500 25,741,330 4.a.
b. Mortgages serviced under a FHLMC contract:
//////////////////
(1) Serviced with recourse to servicer
....................................................... 5501 50,919
4.b.(1)
(2) Serviced without recourse to servicer
.................................................... 5502 34,894,730
4.b.(2)
c. Mortgages serviced under a FNMA contract:
//////////////////
(1) Serviced under a regular option contract
................................................. 5503 244,922 4.c.(1)
(2) Serviced under a special option contract
................................................. 5504 41,105,444 4.c.(2)
d. Mortgages serviced under other servicing contracts
........................................... 5505 10,869,138 4.d.
5. To be completed only by banks with $1 billion or more in total assets:
//////////////////
Customers' liability to this bank on acceptances outstanding (sum of items
5.a and 5.b must //////////////////
equal Schedule RC, item 9):
//////////////////
a. U.S. addressees (domicile)
................................................................... 2103
5,081 5.a.
b. Non-U.S. addressees (domicile)
............................................................... 2104
193 5.b.
6. Intangible assets:
//////////////////
a. Mortgage servicing rights
.................................................................... 3164
1,869,691 6.a.
b. Other identifiable intangible assets:
//////////////////
(1) Purchased credit card relationships
...................................................... 5506 0
6.b.(1)
(2) All other identifiable intangible assets
................................................. 5507 95,757 6.b.(2)
c. Goodwill
................................................................................
..... 3163 686,511 6.c.
d. Total (sum of items 6.a through 6.c) (must equal Schedule RC, item 10)
....................... 2143 2,651,959 6.d.
e. Amount of intangible assts (included in item 6.b.(2) above) that have
been //////////////////
grandfathered or are otherwise qualifying for regulatory capital
purposes..................... 6442 0 6.e.
7. Mandatory convertible debt, net of common or perpetual preferred stock
dedicated to redeem //////////////////
the debt
................................................................................
........ 3295 75,000 7.
----------------------
</TABLE>
_____________
(1) Do not report federal funds sold and securities purchased under agreements
to resell with other commercial banks in the U.S. in this item.
27
<PAGE> 47
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-18
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-M--Continued
<TABLE>
<CAPTION>
----------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------ ----------------------------
<S> <C> <C> <C>
RCFD Bil Mil Thou
8. a. Other real estate owned:
///////////////////////
(1) Direct and indirect investments in real estate ventures
........................ 5372 0 8.a.(1)
///////////////////////
(2) All other real estate owned:
RCON
(a) Construction and land development in domestic offices
...................... 5508 170 8.a.(2)(a)
(b) Farmland in domestic offices
............................................... 5509 0
8.a.(2)(b)
(c) 1-4 family residential properties in domestic offices
...................... 5510 13,227 8.a.(2)(c)
(d) Multifamily (5 or more) residential properties in domestic offices
......... 5511 264 8.a.(2)(d)
(e) Nonfarm nonresidential properties in domestic offices
...................... 5512 7,768 8.a.(2)(e)
RCFN
(f) In foreign offices
......................................................... 5513
0 8.a.(2)(f)
RCFD
(3) Total (sum of items 8.a.(1) and 8.a.(2)) (must equal Schedule RC, item
7) ...... 2150 21,429 8.a.(3)
b. Investments in unconsolidated subsidiaries and associated companies:
///////////////////////
RCFD
(1) Direct and indirect investments in real estate ventures
........................ 5374 0 8.b.(1)
(2) All other investments in unconsolidated subsidiaries and associated
companies .. 5375 0 8.b.(2)
(3) Total (sum of items 8.b.(1) and 8.b.(2)) (must equal Schedule RC, item
8) ...... 2130 0 8.b.(3)
9. Noncumulative perpetual preferred stock and related surplus included in
Schedule RC, ///////////////////////
item 23, "Perpetual preferred stock and related surplus"
.............................. 3778 125,000 9.
10. Mutual fund and annuity sales in domestic offices during the quarter
(include ///////////////////////
proprietary, private label, and third party products):
///////////////////////
RCON
a. Money market funds
................................................................. 6441
364,727 10.a.
b. Equity securities funds
............................................................ 8427
137,578 10.b.
c. Debt securities funds
.............................................................. 8428
5,497 10.c.
d. Other mutual funds
................................................................. 8429
0 10.d.
e. Annuities
..........................................................................
8430 134,695 10.e.
f. Sales of proprietary mutual funds and annuities (included in items 10.a
through ///////////////////////
10.e above)
........................................................................ 8784
469,321 10.f.
///////////////////////
11. Net unamortized realized deferred gains (losses) on off-balance sheet
derivative RCFD
contracts included in assets and liabilities reported in Schedule RC
.................. A525 10,595 11.
12. Amount of assets netted against nondeposit liabilities and deposits in
foreign offices ///////////////////////
(other than insured branches in Puerto Rico and U.S. territories and
possessions) on ///////////////////////
the balance sheet (Schedule RC) in accordance with generally accepted
accounting ///////////////////////
principles(1)
......................................................................... A526
0 12.
---------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
- -------------------------------------------------
--------------------------
Memorandum
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ----------------- ----------------------------
<S> <C> <C> <C>
RCFD Bil Mil Thou
1. Reciprocal holdings of banking organizations' capital instruments
//////////////////
(To be completed for the December report only)
.............................................. 3836 N/A M.1.
-------------------
- --------------------------------------------------------------------------------
- -------------------------------------------------
</TABLE>
_________________
(1) Exclude netted on-balance sheet amounts associated with off-balance sheet
derivative contracts, deferred tax assets netted against deferred tax
liabilities, and assets netted in accounting for pensions.
28
<PAGE> 48
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-19
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-N--Past Due and Nonaccrual Loans, Leases,
and Other Assets
<TABLE>
<CAPTION>
The FFIEC regards the information reported in
all of Memorandum item 1, in items 1 through 10,
column A, and in Memorandum items 2 through 4,
- ----------
column A, as confidential.
C470 (-
------------------------------------------------------------------
Dollar Amounts in Thousands
------------------------------------------------------------------
(Column A) (Column B) (Column C)
Past due Past due 90 Nonaccrual
30 through 89 days or more
days and still and still
accruing accruing
- --------------------------------------------------------------------------------
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C>
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou
1. Loans secured by real estate: ////////////////////
////////////////// //////////////////
a. To U.S. addressees (domicile) ................ 1245
1246 51,189 1247 235,148 1.a.
b. To non-U.S. addressees (domicile) ............ 1248
1249 0 1250 2 1.b.
2. Loans to depository institutions and ////////////////////
////////////////// //////////////////
acceptances of other banks: ////////////////////
////////////////// //////////////////
a. To U.S. banks and other U.S. depository ////////////////////
////////////////// //////////////////
institutions ................................. 5377 5378
0 5379 0 2.a.
b. To foreign banks ............................. 5380
5381 0 5382 0 2.b.
3. Loans to finance agricultural production and ////////////////////
////////////////// //////////////////
other loans to farmers .......................... 1594
1597 0 1583 487 3.
4. Commercial and industrial loans: ////////////////////
////////////////// //////////////////
a. To U.S. addressees (domicile) ................ 1251
1252 4,809 1253 80,747 4.a.
b. To non-U.S. addressees (domicile) ............ 1254
1255 0 1256 0 4.b.
5. Loans to individuals for household, family, and ////////////////////
////////////////// //////////////////
other personal expenditures: ////////////////////
////////////////// /////////////////
a. Credit cards and related plans ............... 5383
5384 1,917 5385 0 5.a.
b. Other (includes single payment, installment, ////////////////////
////////////////// //////////////////
and all student loans) ....................... 5386 5387
21,586 5388 7,167 5.b.
6. Loans to foreign governments and official ////////////////////
////////////////// //////////////////
institutions .................................... 5389
5390 0 5391 0 6.
7. All other loans ................................. 5459
5460 12,235 5461 2,448 7.
8. Lease financing receivables: ////////////////////
////////////////// //////////////////
a. Of U.S. addressees (domicile) ................ 1257
1258 149 1259 3,892 8.a.
b. Of non-U.S. addressees (domicile) ............ 1271
1272 0 1791 0 8.b.
9. Debt securities and other assets (exclude other ////////////////////
////////////////// //////////////////
real estate owned and other repossessed assets) . 3505
3506 0 3507 0 9.
------------------------------------------------------------------
</TABLE>
================================================================================
Amounts reported in items 1 through 8 above include guaranteed and unguaranteed
portions of past due and nonaccrual loans and leases. Report in item 10 below
certain guaranteed loans and leases that have already been included in the
amounts reported in items 1 through 8.
<TABLE>
<CAPTION>
10. Loans and leases reported in items 1
- ---------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou
through 8 above which are wholly or partially ///////////////////
////////////////// //////////////////
guaranteed by the U.S. Government ............... 5612
5613 19,524 5614 10,131 10.
a. Guaranteed portion of loans and leases ///////////////////
////////////////// //////////////////
included in item 10 above .................... 5615 5616
19,115 5617 8,048 10.a.
-----------------------------------------------------------------
</TABLE>
29
<PAGE> 49
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-20
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-------
Schedule RC-N--Continued
<TABLE>
<CAPTION>
----------
C473 <-
--------------------------------------------------------------
Dollar Amounts in Thousands
--------------------------------------------------------------
(Column A) (Column B) (Column C)
Past due Past due 90 Nonaccrual
30 through 89 days or more
days and still and still
Memoranda accruing
accruing
------------------- -------------------- -------------------
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou
- ----------------------------------------------------- ------------------
- ------------------ ------------------
<S> <C> <C> <C>
1. Restructured loans and leases included in //////////////////
////////////////// //////////////////
Schedule RC-N, items 1 through 8, above //////////////////
////////////////// //////////////////
(and not reported in Schedule RC-C, part I, //////////////////
////////////////// //////////////////
Memorandum item 2)............................... 1658 0
1659 0 1661 0 M.1.
2. Loans to finance commercial real estate, //////////////////
////////////////// //////////////////
construction, and land development activities //////////////////
////////////////// //////////////////
(not secured by real estate) included in //////////////////
////////////////// //////////////////
Schedule RC-N, items 4 and 7, above ............. 6558 0
6559 336 6560 1,377 M.2.
------------------ ------------------ ------------------
3. Loans secured by real estate in domestic offices RCON Bil Mil Thou
RCON Bil Mil Thou RCON Bil Mil Thou
------------------ ------------------ ------------------
(included in Schedule RC-N, item 1, above): //////////////////
////////////////// //////////////////
a. Construction and land development ............ 2759 0
2769 224 3492 22,856 M.3.a.
b. Secured by farmland .......................... 3493 0
3494 0 3495 144 M.3.b.
c. Secured by 1-4 family residential properties: //////////////////
////////////////// //////////////////
(1) Revolving, open-end loans secured by //////////////////
////////////////// //////////////////
1-4 family residential properties and //////////////////
////////////////// //////////////////
extended under lines of credit ........... 5398 133 5399
4,628 5400 9,247 M.3.c.(1)
(2) All other loans secured by 1-4 family //////////////////
////////////////// //////////////////
residential properties ................... 5401 12,297 5402
40,232 5403 102,965 M.3.c.(2)
d. Secured by multifamily (5 or more) //////////////////
////////////////// //////////////////
residential properties ....................... 3499 163 3500
0 3501 10,621 M.3.d.
e. Secured by nonfarm nonresidential properties . 3502 3,027
3503 6,105 3504 89,315 M.3.e.
-------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------
(Column A) (Column B)
Past due 30 Past due 90
through 89 days days or more
-------------------- --------------------
RCFD Bil Mil Thou RCFD Bil Mil Thou
-------------------- --------------------
<S> <C> <C>
4. Interest rate, foreign exchange rate, and other //////////////////
//////////////////
commodity and equity contracts: //////////////////
//////////////////
a. Book value of amounts carried as assets ...... 3522 0
3528 0 M.4.a.
b. Replacement cost of contracts with a //////////////////
//////////////////
positive replacement cost .................... 3529 0 3530
0 M.4.b.
-------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
Person to whom questions about the Reports of Condition and Income should
be directed: C477 <-
Pamela S. Flynn, Vice President (401) 278-5194
- ------------------------------------ --------------------------------------
Name and Title (TEXT 8901) Area code/phone number/extension
(TEXT 8902)
30
<PAGE> 50
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-21
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-O--Other Data for Deposit Insurance and FICO Assessments
__________
<TABLE>
<CAPTION>
----------
C475 (-
---------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------- --------------------
<S> <C> <C>
RCON Bil Mil Thou
1. Unposted debits (see instructions):
//////////////////
a. Actual amount of all unposted debits
...................................................... 0030 0
1.a.
OR
//////////////////
b. Separate amount of unposted debits:
//////////////////
(1) Actual amount of unposted debits to demand deposits
................................... 0031 N/A 1.b.(1)
(2) Actual amount of unposted debits to time and savings deposits(1)
...................... 0032 N/A 1.b.(2)
2. Unposted credits (see instructions):
//////////////////
a. Actual amount of all unposted credits
..................................................... 3510 0
2.a.
OR
//////////////////
b. Separate amount of unposted credits:
//////////////////
(1) Actual amount of unposted credits to demand deposits
.................................. 3512 N/A 2.b.(1)
(2) Actual amount of unposted credits to time and savings deposits(1)
..................... 3514 N/A 2.b.(2)
3. Uninvested trust funds (cash) held in bank's own trust department (not
included in total //////////////////
deposits in domestic offices)
................................................................ 3520
117,335 3.
4. Deposits of consolidated subsidiaries in domestic offices and in
insured branches in //////////////////
Puerto Rico and U.S. territories and possessions (not included in total
deposits): //////////////////
a. Demand deposits of consolidated subsidiaries
.............................................. 2211 369,799 4.a.
b. Time and savings deposits(1) of consolidated subsidiaries
................................. 2351 31,251 4.b.
c. Interest accrued and unpaid on deposits of consolidated subsidiaries
...................... 5514 0 4.c.
5. Deposits in insured branches in Puerto Rico and U.S. territories and
possessions: //////////////////
a. Demand deposits in insured branches (included in Schedule RC-E, Part
II) .................. 2229 0 5.a.
b. Time and savings deposits(1) in insured branches (included in Schedule
RC-E, Part II) ..... 2383 0 5.b.
c. Interest accrued and unpaid on deposits in insured branches
//////////////////
(included in Schedule RC-G, item 1.b)
..................................................... 5515 0
5.c.
6. Reserve balances actually passed through to the Federal Reserve by the
reporting bank on //////////////////
behalf of its respondent depository institutions that are also reflected
as deposit liabilities //////////////////
of the reporting bank:
//////////////////
a. Amount reflected in demand deposits (included in Schedule RC-E, Part I,
//////////////////
item 4 or 5, column
B)..................................................................... 2314
0 6.a.
b. Amount reflected in time and savings deposits(1) (included in Schedule
RC-E, Part I, //////////////////
item 4 or 5, column A or C, but not Column
B).............................................. 2315 0 6.b.
7. Unamortized premiums and discounts on time and savings deposits:(1),(2)
//////////////////
a. Unamortized premiums
...................................................................... 5516
675 7.a.
b. Unamortized discounts
..................................................................... 5517
0 7.b.
8. To be completed by banks with "Oakar deposits."
//////////////////
a. Deposits purchased or acquired from other FDIC-insured institutions
during the quarter //////////////////
(exclude deposits purchased or acquired from foreign offices other than
insured branches //////////////////
in Puerto Rico and U.S. territories and possessions):
//////////////////
(1) Total deposits purchased or acquired from other FDIC-insured
institutions during //////////////////
the quarter
..........................................................................
A531 0 8.a.(1)
(2) Amount of purchased or acquired deposits reported in item 8.a.(1)
above attributable //////////////////
to a secondary fund (i.e., BIF members report deposits attributable to
SAIF; SAIF //////////////////
members report deposits attributable to BIF)
......................................... A532 0 8.a.(2)
b. Total deposits sold or transferred to other FIDC-insured institutions
during the quarter //////////////////
(exclude sales or transfers by the reporting bank of deposits in foreign
offices other //////////////////
than insured branches in Puerto Rico and U.S. territories and possessions)
............... A533 0 8.b.
- --------------------------------------------------------------------------------
- -----------------------------------------------
</TABLE>
______________
(1) For FDIC insurance and FICO assessment purposes, "time and savings
deposits" consists of nontransaction accounts and all transaction accounts
other than demand deposits.
(2) Exclude core deposit intangibles.
31
<PAGE> 51
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-22
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-O--Continued
<TABLE>
<CAPTION>
----------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------ --------------------
<S> <C>
RCON Bil Mil Thou
9. Deposits in lifeline
accounts.................................................................
5596////////////// 9.
10. Benefit-responseive "Depository Institution Investment Contracts" (included
in total //////////////////
deposits in domestic
offices)................................................................. 8432
0 10.
11. Adjustments to demand deposits in domestic offices and in insured branches
in Puerto Rico //////////////////
and U.S. territories and possessions reported in Schedule RC-E for certain
reciprocal //////////////////
demand balances:
//////////////////
a. Amount by which demand deposits would be reduced if the reporting
bank's reciprocal //////////////////
demand balances with the domestic offices of U.S. banks and savings
associations //////////////////
and insured branches in Puerto Rico and U.S. territories and possessions
that were //////////////////
reported on a gross basis in Schedule RC-E had been reported on a net
basis................ 8785 0 11.a.
b. Amount by which demand deposits would be increased if the reporting
bank's reciprocal //////////////////
demand balances with foreign banks and foreign offices of other U.S. banks
(other than //////////////////
insured branches in Puerto Rico and U.S. territories and possessions) that
were reported //////////////////
on a net basis in Schedule RC-E had been reported on a gross
basis......................... A181 0 11.b.
c. Amount by which demand deposits would be reduced if cash items in
process of collection //////////////////
were included in the calculation of the reporting bank's net reciprocal
demand balances //////////////////
with the domestic offices of U.S. banks and savings associations and
insured branches //////////////////
in Puerto Rico and U.S. territories and possessions in Schedule
RC-E....................... A182 0 11.c.
12. Amount of assets netted against deposit liabilities in domestic offices and
in insured //////////////////
branches in Puerto Rico and U.S. territories and possessions on the
balance sheet //////////////////
(Schedule RC) in accordance with generally accepted acocunting principles
(exclude amounts //////////////////
related to reciprocal demand balances):
//////////////////
a. Amount of assets netted against demand
deposits............................................ A527 0 12.a.
b. Amount of assets netted against time and savings
deposits.................................. A528 0 12.b.
------------------
</TABLE>
Memoranda (to be completed each quarter except as noted)
<TABLE>
<CAPTION>
---------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------- ---------------------
<S> <C>
RCON Bil Mil Thou
1. Total deposits in domestic offices of the bank (sum of Memorandum items
1.a.(1) and 1.b.(1) //////////////////
must equal Schedule RC, item 13.a):
//////////////////
a. Deposit accounts of $100,000 or less:
//////////////////
(1) Amount of deposit accounts of $100,000 or less
........................................ 2702 15,053,198 M.1.a.(1)
(2) Number of deposit accounts of $100,000 or less (to be
Number //////////////////
---------------------------
completed for the June report only) ........................ RCON 3779
N/A ////////////////// M.1.a.(2)
---------------------------
b. Deposit accounts of more than $100,000:
//////////////////
(1) Amount of deposit accounts of more than $100,000
....................................... 2710 15,736,432 M.1.b.(1)
Number //////////////////
---------------------------
(2) Number of deposit accounts of more than $100,000 ........... RCON
2722 29,202 ////////////////// M.1.b.(2)
-------------------------------------------------
2. Estimated amount of uninsured deposits in domestic offices of the bank:
a. An estimate of your bank's uninsured deposits can be determined by
multiplying the number of
deposit accounts of more than $100,000 reported in Memorandum item 1.b.(2)
above by
$100,000 and subtracting the result from the amount of deposit accounts of
more than
$100,000 reported in Memorandum item 1.b.(1) above.
Indicate in the appropriate box at the right whether your bank has a
method or procedure for Yes No
----------------------
determining a better estimate of uninsured deposits than the estimate
described above ..... 6861 /// X M.2.a.
--------------------
b. If the box marked YES has been checked, report the estimate of
uninsured deposits RCON Bil Mil Thou
--------------------
determined by using your bank's method or procedure
....................................... 5597 N/A M.2.b.
----------------------
3. Has the reporting institution been consolidated wiht a parent bank or
savings association in
that parent bank's or parent savings association's Call Report or Thrift
Financial Report?
If so, report the legal title and FDIC Certificate Number of the parent
bank or parent
savings association:
FDIC Cert No.
-------------------------------
TEXT A545 N/A
RCON A545 N/A M.3.
- --------------------------------------------------------------------------------
- -----------------------------------------
</TABLE>
32
<PAGE> 52
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-23
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-R--Regulatory Capital
This schedule must be completed by all banks as follows: Banks that reported
total assets of $1 billion or more in Schedule RC, item 12, for June 30, 1996,
must complete items 2 through 9 and Memoranda items 1 and 2. Banks with assets
of less than $1 billion must complete items 1 through 3 below or Schedule RC-R
in its entirety, depending on their response to item 1 below.
<TABLE>
<S> <C> <C>
------------
C480 (-
1. Test for determining the extent to which Schedule RC-R must be completed.
To be completed -----------------
only by banks with total assets of less than $1 billion. Indicate in the
appropriate YES NO
box at the right whether the bank has total capital greater than or equal
to eight percent -------------------------
of adjusted total assets
.................................................................... RCFD
6056 /// 1.
-------------------------
For purposes of this test, adjusted total assets equals total assets less
cash, U.S. Treasuries, U.S. Government
agency obligations, and 80 percent of U.S. Government-sponsored agency
obligations plus the allowance for loan
and lease losses and selected off-balance sheet items as reported on
Schedule RC-L (see instructions).
If the box marked YES has been checked, then the bank only has to complete
items 2 and 3 below. If the box marked
NO has been checked, the bank must complete the remainder of this
schedule.
A NO response to item 1 does not necessarily mean that the bank's actual
risk-based capital ratio is less than eight
percent or that the bank is not in compliance with the risk-based capital
guidelines.
</TABLE>
- --------------------------------------------------------------
NOTE: All banks are required to complete items 2 and 3 below.
See optional worksheet items 3.a through 3.f
- --------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------ --------------------
<S> <C>
RCON Bil Mil Thou
2. Portion of qualifying limited-life capital instruments (original
weighted //////////////////
average maturity of at least five years) that is includible in Tier 2
capital: //////////////////
a. Subordinated debt(1) and intermediate term preferred
stock................................. A515 1,032,949 2.a.
b. Other limited-life capital
instruments..................................................... A516
0 2.b.
3. Amounts used in calculating regulatory capital ratios (report amounts
//////////////////
determined by the bank for its own internal regulatory capital analyses
//////////////////
consistent with applicable capital standards):
//////////////////
a. Tier 1
capital.........................................................................
.... 8274 3,751,196 3.a.
b. Tier 2
capital.........................................................................
.... 8275 1,692,587 3.b.
c. Total risk-based
capital...................................................................
3792 5,443,783 3.c.
d. Excess allowance for loan and lease losses (amount that exceeds 1.25%
of gross //////////////////
risk-weighted
assets)......................................................................
A222 178,575 3.d.
e. Net risk-weighted assets (gross risk-weighted assets less excess
allowance reported //////////////////
in item 3.d above and all other
deductions)................................................ A223 46,592,473
3.e.
f. "Average total assets" (Quarterly average reported in Schedule RC-K,
item 9, less all //////////////////
assets deducted from Tier 1
capital)(2).................................................... A224
45,159,948 3.f.
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------
(Column A) (Column B)
Items 4-9 and Memoranda items 1 and 2 are to be completed
Assets Credit Equiv-
by banks that answered NO to item 1 above and
Recorded alent Amount
by banks with total assets of $1 billion or more.
on the of Off-Balance
Balance Sheet Sheet Items(3)
-------------------- --------------------
<S> <C> <C>
-------------------- --------------------
4. Assets and credit equivalent amounts of off-balance sheet items assigned
RCFD Bil Mil Thou RCFD Bil Mil Thou
to the Zero percent risk category:
////////////////// //////////////////
a. Assets recorded on the balance sheet...................................
5163 2,055,883 ////////////////// 4.a.
b. Credit equivalent amount of off-balance sheet items ...................
////////////////// 3796 2,006,848 4.b.
-------------------------------------------
</TABLE>
______________
(1) Exclude mandatory convertible debt reported in Schedule RC-M, item 7.
(2) Do not deduct excess allowance for loan and lease losses.
(2) Do not report in column B the risk-weighted amount of assets reported in
column A.
33
<PAGE> 53
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-24
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-R--Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
-----------------------------------------
(Column A) (Column B)
Assets Credit Equiv-
Recorded alent Amount
on the of Off-Balance
Balance Sheet Sheet Items(1)
-------------------- --------------------
<S> <C> <C>
RCFD Bil Mil Thou RCFD Bil Mil Thou
5. Assets and credit equivalent amounts of off-balance sheet items
////////////////// //////////////////
assigned to the 20 percent risk category:
////////////////// //////////////////
a. Assets recorded on the balance sheet .................................
5156 8,192,992 ////////////////// 5.a.
b. Credit equivalent amount of off-balance sheet items
////////////////// 3801 1,140,442 5.b.
6. Assets and credit equivalent amounts of off-balance sheet items
////////////////// //////////////////
assigned to the 50 percent risk category:
////////////////// //////////////////
a. Assets recorded on the balance sheet ..................................
3802 5,436,503 ////////////////// 6.a.
b. Credit equivalent amount of off-balance sheet items ...................
////////////////// 3803 805,757 6.b.
7. Assets and credit equivalent amounts of off-balance sheet items
////////////////// //////////////////
assigned to the 100 percent risk category:
////////////////// //////////////////
a. Assets recorded on the balance sheet ..................................
3804 30,903,771 ////////////////// 7.a.
b. Credit equivalent amount of off-balance sheet items ...................
////////////////// 3805 10,879,460 7.b.
8. On-balance sheet asset values excluded from and deducted in the
////////////////// //////////////////
calculation of the risk-based capital ratio(2) ...........................
3806 836,445 ////////////////// 8.
9. Total assets recorded on the balance sheet (sum of
////////////////// //////////////////
items 4.a, 5.a, 6.a, 7.a, and 8, column A)(must equal Schedule RC,
////////////////// //////////////////
item 12 plus items 4.b and 4.c) ..........................................
3807 47,425,594 ////////////////// 9.
-------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
Memoranda
RCFD Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------- --------------------
<S> <C>
1. Current credit exposure across all off-balance sheet derivative contracts
covered by the //////////////////
risk-basked capital standards
................................................................. 8764
177,407 M.1
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
- --
With a remaining maturity of
---------------------------------------------------------------------------
- --
(Column A) (Column B) (Column C)
One year or less Over one year Over five years
2. Notional principal amounts of off-
through five years
balance sheet derivative contracts(3): -----------------------
- ----------------------- ---------------------------
<S> <C> <C> <C>
RCFD Tri Bil Mil Thou RCFD Tri Bil Mil Thou RCFD Tri Bil Mil Thou
a. Interest rate contracts ........... 3809 7,047,455 8766
39,328,101 8767 1,413,955 M.2.a.
b. Foreign exchange contracts ........ 3812 1,532,313 8769
86,346 8770 0 M.2.b.
c. Gold contracts .................... 8771 136,026 8772
0 8773 0 M.2.c.
d. Other precious metals contracts ... 8774 18,615 8775
0 8776 0 M.2.d.
e. Other commodity contracts ......... 8777 0 8778
0 8779 0 M.2.e.
f. Equity derivative contracts ....... A000 0 A001
0 A002 0 M.2.f.
---------------------------------------------------------------------------
- --
</TABLE>
- --------------------
(1) Do not report in column B the risk-weighted amount of
assets reported in column A.
(2) Include the difference between the fair value and the amortized cost of
available-for-sale debt securities in item 8 and report the amortized cost
of these debt securities in items 4 through 7 above. For available-
for-sale equity securities, if fair value exceeds cost, include the
difference between the fair value and the cost in item 8 and report the
cost of these equity securities in items 5 through 7 above; if cost exceeds
fair value, report the fair value of these equity securities in items 5
through 7 above and include no amount in item 8. Item 8 also includes
on-balance sheet asset values (or portions thereof) of off-balance sheet
interest rate, foreign exchange rate, and commodity contracts and those
contracts (e.g., futures contracts) not subject to risk-based capital.
Exclude from item 8 margin accounts and accrued receivables not included in
the calculation of credit equivalent amounts of off-balance sheet
derivatives as well as any portion of the allowance for loan and lease
losses in excess of the amount that may be included in Tier 2 capital.
(3) Exclude foreign exchange contracts with an original maturity of 14 days
or less and all futures contracts.
34
<PAGE> 54
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-25
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Optional Narrative Statement Concerning the Amounts
Reported in the Reports of Condition and Income
at close of business on March 1, 1997
Fleet National Bank Springfield Massachusetts
_____________________________ ____________________________, __________________
Legal Title of Bank City State
The management of the reporting bank may, if it wishes, submit a brief
narrative statement on the amounts reported in the Reports of
Condition and Income. This optional statement will be made available to the
public, along with the publicly available data in the Reports of Condition and
Income, in response to any request for individual bank report data. However,
the information reported in column A and in all of Memorandum item 1 of
Schedule RC-N is regarded as confidential and will not be released to the
public. BANKS CHOOSING TO SUBMIT THE NARRATIVE STATEMENT SHOULD ENSURE THAT
THE STATEMENT DOES NOT CONTAIN THE NAMES OR OTHER IDENTIFICATIONS OF INDIVIDUAL
BANK CUSTOMERS, REFERENCES TO THE AMOUNTS REPORTED IN THE CONFIDENTIAL ITEMS
IN SCHEDULE RC-N, OR ANY OTHER INFORMATION THAT THEY ARE NOT WILLING TO HAVE
MADE PUBLIC OR THAT WOULD COMPROMISE THE PRIVACY OF THEIR CUSTOMERS. Banks
choosing not to make a statement may check the "No comment" box below and
should make no entries of any kind in the space provided for the narrative
statement; i.e., DO NOT enter in this space such phrases as "No statement,"
"Not applicable," "N/A," "No comment," and "None."
The optional statement must be entered on this sheet. The statement should
not exceed 100 words. Further, regardless of the number of words, the
statement must not exceed 750 characters, including punctuation, indentation,
and standard spacing between words and sentences. If any submission should
exceed 750 characters, as defined, it will be truncated at 750 characters
with no notice to the submitting bank and the truncated statement will appear
as the bank's statement both on agency computerized records and in
computer-file releases to the public.
All information furnished by the bank in the narrative statement must be
accurate and not misleading. Appropriate efforts shall be taken by the
submitting bank to ensure the statement's accuracy. The statement must be
signed, in the space provided below, by a senior officer of the bank who
thereby attests to its accuracy.
If, subsequent to the original submission, material changes are submitted for
the data reported in the Reports of Condition and Income, the existing narrative
statement will be deleted from the files, and from disclosure; the bank, at
its option, may replace it with a statement, under signature, appropriate to
the amended data.
The optional narrative statement will appear in agency records and in release
to the public exactly as submitted (or amended as described in the preceding
paragraph) by the management of the bank (except for the truncation of
statements exceeding the 750-character limit described above). THE STATEMENT
WILL NOT BE EDITED OR SCREENED IN ANY WAY BY THE SUPERVISORY AGENCIES FOR
ACCURACY OR RELEVANCE. DISCLOSURE OF THE STATEMENT SHALL NOT SIGNIFY THAT ANY
FEDERAL SUPERVISORY AGENCY HAS VERIFIED OR COMFIRMED THE ACCURACY OF THE
INFORMATION CONTAINED THEREIN. A STATEMENT TO THIS EFFECT WILL APPEAR ON ANY
PUBLIC RELEASE OF THE OPTIONAL STATEMENT SUBMITTED BY THE MANAGEMENT OF THE
REPORTING BANK.
- -------------------------------------------------------------------------------
No comment X (RCON 6979) C471 C472 <-
---
BANK MANAGEMENT STATEMENT (please type or print clearly):
(TEXT 6980)
/S/ Giro DeRosa 4/28/97
-------------------------------------- -----------------
Signature of Executive Officer of Bank Date of Signature
35
<PAGE> 1
EXHIBIT 25.4
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------
FORM T-1
--------------------------
STATEMENT OF ELIGIBILITY AND QUALIFICATION UNDER THE
TRUST INDENTURE ACT OF 1939 OF A CORPORATION
DESIGNATED TO ACT AS TRUSTEE
[ ] CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(B)(2)
FLEET NATIONAL BANK
----------------------------------------------------------
(Exact name of trustee as specified in its charter)
Not applicable 06-0850628
---------------------------- ------------------
(State of incorporation if (I.R.S. Employer
not a national bank) Identification No.)
777 Main Street, Hartford, Connecticut 06115
---------------------------------------------------
(Address of principal executive offices) (Zip Code)
Patricia Beaudry, 777 Main Street, Hartford, CT (860) 728-2065
------------------------------------------------------------------
(Name, address and telephone number of agent for service)
Conseco, Inc.
------------------------------------------------------------------
(Exact name of obligor as specified in its charter)
Indiana 35-1469632
- ------------------------------- ------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
11825 N. Pennsylvania Street, Carmel, Indiana 46032
------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Guarantee of Preferred Securities of
Conseco Financing Trust IV, Conseco Financing Trust V,
Conseco Financing Trust VI and Conseco Financing Trust VII
------------------------------------------------------------------
(Title of the indenture securities)
<PAGE> 2
Item 1. General Information.
Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising authority to
which it is subject:
The Comptroller of the Currency,
Washington, D.C.
Federal Reserve Bank of Boston
Boston, Massachusetts
Federal Deposit Insurance Corporation
Washington, D.C.
(b) Whether it is authorized to exercise corporate trust powers:
The trustee is so authorized.
Item 2. Affiliations with obligor. If the obligor is an affiliate of
the trustee, describe each such affiliation.
None with respect to the trustee; none with respect to Fleet
Financial Group, Inc. and its affiliates (the "affiliates").
Item 16. List of exhibits. List below all exhibits filed as a part of
this statement of eligibility and qualification.
1. A copy of the Articles of Association of the trustee as
now in effect.
2. A copy of the Certificate of Authority of the trustee
to do Business and the Certification of Fiduciary Powers.
3. A copy of the By-laws of the trustee as now in effect.
4. Consent of the trustee required by Section 321(b) of
the Act.
5. A copy of the latest Consolidated Report of Condition
and Income of the trustee, published pursuant to law or the requirements
of its supervising or examining authority.
<PAGE> 3
NOTES
Inasmuch as this Form T-1 is filed prior to the ascertainment by the
trustee of all facts on which to base its answer to Item 2, the answer to said
Item is based upon incomplete information. Said Item may, however, be
considered correct unless amended by an amendment to this Form T-1.
<PAGE> 4
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the
trustee, Fleet National Bank, a national banking association organized and
existing under the laws of the United States, has duly caused this statement of
eligibility and qualification to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of Hartford, and State of
Connecticut, on the 9th day of June, 1997.
FLEET NATIONAL BANK,
Trustee
By /s/
--------------------------------
Susan T. Keller
Its Vice President
<PAGE> 5
EXHIBIT 1
ARTICLES OF ASSOCIATION
OF
FLEET NATIONAL BANK
FIRST. The title of this Association, which shall carry on the business of
banking under the laws of the United States, shall be "Fleet National Bank."
SECOND. The main office of the Association shall be in Springfield, Hampden
County Commonwealth of Massachusetts. The general business of the Association
shall be conducted at its main office and its branches.
THIRD. The board of directors of this Association shall consist of not less
than five (5) nor more than twenty-five (25) shareholders, the exact number of
directors within such minimum and maximum limits to be fixed and determined
from time to time by resolution of a majority of the full board of directors or
by resolution of the shareholders at any annual or special meeting thereof.
Unless otherwise provided by the laws of the United States, any vacancy in the
board of directors for any reason, including an increase in the number thereof,
may be filled by action of the board of directors.
FOURTH. The annual meeting of the shareholders for the election of directors
and the transaction of whatever other business may be brought before said
meeting shall be held at the main office or such other place as the board of
directors may designate, on the day of each year specified therefore in the
bylaws, but if no election is held on that day, it may be held on any
subsequent day according to the provisions of law; and all elections shall be
held according to such lawful regulations as may be prescribed by the board of
directors.
FIFTH. The authorized amount of capital stock of this Association shall be
eight million five hundred thousand (8,500,000) shares of which three million
five hundred thousand (3,500,000) shares shall be common stock with a
par value of six and 25/100 dollars ($6.25) each, and of which five million
(5,000,000) shares without par value shall be preferred stock. The capital
stock may be increased or decreased from time to time, in accordance with
the provisions of the laws of the United States.
No holder of shares of the capital stock of any class of the Association shall
have any pre-emptive or preferential right of subscription to any shares of any
class of stock of the Association, whether now or hereafter authorized, or to
any obligations convertible into stock of the Association, issued or sold, nor
any right of subscription to any thereof other than such, if any, as the board
of directors, in its discretion, may from time to time determine and at such
price as the board of directors may from time to time fix.
<PAGE> 6
The board of directors of the Association is authorized, subject to limitations
prescribed by law and the provisions of this Article, to provide for the
issuance from time to time in one or more series of any number of the preferred
shares, and to establish the number of shares be included in each series, and
to fix the designation, relative rights, preferences, qualifications and
limitations of the shares of each such series. The authority of the board of
directors with respect to each series shall include, but not be limited to,
determination of the following:
a. The number of shares constituting that series and the distinctive
designation of that series;
b. The dividend rate on the shares of that series, whether dividends shall
be cumulative, and, if so, from which date or dates, and whether they shall
be payable in preference to, or in another relation to, the dividends
payable to any other class or classes or series of stock;
c. Whether that series shall have voting rights, in addition to the voting
rights provided by law, and, if so, the terms of such voting rights;
d. Whether that series shall have conversion or exchange privileges, and,
if so, the terms and conditions of such conversion or exchange, including
provision for the adjustment of the conversion or exchange rate in such
events as the board of directors shall determine;
e. Whether or not the shares of that series shall be redeemable, and, if
so, the terms and conditions of such redemption, including the manner of
selecting shares for redemption if less than all shares are to be redeemed,
the date or dates upon or after which they shall be redeemable, and the
amount per share payable in case of redemption, which amount may vary under
different conditions and at different redemption dates;
f. Whether that series shall be entitled to the benefit of a sinking fund to
be applied to the purchase or redemption of shares of that series, and, if
so, the terms and amounts of such sinking fund;
g. The right of the shares of that series to the benefit of conditions and
restrictions upon the creation of indebtedness of the Association or any
subsidiary, upon the issue of any additional stock (including additional
shares of such series or of any other series) and upon the payment of
dividends or the making of other distributions on, and the purchase,
redemption or other acquisition by the Association or any subsidiary of
any outstanding stock of the Association;
h. The right of the shares of that series in the event of voluntary or
involuntary liquidation, dissolution or winding up of the Association and
whether such rights shall be in preference to, or in another relation to,
the comparable rights of any other class or classes or series of stock; and
i. Any other relative, participating, optional or other special rights,
qualifications, limitations or restrictions of that series.
Shares of any series of preferred stock which have been redeemed (whether
through the operation of a sinking fund or otherwise) or which, if convertible
or exchangeable, have been converted into or exchanged for shares of stock of
any other class or classes shall have the status of authorized and unissued
shares of preferred stock of the same series and may be reissued as a part of
the series of which they were originally a part or may be reclassified and
reissued as part of a new series of preferred stock to be created by resolution
or resolutions of the board of directors or as part of any other series or
preferred stock, all subject to the conditions and the restrictions adopted by
the board of directors providing for the issue of any series of preferred
stock and by the provisions of any applicable law.
Subject to the provisions of any applicable law, or except as otherwise
provided by the resolution or resolutions providing for the issue of any series
of preferred stock, the holders of outstanding shares of common stock shall
exclusively possess voting power for the election of directors and for all
purposes, each holder of record of shares of common stock being entitled to one
vote for each share of common stock standing in his name on the books of the
Association.
Except as otherwise provided by the resolution or resolutions providing for the
issue of any series of preferred stock, after payment shall have been made to
the holders of preferred stock of the full amount of dividends to which they
shall be entitled pursuant to the resolution or resolutions providing for the
issue of any other series of preferred stock, the holders of common stock shall
be entitled, to the exclusion of the holders of preferred stock of any and all
series, to receive such dividends as from time to time may be declared by the
board of directors.
Except as otherwise provided by the resolution or resolutions for the issue
of any series of preferred stock, in the event of any liquidation, dissolution
or winding up of the Association, whether voluntary or involuntary, after
payment shall have been made to the holders of preferred stock of the full
amount to which they shall be entitled pursuant to the resolution or
resolutions providing for the issue of any series of preferred stock the
holders of common stock shall be entitled, to the exclusion of the holders of
preferred stock of any and all series, to share, ratable according to the
number of shares of common stock held by them, in all remaining assets of the
Association available for distribution to its shareholders.
The number of authorized shares of any class may be increased or decreased by
the affirmative vote of the holders of a majority of the stock of the
Association entitled to vote.
<PAGE> 7
SIXTH. The board of directors shall appoint one of its members president of
this Association, who shall be chairman of the board, unless the board appoints
another director to be the chairman. The board of directors shall have the
power to appoint one or more vice presidents; and to appoint a secretary and
such other officers and employees as may be required to transact the business
of this Association.
The board of directors shall have the power to define the duties of the
officers and employees of the Association; to fix the salaries to be paid to
them; to dismiss them; to require bonds from them and to fix the penalty
thereof; to regulate the manner in which any increase of the capital of the
Association shall be made; to manage and administer the business and affairs of
the Association; to make all bylaws that it may be lawful for them to make; and
generally to do and perform all acts that it may be legal for a board of
directors to do and perform.
SEVENTH. The board of directors shall have the power to change the location of
the main office to any other place within the limits of the City of Hartford,
Connecticut, without the approval of the shareholders but subject to the
approval of the Comptroller of the Currency; and shall have the power to
establish or change the location of any branch or branches of the Association
to any other location, without the approval of the shareholders but subject to
the approval of the Comptroller of the Currency.
EIGHTH. The corporate existence of this Association shall continue until
terminated in accordance with the laws of the United States.
NINTH. The board of directors of this Association, or any three or more
shareholders owning, in the aggregate, not less than ten percent (10%) of the
stock of this Association, may call a special meeting of shareholders at any
time. Unless otherwise provided by the laws of the United States, a notice of
the time, place and purpose of every annual and special meeting of the
shareholders shall be given by first class mail, postage prepaid, mailed at
least ten (10) days prior to the date of such meeting to each shareholder of
record at his address as shown upon the books of this Association.
TENTH. (a) Right to Indemnification. Each person who was or is made a party
or is threatened to be made a party to any threatened, pending or completed
action, suit, or proceeding, whether civil, criminal, administrative, or
investigative (hereinafter a "proceeding"), by reason of the fact that he or
she is or was a director, officer or employee of the Association or is or was
serving at the request of the Association as a director, officer, employee or
agent of another corporation or of a partnership, joint venture, limited
liability company, trust, or other enterprise, including service with respect
to an employee benefit plan, shall be indemnified and held harmless by the
Association to the fullest extent authorized by the law of the state in which
the Association's ultimate parent company is incorporated, except as provided
in subsection (b). The aforesaid indemnity shall protect the indemnified
person against all expense, liability and loss (including attorney's fees,
judgements, fines ERISA excise taxes or penalties, and amounts paid in
settlement) reasonably incurred by such person in connection with such a
proceeding. Such indemnification shall continue as to a person who has ceased
to be a director, officer or employee and shall inure to the benefit of his or
her heirs, executors, and administrators, but shall only cover such person's
period of service with the Association. The Association may, by action of its
Board of Directors, grant rights to indemnification to agents of the
Association and to any director, officer, employee or agent of any of its
subsidiaries with the same scope and effect as the foregoing indemnification
of directors and officers.
(b) Restrictions on Indemnification. Notwithstanding the foregoing, (i) no
person shall be indemnified hereunder by the Association against expenses,
penalties, or other payments incurred in an administrative proceeding or action
instituted by a federal bank regulatory agency which proceeding or action
results in a final order assessing civil money penalties against that person,
requiring affirmative action by that person in the form of payments to the
Association, or removing or prohibiting that person from service with the
Association, and any advancement of expenses to that person in that proceeding
must be repaid; and (ii) no person shall be indemnified hereunder by the
Association and no advancement of expenses shall be made to any person
hereunder to the extent such indemnification or advancement of expenses would
violate or conflict with any applicable federal statute now or hereafter in
force or any applicable final regulation or interpretation now or hereafter
adopted by the Office of the Comptroller of the Currency ("OCC") or the Federal
Deposit Insurance Corporation ("FDIC"). The Association shall comply with any
requirements imposed on it by any such statue or regulation in connection with
any indemnification or advancement of expenses hereunder by the Association.
With respect to proceedings to enforce a claimant's rights to indemnification,
the Association shall indemnify any such claimant in connection with such a
proceeding only as provided in subsection (d) hereof.
(c) Advancement of Expenses. The conditional right to indemnification
conferred in this section shall be a contract right and shall include the
right to be paid by the Association the reasonable expenses (including
attorney's fees) incurred in defending a proceeding in advance of its final
disposition (an "advancement of expenses"); provided, however, that an
advancement of expenses shall be made only upon (i) delivery to the Association
of a binding written undertaking by or on behalf of the person receiving the
advancement to repay all amounts so advanced if it is ultimately determined
that such person is not entitled to be indemnified in such proceeding,
including if such proceeding results in a final order assessing civil money
penalties against that person, requiring affirmative action by that person
in the form of payments to the Association, or removing or prohibiting that
person from service with the Association, and (ii) compliance with any other
actions or determinations required by applicable law, regulation or OCC or FDIC
interpretation to be taken or made by the Board of Directors of the Association
<PAGE> 8
or other persons prior to an advancement of expenses. The Association shall
cease advancing expenses at any time its Board of Directors believes that any
of the prerequisites for advancement of expenses are no longer being met.
(d) Right of Claimant to Bring Suit. If a claim under subsection (a) of the
section is not paid in full by the Association within thirty (30) days after
written claim has been received by the Association, the claimant may at any
time thereafter bring suit against the Association to recover the unpaid
amount of the claim. If successful in whole or in part in any such suit, or in
a suit brought by the Association to recover an advancement of expenses
pursuant to the terms of an undertaking, the claimant shall be entitled to be
paid also the expense of prosecuting or defending such claim. It shall be a
defense to any such action brought by the claimant to enforce a right to
indemnification hereunder (other than an action brought to enforce a claim for
an advancement of expenses where the required undertaking, if any, has been
tendered to the Association) that the claimant has not met any applicable
standard for indemnification under the law of the state in which the
Association's ultimate parent company is incorporated. In any suit brought by
the Association to recover an advancement of expenses pursuant to the terms of
an undertaking, the Association shall be entitled to recover such expenses upon
a final adjudication that the claimant has not met any applicable standard for
indemnification standard for indemnification under the law of the state in
which the Association's ultimate parent company is incorporated.
(e) Non-Exclusivity of Rights. The rights to indemnification and the
advancement of expenses conferred in this section shall not be exclusive of any
other right which any person may have or hereafter acquired under any statute,
agreement, vote of stockholders or disinterested directors or otherwise.
(f) Insurance. The Association may purchase, maintain, and make payment or
reimbursement for reasonable premiums on, insurance to protect itself and any
director, officer, employee or agent of the Association or another corporation,
partnership, joint venture, trust or other enterprise against any expense,
liability or loss, whether or not the Association would have the power to
indemnify such person against such expense, liability or loss under the law of
the state in which the Association's ultimate parent company is incorporated;
provided however, that such insurance shall explicitly exclude insurance
coverage for a final order of a federal bank regulatory agency assessing civil
money penalties against an Association director, officer, employee or agent.
ELEVENTH. These articles of association may be amended at any regular or
special meeting of the shareholders by the affirmative vote of the holders of a
majority of the stock of this Association, unless the vote of the holders of
greater amount of stock is required by law, and in that case by the vote of the
holders of such greater amount. The notice of any shareholders' meeting at
which an amendment to the articles of association of this Association is to be
considered shall be given as hereinabove set forth.
I hereby certify that the articles of association of this Association, in their
entirety, are listed above in items first through eleventh.
Secretary/Assistant Secretary
- -------------------------------------------------
Dated at , as of .
--------------------------------------- --------------------
Revision of February 15, 1996
<PAGE> 9
EXHIBIT 2
AMENDED AND RESTATED BY-LAWS OF
FLEET NATIONAL BANK
ARTICLE I
MEETINGS OF SHAREHOLDERS
Section 1. Annual Meeting. The regular annual meeting of the shareholders for
the election of Directors and the transaction of any other business that may
properly come before the meeting shall be held at the Main Office of the
Association, or such other place as the Board of Directors may designate, on
the fourth Thursday of April in each year at 1:15 o'clock in the afternoon
unless some other hour of such day is fixed by the Board of Directors.
If, from any cause, an election of Directors is not made on such day, the Board
of Directors shall order the election to be held on some subsequent day, of
which special notice shall be given in accordance with the provisions of law,
and of these bylaws.
Section 2. Special Meetings. Special meetings of the shareholders may be called
at any time by the Board of Directors, the President, or any shareholders
owning not less than twenty-five percent (25%) of the stock of the Association.
Section 3. Notice of Meetings of Shareholders. Except as otherwise provided
by law, notice of the time and place of annual or special meetings of the
shareholders shall be mailed, postage prepaid, at least ten (10) days before
the date of the meeting to each shareholder of record entitled to vote thereat
at his address as shown upon the books of the Association; but any failure to
mail such notice to any shareholder or any irregularity therein, shall not
affect the validity of such meeting or of any of the proceedings thereat.
Notice of a special meeting shall also state the purpose of the meeting.
Section 4. Quorum; Adjourned Meetings. Unless otherwise provided by law, a
quorum for the transaction of business at every meeting of the shareholders
shall consist of not less than two-fifths (2/5) of the outstanding capital
stock represented in person or by proxy; less than such quorum may adjourn the
meeting to a future time. No notice need be given of an adjourned annual or
special meeting of the shareholders if the adjournment be to a definite place
and time.
Section 5. Votes and Proxies. At every meeting of the shareholders, each
share of the capital stock shall be entitled to one vote except as otherwise
provided by law. A majority of the votes cast shall decide every question
or matter submitted to the shareholder at any meeting, unless otherwise
provided by law or by the Articles of Association or these By-laws. Share-
holders may vote by proxies duly authorized in writing and filed with the
Cashier, but no officer, clerk, teller or bookkeeper of the Association may act
as a proxy.
<PAGE> 10
Section 6. Nominations to Board of Directors. At any meeting of shareholders
held for the election of Directors, nominations for election to the Board of
Directors may be made, subject to the provisions of this section, by any share-
holder of record of any outstanding class of stock of the Association entitled
to vote for the election of Directors. No person other than those whose names
are stated as proposed nominees in the proxy statement accompanying the notice
of the meeting may be nominated as such meeting unless a shareholder shall have
given to the President of the Association and to the Comptroller of the
Currency, Washington, DC written notice of intention to nominate such other
person mailed by certified mail or delivered not less than fourteen (14) days
nor more than fifty (50) days prior to the meeting of shareholders at which
such nomination is to be made; provided, however, that if less than twenty-one
(21) days' notice of such meeting is given to shareholders, such notice of
intention to nominate shall be mailed by certified mail or delivered to said
President and said Comptroller on or before the seventh day following the day
on which the notice of such meeting was mailed. Such notice of intention to
nominate shall contain the following information to the extent known to the
notifying shareholder: (a) the name and address of each proposed nominee; (b)
the principal occupation of each proposed nominee; (c) the total number of
shares of capital stock of the Association that will be voted for each proposed
nominee; (d) the name and residence address of the notifying shareholder; and
(e) the number of shares of capital stock of the Association owned by the
notifying shareholder. In the event such notice is given, the proposed nominee
may be nominated either by the shareholder giving such notice or by any other
shareholder present at the meeting at which such nomination is to be made.
Such notice may contain the names of more than one proposed nominee, and if
more than one is named, any one or more of those named may be nominated.
Section 7. Action Taken Without a Shareholder Meeting. Any action requiring
shareholder approval or consent may be taken without a meeting and without
notice of such meeting by written consent of the shareholders.
ARTICLE II
DIRECTORS
Section 1. Number. The Board of Directors shall consist of such number of
shareholders, not less than five (5) nor more than twenty-five (25), as from
time to time shall be determined by a majority of the votes to which all of its
shareholders are at the time entitled, or by the Board of Directors as
hereinafter provided.
Section 2. Mandatory Retirement for Directors. No person shall be elected a
director who has attained the age of 68 and no person shall continue to serve
as a director after the date of the first meeting of the stockholders of the
Association held on or after the date on which such person attains the age of
68; provided, however, that any director serving on the Board as of December
15, 1995 who has attained the age of 65 on or prior to such date shall be
permitted to continue to serve as a director until the date of the first
meeting of the stockholders of the Association held on or after the date on
which such person attains the age of 70.
-2-
<PAGE> 11
Section 3. General Powers. The Board of Directors shall exercise all the
corporate powers of the Association, except as expressly limited by law, and
shall have the control, management, direction and disposition of all its
property and affairs.
Section 4. Annual Meeting. Immediately following a meeting of shareholders
held for the election of Directors, the Cashier shall notify the directors-
elect who may be present of their election and they shall then hold a meeting
at the Main Office of the Association, or such other place as the Board of
Directors may designate, for the purpose of taking their oaths, organizing the
new Board, electing officers and transacting any other business that may come
before such meeting.
Section 5. Regular Meeting. Regular meetings of the Board of Directors shall
be held without notice at the Main Office of the Association, or such other
place as the Board of Directors may designate, at such dates and times as the
Board shall determine. If the day designated for a regular meeting falls on a
legal holiday, the meeting shall be held on the next business day.
Section 6. Special Meetings. A special meeting of the Board of Directors may
be called at anytime upon the written request of the Chairman of the Board, the
President, or of two Directors, stating the purpose of the meeting. Notice of
the time and place shall be given not later than the day before the date of the
meeting, by mailing a notice to each Director at his last known address, by
delivering such notice to him personally, or by telephoning.
Section 7. Quorum; Votes. A majority of the Board of Directors at the time
holding office shall constitute a quorum for the transaction of all business,
except when otherwise provided by law, but less than a quorum may adjourn
a meeting from time to time, and the meeting may be held, as adjourned, without
further notice. If a quorum is present when a vote is taken, the affirmative
vote of a majority of Directors present is the act of the Board of Directors.
Section 8. Action by Directors Without a Meeting. Any action requiring
Director approval or consent may be taken without a meeting and without notice
of such meeting by written consent of all the Directors.
Section 9. Telephonic Participation in Directors' Meetings. A Director or
member of a Committee of the Board of Directors may participate in a meeting of
the Board or of such Committee may participate in a meeting of the Board or of
such Committee by means of a conference telephone or similar communications
equipment enabling all Directors participating in the meeting to hear one
another, and participation in such a meeting shall constitute presence in
person at such a meeting.
Section 10. Vacancies. Vacancies in the Board of Directors may be filled by
the remaining members of the Board at any regular or special meeting of the
Board.
Section 11. Interim Appointments. The Board of Directors shall, if the share-
holders at any meeting for the election of Directors have determined a number
of Directors less than twenty-five (25), have the power, by affirmative vote of
the majority of all the Directors, to increase such number of Directors to not
more than twenty-five (25) and to elect Directors to fill the resulting
vacancies and to serve until the next annual meeting of shareholders or the
next election of Directors; provided, however, that the number of Directors
shall not be so increased by more than two (2) if the number last determined
by shareholders was fifteen (15) or less, or increased by more than four (4) if
the number last determined by shareholders was sixteen (16) or more.
Section 12. Fees. The Board of Directors shall fix the amount and direct the
payment of fees which shall be paid to each Director for attendance at any
meeting of the Board of Directors or of any Committees of the Board.
ARTICLE III
COMMITTEES OF THE BOARD
Section 1. Executive Committee. The Board of Directors shall appoint from its
members an Executive Committee which shall consist of such number of persons as
the Board of Directors shall determine; the Chairman of the Board and the
President shall be members ex-officio of the Executive Committee with full
voting power. The Chairman of the Board or the President may from time to time
appoint from the Board of Directors as temporary additional members of the
Executive Committee, with full voting powers, not more than two members to
serve for such periods as the Chairman of the Board or the President may
determine. The Board of Directors shall designate a member of the Executive
Committee to serve as Chairman thereof. A meeting of the Executive Committee
may be called at any time upon the written request of the Chairman of the
Board, the President or the Chairman of the Executive Committee, stating the
purpose of the meeting. Not less than twenty four hours' notice of said meeting
shall be given to each member of the Committee personally, by telephoning, or
by mail. The Chairman of the Executive Committee or, in his absence, a member
of the Committee chosen by a majority of the members present shall preside at
meetings of the Executive Committee.
-3-
<PAGE> 12
The Executive Committee shall possess and may exercise all the powers of the
Board when the Board is not in session except such as the Board, only, by law,
is authorized to exercise; it shall keep minutes of its acts and proceedings
and cause same to be presented and reported at every regular meeting and at any
special meeting of the Board including specifically, all its actions relating
to loans and discounts.
All acts done and powers and authority conferred by the Executive Committee,
from time to time, within the scope of its authority, shall be deemed to be,
and may be certified as being, the acts of and under the authority of the
Board.
Section 2. Risk Management Committee. The Board shall appoint from its
members a Risk Management Committee which shall consist of such number as the
Board shall determine. The Board shall designate a member of the Risk
Management Committee to serve as Chairman thereof. It shall be the duty of the
Risk Management Committee to (a) serve as the channel of communication with
management and the Board of Directors of Fleet Financial Group, Inc. to assure
that formal processes supported by management information systems are in place
for the identification, evaluation and management of significant risks inherent
in or associated with lending activities, the loan portfolio, asset-liability
management, the investment portfolio, trust and investment advisory activities,
the sale of nondeposit investment products and new products and services and
such additional activities or functions as the Board may determine from time
to time; (b) assure the formulation and adoption of policies approved by the
Risk Management Committee or Board governing lending activities, management of
the loan portfolio, the maintenance of an adequate allowance for loan and lease
losses, asset-liability management, the investment portfolio, the retail
sale of non-deposit investment products, new products and services and such
additional activities or functions as the Board may determine from time to time
(c) assure that a comprehensive independent loan review program is in place for
the early detection of problem loans and review significant reports of the loan
review department, management's responses to those reports and the risk
attributed to unresolved issues; (d) subject to control of the Board, exercise
general supervision over trust activities, the investment of trust funds, the
disposition of trust investments and the acceptance of new trusts and the terms
of such acceptance, and (e) perform such additional duties and exercise such
additional powers of the Board as the Board may determine from time to time.
Section 3. Audit Committee. The Board shall appoint from its members and
Audit Committee which shall consist of such number as the Board shall determine
no one of whom shall be an active officer or employee of the Association or
Fleet Financial Group, Inc. or any of its affiliates. In addition, members of
the Audit Committee must not (i) have served as an officer or employee of the
Association or any of its affiliates at any time during the year prior to their
appointment; or (ii) own, control, or have owned or controlled at any time
during the year prior to appointment, ten percent (10%) or more of any
outstanding class of voting securities of the Association. At least two (2)
members of the Audit Committee must have significant executive, professional,
educational or regulatory experience in financial, auditing, accounting,
or banking matters. No member of the Audit Committee may have significant
direct or indirect credit or other relationships with the Association, the
termination of which would materially adversely affect the Association's
financial condition or results of operations.
The Board shall designate a member of the Audit Committee to serve as Chairman
thereof. It shall be the duty of the Audit Committee to (a) cause a continuous
audit and examination to be made on its behalf into the affairs of the
Association and to review the results of such examination; (b) review
significant reports of the internal auditing department, management's responses
to those reports and the risk attributed to unresolved issues; (c) review the
basis for the reports issued under Section 112 of The Federal Deposit Insurance
Corporation Improvement Act of 1991; (d) consider, in consultation with the
independent auditor and an internal auditing executive, the adequacy of the
Association's internal controls, including the resolution of identified
material weakness and reportable conditions; (e) review regulatory
communications received from any federal or state agency with supervisory
jurisdiction or other examining authority and monitor any needed corrective
action by management; (f) ensure that a formal system of internal controls is
in place for maintaining compliance with laws and regulations; (g) cause an
audit of the Trust Department at least once during each calendar year and
within 15 months of the last such audit or, in lieu thereof, adopt a continuous
audit system and report to the Board each calendar year and within 15 months of
the previous report on the performance of such audit function; and (h) perform
such additional duties and exercise such additional powers of the Board as the
Board may determine from time to time.
The Audit Committee may consult with internal counsel and retain its own
outside counsel without approval (prior or otherwise) from the Board or
management and obligate the Association to pay the fees of such counsel.
-4-
<PAGE> 13
Section 4. Community Affairs Committee. The Board shall appoint from its
members a Community Affairs Committee which shall consist of such number as the
Board shall determine. The Board shall designate a member of the Community
Affairs Committee to serve as Chairman thereof. It shall be the duty of the
Community Affairs Committee to (a) oversee compliance by the Association with
the Community Reinvestment Act of 1977, as amended, and the regulations
promulgated thereunder; and (b) perform such additional duties and exercise
such additional powers of the Board as the Board may determine from time to
time.
Section 5. Regular Meetings. Except for the Executive Committee which shall
meet on an ad hoc basis as set forth in Section 1 of this Article, regular
meetings of the Committees of the Board of Directors shall be held, without
notice, at such time and place as the Committee or the Board of Directors may
appoint and as often as the business of the Association may require.
Section 6. Special Meetings. A Special Meeting of any of the Committees of
the Board of Directors may be called upon the written request of the Chairman
of the Board or the President, or of any two members of the respective
Committee, stating the purpose of the meeting. Not less than twenty-four
hours' notice of such special meeting shall be given to each member of the
Committee personally, by telephoning, or by mail.
Section 7. Emergency Meetings. An Emergency Meeting of any of the Committees
of the Board of Directors may be called at the request of the Chairman of the
Board or the President, who shall state that an emergency exists, upon not
less than one hour's notice to each member of the Committee personally or by
telephoning.
Section 8. Action Taken Without a Committee Meeting. Any Committee of the
Board of Directors may take action without a meeting and without notice of such
meeting by resolution assented to in writing by all members of such Committee.
Section 9. Quorum. A majority of a Committee of the Board of Directors shall
constitute a quorum for the transaction of any business at any meeting of such
Committee. If a quorum is not available, the Chairman of the Board or the
President shall have power to make temporary appointments to a Committee of-
members of the Board of Directors, to act in the place and stead of members who
temporarily cannot attend any such meeting; provided, however, that any
temporary appointment to the Audit Committee must meet the requirements for
members of that Committee set forth in Section 3 of this Article.
Section 10. Record. The committees of the Board of Directors shall keep a
record of their respective meetings and proceedings which shall be presented
at the regular meeting of the Board of Directors held in the calendar month
next following the meetings of the Committees. If there is no regular Board
of Directors meeting held in the calendar month next following the meeting of
a Committee, then such Committee's records shall be presented at the next
regular Board of Directors meeting held in a month subsequent to such Committee
meeting.
Section 11. Changes and Vacancies. The Board of Directors shall have power
to change the members of any Committee at any time and to fill vacancies on any
Committee; provided, however, that any newly appointed member of the Audit
Committee must meet the requirements for members of that Committee set forth in
Section 3 of this Article.
Section 12. Other Committees. The Board of Directors may appoint, from time
to time, other committees of one or more persons, for such purposes and with
such powers as the Board may determine.
ARTICLE IV
WAIVER OF NOTICE OF MEETINGS
Section 1. Waiver. Whenever notice is required to be given to any shareholder,
Director, or member of a Committee of the Board of Directors, such notice may
be waived in writing either before or after such meeting by any shareholder,
Director or Committee member respectively, as the case may be, who may be
entitled to such notice; and such notice will be deemed to be waived by
attendance at any such meeting.
-5-
<PAGE> 14
ARTICLE V
OFFICERS AND AGENTS
Section 1. Officers. The Board shall appoint a Chairman of the Board and a
President, and shall have the power to appoint one or more Executive Vice
Presidents, one or more Senior Vice Presidents, one or more Vice Presidents, a
Cashier, a Secretary, an Auditor, a Controller, one or more Trust Officers and-
such other officers as are deemed necessary or desirable for the proper
transaction of business of the Association. The Chairman of the Board and the
President shall be appointed from members of the Board of Directors. Any two
or more offices, except those of President and Cashier, or Secretary, may be
held by the same person. The Board may, from time to time, by resolution
passed by a majority of the entire Board, designate one or more officers of the
Association or of an affiliate or of Fleet Financial Group, Inc. with power to
appoint one or more Vice Presidents and such other officers of the Association
below the level of Vice President as the officer or officers designated in such
resolution deem necessary or desirable for the proper transaction of the
business of the Association.
Section 2. Chairman of the Board. The chairman of the Board shall preside at
all meetings of the Board of Directors. Subject to definition by the Board of
Directors, he shall have general executive powers and such specific powers and
duties as from time to time may be conferred upon or assigned to him by the
Board of Directors.
Section 3. President. The President shall preside at all meetings of the
Board of Directors if there be no Chairman or if the Chairman be absent.
Subject to definition by the Board of Directors, he shall have general
executive powers and such specific powers and duties as from time to time may
be conferred upon or assigned to him by the Board of Directors.
-6-
<PAGE> 15
Section 4. Cashier and Secretary. The Cashier shall be the Secretary of the
Board and of the Executive Committee, and shall keep accurate minutes of their
meetings and of all meetings of the shareholders. He shall attend to the
giving of all notices required by these By-laws. He shall be custodian of the
corporate seal, records, documents and papers of the Association. He shall
have such powers and perform such duties as pertain by law or regulation to the
office of Cashier, or as are imposed by these By-laws, or as may be delegated
to him from time to time by the Board of Directors, the Chairman of the Board
or the President.
Section 5. Auditor. The Auditor shall be the chief auditing officer of the
Association. He shall continuously examine the affairs of the Association and
from time to time shall report to the Board of Directors. He shall have such
powers and perform such duties as are conferred upon, or assigned to him by
these By-laws, or as may be delegated to him from time to time by the Board
of Directors.
Section 6. Officers Seriatim. The Board of Directors shall designate from
time to time not less than two officers who shall in the absence or disability
of the Chairman or President or both, succeed seriatim to the duties and
responsibilities of the Chairman and President respectively.
Section 7. Clerks and Agents. The Board of Directors may appoint, from time
to time, such clerks, agents and employees as it may deem advisable for the
prompt and orderly transaction of the business of the Association, define
their duties, fix the salaries to be paid them and dismiss them. Subject to
the authority of the Board of Directors, the Chairman of the Board or the
President, or any other officer of the Association authorized by either of them
may appoint and dismiss all or any clerks, agents and employees and prescribe
their duties and the conditions of their employment, and from time to time
fix their compensation.
Section 8. Tenure. The Chairman of the Board of Directors and the President
shall, except in the case of death, resignation, retirement or disqualification
under these By-laws, or unless removed by the affirmative vote of at least two-
thirds of all of the members of the Board of Directors, hold office for the
term of one year or until their respective successors are appointed. Either
of such officers appointed to fill a vacancy occurring in an unexpired term
shall serve for such unexpired term of such vacancy. All other officers,
clerks, agents, attorneys-in-fact and employees of the Association shall hold
office during the pleasure of the Board of Directors or of the officer or
committee appointing them respectively.
ARTICLE VI
TRUST DEPARTMENT
Section 1. General Powers and Duties. All fiduciary powers of the Association
shall be exercised through the Trust Department, subject to such regulations as
the Comptroller of the Currency shall from time to time establish. The Trust
Department shall be to placed under the management and immediate supervision
of an officer or officers appointed by the Board of Directors. The duties of
all officers of the Trust Department shall be to cause the policies and
instructions of the Board and the Risk Management Committee with respect to the
trusts under their supervision to be carried out, and to supervise the due
performance of the trusts and agencies entrusted to the Association and under
their supervision, in accordance with law and in accordance with the terms of
such trusts and agencies.
-7-
<PAGE> 16
ARTICLE VII
BRANCH OFFICES
Section 1. Establishment. The Board of Directors shall have full power to
establish, to discontinue, or, from time to time, to change the location of any
branch office, subject to such limitations as may be provided by law.
Section 2. Supervision and Control. Subject to the general supervision and
control of the Board of Directors, the affairs of branch offices shall be
under the immediate supervision and control of the President or of such other
officer or officers, employee or employees, or other individuals as the Board
of Directors may from time to time determine, with such powers and duties as
the Board of Directors may confer upon or assign to him or them.
ARTICLE VIII
SIGNATURE POWERS
Section 1. Authorization. The power of officers, employees, agents and
attorneys to sign on behalf of and to affix the seal of the Association shall
be prescribed by the Board of Directors or by the Executive Committee or by
both; provided that the President is authorized to restrict such power of any
officer, employee, agent or attorney to the business of a specific department
or departments, or to a specific branch office or branch offices. Facsimile
signatures may be authorized.
-8-
<PAGE> 17
ARTICLE IX
STOCK CERTIFICATES AND TRANSFERS
Section 1. Stock Records. The Trust Department shall have custody of the
stock certificate books and stock ledgers of the Association, and shall make
all transfers of stock, issue certificates thereof and disburse dividends
declared thereon.
Section 2. Form of Certificate. Every shareholder shall be entitled to a
certificate conforming to the requirements of law and otherwise in such form
as the Board of Directors may approve. The certificates shall state on the
face thereof that the stock is transferable only on the books of the
Association and shall be signed by such officers as may be prescribed from time
to time by the Board of Directors or Executive Committee. Facsimile signatures
may be authorized.
Section 3. Transfers of Stock. Transfers of stock shall be made only on the
books of the Association by the holder in person, or by attorney duly
authorized in writing, upon surrender of the certificate therefor properly
endorsed, or upon the surrender of such certificate accompanied by a properly
executed written assignment of the same, or a written power of attorney to
sell, assign or transfer the same or the shares represented thereby.
Section 4. Lost Certificate. The Board of Directors or Executive Committee
may order a new certificate to be issued in place of a certificate lost or
destroyed, upon proof of such loss or destruction and upon tender to the
Association by the shareholder, of a bond in such amount and with or without
surety, as may be ordered, indemnifying the Association against all liability,
loss, cost and damage by reason of such loss or destruction and the issuance
of a new certificate.
Section 5. Closing Transfer Books. The Board of Directors may close the
transfer books for a period not exceeding thirty days preceding any regular
or special meeting of the shareholders, or the day designated for the payment
of a dividend or the allotment of rights. In lieu of closing the transfer
books the Board of Directors may fix a day and hour not more than thirty days
prior to the day of holding any meeting of the shareholders, or the day
designated for the payment of a dividend, or the day designated for the
allotment of rights, or the day when any change of conversion or exchange of
capital stock is to go into effect, as the day as of which shareholders
entitled to notice of and to vote at such meetings or entitled to such dividend
or to such allotment of rights or to exercise the rights in respect of any
such change, conversion or exchange of capital stock, shall be determined, and
only such shareholders as shall be shareholders of record on the day and hour
so fixed shall be entitled to notice of and to vote at such meeting or to
receive payment of such dividend or to receive such allotment of rights or to
exercise such rights, as the case may be.
ARTICLE X
THE CORPORATE SEAL
Section 1. Seal. The following is an impression of the seal of the
Association adopted by the Board of Directors.
ARTICLE XI
BUSINESS HOURS
Section 1. Business Hours. The main office of this Association and each
branch office thereof shall be open for business on such days, and for such
hours as the Chairman, or the President, or any Executive Vice President, or
such other officer as the Board of Directors shall from time to time
designate, may determine as to each office to conform to local custom and
convenience, provided that any one or more of the main and branch offices or
certain departments thereof may be open for such hours as the President, or
such other officer as the Board of Directors shall from time to time designate,
may determine as to each office or department on any legal holiday on which
work is not prohibited by law, and provided further that any one or more of
the main and branch offices or certain departments thereof may be ordered
closed or open on any day for such hours as to each office or department as
the President, or such other officer as the Board of Directors shall from time
to time designate, subject to applicable laws regulations, may determine when
such action may be required by reason of disaster or other emergency condition.
ARTICLE IX
CHANGES IN BY-LAWS
Section 1. Amendments. These By-laws may be amended upon vote of a majority
of the entire Board of Directors at any meeting of the Board, provided ten (10)
day's notice of the proposed amendment has been given to each member of the
Board of Directors. No amendment may be made unless the By-law, as amended, is
consistent with the requirements of law and of the Articles of Association.
These By-laws may also be amended by the Association's shareholders.
A true copy
Attest:
Secretary/Assistant Secretary
- ---------------------------------------
Dated at , as of .
--------------------------------------- ----------------------
Revision of January 11, 1993
-9-
<PAGE> 18
[LOGO] Exhibit 3
- -------------------------------------------------------------------------------
Comptroller of the Currency
Administrator of National Banks
- -------------------------------------------------------------------------------
Washington, D.C. 20219
CERTIFICATE
I, Eugene A. Ludwig, Comptroller of the Currency, do hereby certify that:
1. The Comptroller of the Currency, pursuant to Revised Statutes 324, et
seq., as amended, 12 U.S.C. 1, et seq., as amended, has possession, custody and
control of all records pertaining to the chartering of all National Banking
Associations.
2. "Fleet National Bank," (Charter No. 1338) is a National Banking
Association formed under the laws of the United States and is authorized
thereunder to transact the business of banking and exercise Fiduciary Powers on
the date of this Certificate.
IN TESTIMONY WHEREOF, I have hereunto
subscribed my name and caused my seal of office
to be affixed to these presents at the Treasury
Department in the City of Washington and
[SEAL]
District of Columbia, this 23rd day of
December, 1996.
/s/ Eugene A. Ludwig
----------------------
Comptroller of the Currency
<PAGE> 19
EXHIBIT 4
CONSENT OF THE TRUSTEE
REQUIRED BY SECTION 321(b)
OF THE TRUST INDENTURE ACT OF 1939
In connection with the qualification of a Preferred Securities
Guarantee Agreement of Conseco, Inc., the undersigned, does hereby consent
that, pursuant to Section 321(b) of the Trust Indenture Act of 1939, reports of
examinations with respect to the undersigned by Federal, State, Territorial or
District authorities may be furnished by such authorities to the Securities and
Exchange Commission upon request therefor.
FLEET NATIONAL BANK,
Trustee
By /s/ Susan T. Keller
-----------------------
Susan T. Keller
Its Vice President
Dated: June 9, 1997
<PAGE> 20
Board of Governors of the Federal Reserve System
OMB Number: 7100-0036
Federal Deposit Insurance Corporation
OMB Number: 3064-0052
Office of the Comptroller of the Currency
Federal Financial OMB Number: 1557-0081
Institutions Examination
Council Expires March 31, 1999
- --------------------------------------------------------------------------------
/1/
Please refer to page i,
[LOGO APPEARS HERE] Table of Contents, for
the required disclosure
of estimated burden.
- --------------------------------------------------------------------------------
CONSOLIDATED REPORTS OF CONDITION AND INCOME FOR
A BANK WITH DOMESTIC AND FOREIGN OFFICES -- FFIEC 031
REPORT AT THE CLOSE OF BUSINESS MARCH 31, 1997 (970331)
-----------
(RCRI 9999)
This report is required by law: 12 U.S.C. Section 324 (State member banks); 12
U.S.C. Section 1817 (State nonmember banks); and 12 U.S.C. Section 161
(National banks).
This report form is to be filed by banks with branches and consolidated
subsidiaries in U.S. territories and possessions, Edge or Agreement
subsidiaries, foreign branches, consolidated foreign subsidiaries, or
International Banking Facilities.
- --------------------------------------------------------------------------------
NOTE: The Reports of Condition and Income must be signed by an authorized
officer and the Report of Condition must be attested to by not less than two
directors (trustees) for State nonmember banks and three directors for State
member and National banks.
I, Giro S. DeRosa, Vice President
------------------------------------------------------------------------------
Name and Title of Officer Authorized to Sign Report
of the named bank do hereby declare that these Reports of Condition and Income
(including the supporting schedules) have been prepared in conformance with the
instructions issued by the appropriate Federal regulatory authority and are
true to the best of my knowledge and belief.
/s/ Gino S. DeRosa
- --------------------------------------------------------------------------------
Signature of Officer Authorized to Sign Report
April 24, 1997
- --------------------------------------------------------------------------------
Date of Signature
The Reports of Condition and Income are to be prepared in accordance with
Federal regulatory authority instructions. NOTE: These instructions may in some
cases differ from generally accepted accounting principles.
We, the undersigned directors (trustees), attest to the correctness of this
Report of Condition (including the supporting schedules) and declare that it
has been examined by us and to the best of our knowledge and belief has been
prepared in conformance with the instructions issued by the appropriate Federal
regulatory authority and is true and correct.
/s/
- --------------------------------------------------------------------------------
Director (Trustee)
/s/
- --------------------------------------------------------------------------------
Director (Trustee)
/s/
- --------------------------------------------------------------------------------
Director (Trustee)
- --------------------------------------------------------------------------------
FOR BANKS SUBMITTING HARD COPY REPORT FORMS:
STATE MEMBER BANKS: Return the original and one copy to the appropriate Federal
Reserve District Bank.
STATE NONMEMBER BANKS: Return the original only in the special return address
envelope provided. If express mail is used in lieu of the special return
address envelope, return the original only to the FDIC, c/o Quality Data
Systems, 2127 Espey Court, Suite 204, Crofton, MD 21114.
NATIONAL BANKS: Return the original only in the special return address envelope
provided. If express mail is used in lieu of the special return address
envelope, return the original only to the FDIC, c/o Quality Data Systems, 2127
Espey Court, Suite 204, Crofton, MD 21114.
FDIC Certificate Number 0 2 4 9 9
---------------------
(RCRI 9050)
Banks should affix the address label in this space.
Fleet National Bank
- ------------------------------------------------
Legal Title of Bank (TEXT 9010)
One Monarch Place
- ------------------------------------------------
City (TEXT 9130)
Springfield, MA 01102
- ------------------------------------------------
State Abbrev. (TEXT 9200) ZIP Code (TEXT 9220)
Board of Governors of the Federal Reserve System, Federal Deposit Insurance
Corporation, Office of the Comptroller of the Currency.
<PAGE> 21
FFIEC 031
Page i
/2/
Consolidated Reports of Condition and Income for
A Bank With Domestic and Foreign Offices
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
TABLE OF CONTENTS
SIGNATURE PAGE Cover
REPORT OF INCOME
Schedule RI -- Income Statement...................................... RI-1, 2, 3
Schedule RI-A -- Changes in Equity Capital........................... RI-4
Schedule RI-B -- Charge-offs and Recoveries and Changes in Allowance
for Loan and Lease Losses........................................... RI-4, 5
Schedule RI-D -- Income from International Operations................ RI-6
Schedule RI-E -- Explanations........................................ RI-7, 8
</TABLE>
DISCLOSURE OF ESTIMATED BURDEN
THE ESTIMATED AVERAGE BURDEN ASSOCIATED WITH THIS INFORMATION COLLECTION IS
34.1 HOURS PER RESPONDENT AND IS ESTIMATED TO VARY FROM 15 TO 400 HOURS PER
RESPONSE, DEPENDING ON INDIVIDUAL CIRCUMSTANCES. BURDEN ESTIMATES INCLUDE THE
TIME FOR REVIEWING INSTRUCTIONS, GATHERING AND MAINTAINING DATA IN THE REQUIRED
FORM, AND COMPLETING THE INFORMATION COLLECTION, BUT EXCLUDE THE TIME FOR
COMPILING AND MAINTAINING BUSINESS RECORDS IN THE NORMAL COURSE OF A
RESPONDENT'S ACTIVITIES. A FEDERAL AGENCY MAY NOT CONDUCT OR SPONSOR, AND AN
ORGANIZATION (OR A PERSON) IS NOT REQUIRED TO RESPOND TO A COLLECTION OF
INFORMATION, UNLESS IT DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER. COMMENTS
CONCERNING THE ACCURACY OF THIS BURDEN ESTIMATE AND SUGGESTIONS FOR REDUCING
THIS BURDEN SHOULD BE DIRECTED TO THE OFFICE OF INFORMATION AND REGULATORY
AFFAIRS, OFFICE OF MANAGEMENT AND BUDGET, WASHINGTON, D.C. 20503, AND TO ONE OF
THE FOLLOWING:
SECRETARY
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551
LEGISLATIVE AND REGULATORY ANALYSIS DIVISION
OFFICE OF THE COMPTROLLER OF THE CURRENCY
WASHINGTON, D.C. 20219
ASSISTANT EXECUTIVE SECRETARY
FEDERAL DEPOSIT INSURANCE CORPORATION
WASHINGTON, D.C. 20429
REPORT OF CONDITION
<TABLE>
<S> <C>
Schedule RC -- Balance Sheet..................................... RC-1, 2
Schedule RC-A -- Cash and Balances Due From Depository
Institutions.................................................... RC-3
Schedule RC-B -- Securities...................................... RC-3, 4, 5
Schedule RC-C -- Loans and Lease Financing Receivables:
Part I. Loans and Leases....................................... RC-6, 7
Part II. Loans to Small Businesses and Small Farms
(included in the forms for June 30 only)...................... RC-7a, 7b
Schedule RC-D -- Trading Assets and Liabilities (to be
completed only by selected banks)............................... RC-8
Schedule RC-E -- Deposit Liabilities............................. RC-9, 10, 11
Schedule RC-F -- Other Assets.................................... RC-11
Schedule RC-G -- Other Liabilities............................... RC-11
Schedule RC-H -- Selected Balance Sheet Items for Domestic
Offices......................................................... RC-12
Schedule RC-I -- Selected Assets and Liabilities of IBFs......... RC-13
Schedule RC-K -- Quarterly Averages.............................. RC-13
Schedule RC-L -- Off-Balance Sheet Items......................... RC-14, 15, 16
Schedule RC-M -- Memoranda....................................... RC-17, 18
Schedule RC-N -- Past Due and Nonaccrual Loans, Leases, and
Other Assets.................................................... RC-19, 20
Schedule RC-O -- Other Data for Deposit Insurance
and FICO Assessments............................................ RC-21, 22
Schedule RC-R -- Regulatory Capital.............................. RC-23, 24
Optional Narrative Statement Concerning the Amounts Reported
in the Reports of Condition and Income.......................... RC-25
</TABLE>
Special Report (TO BE COMPLETED BY ALL BANKS)
Schedule RC-J -- Repricing Opportunities (sent only to and to be completed only
by savings banks)
For information or assistance, National and State nonmember banks should
contact the FDIC's Call Reports Analysis Unit, 550 17th Street, NW, Washington,
D.C. 20429, toll free on (800) 688-FDIC(3342), Monday through Friday between
8:00 a.m. and 5:00 p.m., Eastern time. State member banks should contact their
Federal Reserve District Bank.
<PAGE> 22
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-1
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Consolidated Report of Income
for the period January 1, 1997-March 31, 1997
All Report of Income schedules are to be reported on a calendar year-to-date
basis in thousands of dollars.
Schedule RI--Income Statement
<TABLE>
<CAPTION>
----------
I480 (-
---------------------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ------------- ---------------------
RIAD Bil Mil Thou
<S> <C> <C> <C>
1. Interest income:
//////////////////
a. Interest and fee income on loans:
//////////////////
(1) In domestic offices:
//////////////////
(a) Loans secured by real estate
................................................... 4011 261,522
1.a.(1)(a)
(b) Loans to depository institutions
............................................... 4019 390 1.a.(1)(b)
(c) Loans to finance agricultural production and other loans to farmers
............ 4024 90 1.a.(1)(c)
(d) Commercial and industrial loans
................................................ 4012 284,321
1.a.(1)(d)
(e) Acceptances of other banks
..................................................... 4026 0
1.a.(1)(e)
(f) Loans to individuals for household, family, and other personal
expenditures: //////////////////
(1) Credit cards and related plans
............................................. 4054 3,139
1.a.(1)(f)(1)
(2) Other
...................................................................... 4055
44,118 1.a.(1)(f)(2)
(g) Loans to foreign governments and official institutions
......................... 4056 0 1.a.(1)(g)
(h) Obligations (other than securities and leases) of states and political
//////////////////
subdivisions in the U.S.:
//////////////////
(1) Taxable obligations
........................................................ 4503 0
1.a.(1)(h)(1)
(2) Tax-exempt obligations
..................................................... 4504 2,403
1.a.(1)(h)(2)
(i) All other loans in domestic offices
............................................ 4058 31,819 1.a.(1)(i)
(2) In foreign offices, Edge and Agreement subsidiaries, and IBFs
...................... 4059 1,140 1.a.(2)
b. Income from lease financing receivables:
//////////////////
(1) Taxable leases
..................................................................... 4505
39,514 1.b.(1)
(2) Tax-exempt leases
.................................................................. 4307
526 1.b.(2)
c. Interest income on balances due from depository institutions:(1)
//////////////////
(1) In domestic offices
................................................................ 4105
200 1.c.(1)
(2) In foreign offices, Edge and Agreement subsidiaries, and IBFs
...................... 4106 6 1.c.(2)
d. Interest and dividend income on securities:
//////////////////
(1) U.S. Treasury securities and U.S. Government agency obligations
.................... 4027 78,125 1.d.(1)
(2) Securities issued by states and political subdivisions in the U.S.:
//////////////////
(a) Taxable securities
............................................................. 4506
0 1.d.(2)(a)
(b) Tax-exempt securities
.......................................................... 4507 1,673
1.d.(2)(b)
(3) Other domestic debt securities
..................................................... 3657 26
1.d.(3)
(4) Foreign debt securities
............................................................ 3658
1,161 1.d.(4)
(5) Equity securities (including investments in mutual funds)
.......................... 3659 3,601 1.d.(5)
e. Interest income from trading assets
.................................................... 4069 13 1.e.
----------------------
</TABLE>
____________
(1) Includes interest income on time certificates of deposit not held for
trading.
3
<PAGE> 23
Legal Title of Bank: FLEET NATIONAL BANK
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: ONE MONARCH PLACE
Page RI-2
City, State Zip: SPRINGFIELD, MA 01102
FDIC Certificate No.: 02499
-----------
SCHEDULE RI--CONTINUED
<TABLE>
<CAPTION>
--------------
Dollar Amounts in Thousands Year-to-date
- ----------------------------------------------------------------------------
- -----------------------------------------------
<S> <C> <C> <C> <C>
1. Interest income (continued)
RIAD Bil Mil Thou
f. Interest income on federal funds sold and securities purchased
//////////////////
under agreements to resell ..........................................
4020 1,887 1.f.
g. Total interest income (sum of items 1.a through 1.f) ................
4107 755,674 1.g.
2. Interest expense:
//////////////////
a. Interest on deposits:
//////////////////
(1) Interest on deposits in domestic offices:
//////////////////
(a) Transaction accounts (NOW accounts, ATS accounts, and
//////////////////
telephone and preauthorized transfer accounts) .............. 4508
1,888 2.a.(1)(a)
(b) Nontransaction accounts:
//////////////////
(1) Money market deposit accounts (MMDAs) ................... 4509
56,424 2.a.(1)(b)(1)
(2) Other savings deposits .................................. 4511
9,062 2.a.(1)(b)(2)
(3) Time deposits of $100,000 or more ....................... A517
35,929 2.a.(1)(b)(3)
(4) Time deposits of less than $100,000 ..................... A518
82,720 2.a.(1)(b)(4)
(2) Interest on deposits in foreign offices, Edge and Agreement
//////////////////
subsidiaries, and IBFs .......................................... 4172
24,266 2.a.(2)
b. Expense of federal funds purchased and securities sold under
//////////////////
agreements to repurchase ............................................
4180 62,158 2.b.
c. Interest on demand notes issued to the U.S. Treasury trading
//////////////////
liabilities and other borrowed money ................................
4185 10,706 2.c.
d. Not applicable
//////////////////
e. Interest on subordinated notes and debentures .......................
4200 20,653 2.e.
f. Total interest expense (sum of items 2.a through 2.e) ...............
4073 303,806 2.f.
-----------------------
3. Net interest income (item 1.g minus 2.f)
............................... ////////////////// RIAD 4074 451,868
3.
-----------------------
4. Provisions:
////////////////// -----------------------
a. Provision for loan and lease losses .................................
////////////////// RIAD 4230 611 4.a.
b. Provision for allocated transfer risk ...............................
////////////////// RIAD 4243 0 4.b
----------------------
5. Noninterest income:
//////////////////
a. Income from fiduciary activities ....................................
4070 71,635 5.a.
b. Service charges on deposit accounts in domestic offices .............
4080 59,101 5.b.
c. Trading revenue (must equal Schedule RI, sum of Memorandum
//////////////////
items 8.a through 8.d) ..............................................
A220 8,776 5.c.
d.-e. Not applicable
//////////////////
f. Other noninterest income:
//////////////////
(1) Other fee income ................................................
5407 161,180 5.f.(1)
(2) All other noninterest income* ...................................
5408 33,991 5.f.(2)
-----------------------
g. Total noninterest income (sum of items 5.a through 5.f) .............
////////////////// RIAD 4079 334,683 5.g.
6. a. Realized gains (losses) on held-to-maturity securities
.............. ////////////////// RIAD 3521 (6,190) 6.a.
b. Realized gains (losses) on available-for-sale securities ............
////////////////// RIAD 3196 (430) 6.b.
-----------------------
7. Noninterest expense:
//////////////////
a. Salaries and employee benefits ......................................
4135 163,977 7.a.
b. Expenses of premises and fixed assets (net of rental income)
//////////////////
(excluding salaries and employee benefits and mortgage interest) ....
4217 49,343 7.b.
c. Other noninterest expense* ..........................................
4092 250,037 7.c.
-----------------------
d. Total noninterest expense (sum of items 7.a through 7.c) ............
////////////////// RIAD 4093 463,357 7.d.
-----------------------
8. Income (loss) before income taxes and extraordinary items and other
//////////////////
adjustments (item 3 plus or minus items 4.a, 4.b, 5.g,
////////////////// -----------------------
6.a, 6.b, and 7.d) .....................................................
////////////////// RIAD 4301 315,963 8.
9. Applicable income taxes (on item 8)
.................................... ////////////////// RIAD 4302
123,632 9.
-----------------------
10. Income (loss) before extraordinary items and other adjustments
////////////////// -----------------------
(item 8 minus 9) .......................................................
////////////////// RIAD 4300 192,331 10.
11. Extraordinary items and other adjustments, net of income taxes*
////////////////// RIAD 4320 0 11.
12. Net income (loss) (sum of items 10 and 11)
////////////////// RIAD 4340 192,331 12.
-----------------------
</TABLE>
____________
*Describe on Schedule RI-E--Explanations.
4
<PAGE> 24
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-3
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----
SCHEDULE RI--CONTINUED
<TABLE>
<CAPTION>
---------
I481 (-
----------------
Year-to-date
--------------------
Memoranda Dollar
Amounts in Thousands RIAD Bil Mil Thou
- --------------------------------------------------------------------------------
- ---------------------- --------------------
<S> <C> <C>
1. Interest expense incurred to carry tax-exempt securities, loans, and
leases acquired after //////////////////
August 7, 1986, that is not deductible for federal income tax purposes
.......................... 4513 681 M.1.
2. Income from the sale and servicing of mutual funds and annuities in
domestic offices //////////////////
(included in Schedule RI, item 8)
............................................................... 8431
16,571 M.2.
3.-4. Not applicable
5. Number of full-time equivalent employees at end of current period
(round to //// Number
nearest whole number)
...........................................................................
4150 12,449 M.5.
6. Not applicable
//////////////////
7. If the reporting bank has restated its balance sheet as a result of
applying push down //// MM DD YY
accounting this calendar year, report the date of the bank's
acquisition......................... 9106 00/00/00 M.7.
8. Trading revenue (from cash instruments and off-balance sheet derivative
instruments) //////////////////
(sum of Memorandum items 8.a through 8.d must equal Schedule RI, item
5.c): //// Bill Mil Thou
a. Interest rate
exposures.......................................................................
8757 907 M.8.a.
b. Foreign exchange
exposures....................................................................
8758 7,869 M.8.b.
c. Equity security and index
exposures........................................................... 8759
0 M.8.c.
d. Commodity and other
exposures.................................................................
8760 0 M.8.d.
9. Impact on income of off-balance sheet derivatives held for purposes
other than trading: //////////////////
a. Net increase (decrease) to interest
income.................................................... 8761 3,704
M.9.a.
b. Net (increase) decrease to interest
expense................................................... 8762 2,612
M.9.b.
c. Other (noninterest)
allocations...............................................................
8763 1,380 M.9.c.
10. Credit losses off-balance sheet derivatives (see instructions)
.................................. A251 0 M.10.
-------------------
YES NO
11. Does the reporting bank have a Subchapter S election in effect for federal
income tax -------------------
purposes for the current tax year?
.............................................................. A530 ////
x M.11.
-------------------
//// Bil Mil Thou
12. Deferred portion of total applicable income taxes included in Schedule RI,
- -------------------
items 9 and 11 (to be reported with the December Report of Income)
.............................. 4772 N/A M.12.
-------------------
</TABLE>
____________
*Describe on Schedule RI-E--Explanations.
5
<PAGE> 25
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-4
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-A--Changes in Equity Capital
Indicate decreases and losses in parentheses.
<TABLE>
<CAPTION>
----------
I483 (-
------------------------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ---------------------- -----------------------
RIAD BIL MIL THOU
<S> <C> <C> <C>
1. Total equity capital originally reported in the December 31, 1996,
Reports of Condition //////////////////
and Income
................................................................................
...... 3215 4,519,112 1.
2. Equity capital adjustments from amended Reports of Income, net*
................................. 3216 0 2.
3. Amended balance end of previous calendar year (sum of items 1 and 2)
............................ 3217 4,519,112 3.
4. Net income (loss) (must equal Schedule RI, item 12)
............................................. 4340 192,331 4.
5. Sale, conversion, acquisition, or retirement of capital stock, net
.............................. 4346 0 5.
6. Changes incident to business combinations, net
.................................................. 4356 0 6.
7. LESS: Cash dividends declared on preferred stock
................................................ 4470 2,922 7.
8. LESS: Cash dividends declared on common stock
................................................... 4460 209,000 8.
9. Cumulative effect of changes in accounting principles from prior years*
(see instructions //////////////////
for this schedule)
..............................................................................
4411 42,977 9.
10. Corrections of material accounting errors from prior years* (see
instructions for this schedule) 4412 0 10.
11. Change in net unrealized holding gains (losses) on available-for-sale
securities ................ 8433 (34,402) 11.
12. Foreign currency translation adjustments
........................................................ 4414 0
12.
13. Other transactions with parent holding company* (not included in items 5,
7, or 8 above) ........ 4415 0 13.
14. Total equity capital end of current period (sum of items 3 through 13)
(must equal Schedule RC, //////////////////
item 28)
................................................................................
........ 3210 4,508,096 14.
----------------------
</TABLE>
____________
*Describe on Schedule RI-E--Explanations.
Schedule RI-B--Charge-offs and Recoveries and Changes
in Allowance for Loan and Lease Losses
Part I. Charge-offs and Recoveries on Loans and Leases
Part I excludes charge-offs and recoveries through
the allocated transfer risk reserve.
<TABLE>
<CAPTION>
----------
I486 (-
-----------------------------------------
Dollar Amounts in Thousands
-------------------------------- --------
Calendar year-to-date
-----------------------------------------
(Column A) (Column B)
Charge-offs Recoveries
- ------------------------------------------------------------------------------
- -------------------- --------------------
RIAD BIL MIL THOU RIAD BIL MIL THOU
<S> <C> <C> <C>
1. Loans secured by real estate:
////////////////// //////////////////
a. To U.S. addressees (domicile) .........................................
4651 11,390 4661 5,546 1.a.
b. To non-U.S. addressees (domicile) .....................................
4652 0 4662 0 1.b.
2. Loans to depository institutions and acceptances of other banks:
////////////////// //////////////////
a. To U.S. banks and other U.S. depository institutions ..................
4653 0 4663 0 2.a.
b. To foreign banks ......................................................
4654 0 4664 0 2.b.
3. Loans to finance agricultural production and other loans to farmers ......
4655 97 4665 29 3.
4. Commercial and industrial loans:
////////////////// //////////////////
a. To U.S. addressees (domicile) .........................................
4645 9,932 4617 11,507 4.a.
b. To non-U.S. addressees (domicile) .....................................
4646 0 4618 0 4.b.
5. Loans to individuals for household, family, and other personal
////////////////// //////////////////
expenditures:
////////////////// //////////////////
a. Credit cards and related plans ........................................
4656 1,116 4666 176 5.a.
b. Other (includes single payment, installment, and all student loans) ...
4657 10,188 4667 3,031 5.b.
6. Loans to foreign governments and official institutions ...................
4643 0 4627 0 6.
7. All other loans ..........................................................
4644 1,139 4628 213 7.
8. Lease financing receivables:
////////////////// //////////////////
a. Of U.S. addressees (domicile) .........................................
4658 94 4668 655 8.a.
b. Of non-U.S. addressees (domicile) .....................................
4659 0 4669 0 8.b.
9. Total (sum of items 1 through 8) .........................................
4635 33,956 4605 21,157 9.
-------------------------------------------
</TABLE>
6
<PAGE> 26
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-5
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-B--Continued
Part I. Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
-------------------------------------------
Calendar year-to-date
-------------------------------------------
(Column A) (Column B)
Memoranda
Charge-offs Recoveries
- ------------------------------------------------------------------------------
- -------------------- --------------------
RIAD Bil Mil Thou RIAD Bil Mil Thou
<S> <C> <C> <C> <C>
1-3. Not applicable
////////////////// //////////////////
4. Loans to finance commercial real estate, construction, and land
////////////////// //////////////////
development activities (not secured by real estate) included in
////////////////// //////////////////
Schedule RI-B, part I, items 4 and 7, above...............................
5409 8,010 5410 7,599 M.4.
5. Loans secured by real estate in domestic offices (included in
////////////////// //////////////////
Schedule RI-B, part I, item 1, above):
////////////////// //////////////////
a. Construction and land development......................................
3582 468 3583 1,288 M.5.a.
b. Secured by farmland....................................................
3584 0 3585 75 M.5.b.
c. Secured by 1-4 family residential properties:
////////////////// //////////////////
(1) Revolving, open-end loans secured by 1-4 family residential
////////////////// //////////////////
properties and extended under lines of credit...................... 5411
1,164 5412 505 M.5.c.(1)
(2) All other loans secured by 1-4 family residential properties.......
5413 5,954 5414 1,761 M.5.c.(2)
d. Secured by multifamily (5 or more) residential properties..............
3588 1,613 3589 425 M.5.d.
e. Secured by nonfarm nonresidential properties...........................
3590 2,191 3591 1,492 M.5.e.
-------------------------------------------
</TABLE>
Part II. Changes in Allowance for Loan and Lease Losses
<TABLE>
<CAPTION>
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ------------------- ----------------------
RIAD Bil Mil Thou
<S> <C> <C> <C>
1. Balance originally reported in the December 31, 1996, Reports of Condition
and Income.......... 3124 776,811 1.
2. Recoveries (must equal part I, item 9, column B
above)......................................... 4605 21,157 2.
3. LESS: Charge-offs (must equal part I, item 9, column A
above).................................. 4635 33,956 3.
4. Provision for loan and lease losses (must equal Schedule RI, item
4.a)......................... 4230 611 4.
5. Adjustments* (see instructions for this
schedule).............................................. 4815 (1,410)
5.
6. Balance end of current period (sum of items 1 through 5) (must equal
Schedule RC, //////////////////
item
4.b)............................................................................
.......... 3123 763,213 6.
--------------------
</TABLE>
____________
*Describe on Schedule RI-E--Explanations.
7
<PAGE> 27
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-6
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-D--Income from International Operations
For all banks with foreign offices, Edge or Agreement subsidiaries, or IBFs
where international operations account for more than 10 percent of total
revenues, total assets, or net income.
Part I. Estimated Income from International Operations
<TABLE>
<CAPTION>
----------
I492 (-
---------------
Year-to-date
---------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ----------------- --------------------
<S> <C> <C> <C>
RIAD Bil Mil Thou
1. Interest income and expense booked at foreign offices, Edge and Agreement
subsidiaries, //////////////////
and IBFs:
//////////////////
a. Interest income booked
................................................................... 4837
N/A 1.a.
b. Interest expense booked
.................................................................. 4838
N/A 1.b.
c. Net interest income booked at foreign offices, Edge and Agreement
subsidiaries, and IBFs //////////////////
(item 1.a minus 1.b)
..................................................................... 4839
N/A 1.c.
2. Adjustments for booking location of international operations:
//////////////////
a. Net interest income attributable to international operations booked at
domestic offices .. 4840 N/A 2.a.
b. Net interest income attributable to domestic business booked at foreign
offices .......... 4841 N/A 2.b.
c. Net booking location adjustment (item 2.a minus 2.b)
..................................... 4842 N/A 2.c.
3. Noninterest income and expense attributable to international operations:
//////////////////
a. Noninterest income attributable to international operations
.............................. 4097 N/A 3.a.
b. Provision for loan and lease losses attributable to international
operations ............. 4235 N/A 3.b.
c. Other noninterest expense attributable to international operations
....................... 4239 N/A 3.c.
d. Net noninterest income (expense) attributable to international
operations (item 3.a //////////////////
minus 3.b and 3.c)
....................................................................... 4843
N/A 3.d.
4. Estimated pretax income attributable to international operations before
capital allocation //////////////////
adjustment (sum of items 1.c, 2.c, and 3.d)
................................................. 4844 N/A 4.
5. Adjustment to pretax income for internal allocations to international
operations to reflect //////////////////
the effects of equity capital on overall bank funding costs
................................. 4845 N/A 5.
6. Estimated pretax income attributable to international operations after
capital allocation //////////////////
adjustment (sum of items 4 and 5)
........................................................... 4846 N/A
6.
7. Income taxes attributable to income from international operations as
estimated in item 6 .... 4797 N/A 7.
8. Estimated net income attributable to international operations (item 6 minus
7) .............. 4341 N/A 8.
----------------------
</TABLE>
<TABLE>
<CAPTION>
Memoranda
- ---------------------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ----------------- ---------------------
<S> <C> <C> <C>
RIAD Bil Mil Thou
1. Intracompany interest income included in item 1.a above
..................................... 4847 N/A M.1.
2. Intracompany interest expense included in item 1.b above
.................................... 4848 N/A M.2.
--------------------------
</TABLE>
Part II. Supplementary Details on Income from International Operations Required
by the Departments of Commerce and Treasury for Purposes of the U.S.
International Accounts and the U.S. National Income and Product Accounts
<TABLE>
<CAPTION>
Year-to-date
- --------------------------------------------------------------------------------
- ---------------- --------------------
<S> <C> <C> <C>
Dollar Amounts in Thousands RIAD Bil Mil Thou
- --------------------------------------------------------------------------------
- ---------------- --------------------
1. Interest income booked at IBFs
.............................................................. 4849
N/A 1.
2. Interest expense booked at IBFs
............................................................. 4850
N/A 2.
3. Noninterest income attributable to international operations booked at
domestic offices //////////////////
(excluding IBFs):
//////////////////
a. Gains (losses) and extraordinary items
................................................... 5491 N/A 3.a.
b. Fees and other noninterest income
........................................................ 5492 N/A
3.b.
4. Provision for loan and lease losses attributable to international operations
booked at //////////////////
domestic offices (excluding IBFs)
........................................................... 4852 N/A
4.
5. Other noninterest expense attributable to international operations booked at
domestic offices //////////////////
(excluding IBFs)
............................................................................
4853 N/A 5.
--------------------
</TABLE>
8
<PAGE> 28
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-7
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-E--Explanations
Schedule RI-E is to be completed each quarter on a calendar year-to-date basis.
Detail all adjustments in Schedules RI-A and RI-B, all extraordinary items and
other adjustments in Schedule RI, and all significant items of other
noninterest income and other noninterest expense in Schedule RI. (See
instructions for details.)
<TABLE>
<CAPTION>
- ----------
I495 (-
------ --------
Year-to-date
--- ---------------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ------------------ --------------------
<S> <C> <C> <C>
RIAD Bil Mil Thou
1. All other noninterest income (from Schedule RI, item 5.f.(2))
//////////////////
Report amounts that exceed 10% of Schedule RI, item 5.f.(2):
//////////////////
a. Net gains (losses) on other real estate owned
............................................ 5415 0 1.a.
b. Net gains (losses) on sales of loans
..................................................... 5416 0 1.b.
c. Net gains (losses) on sales of premises and fixed assets
................................. 5417 0 1.c.
Itemize and describe the three largest other amounts that exceed 10% of
//////////////////
Schedule RI, item 5.f.(2):
//////////////////
-------------
d. TEXT 4461 Intercompany Investment Services Fees
4461 11,715 1.d.
-----------
- ------------------------------------------------------------------------------
e. TEXT 4462
4462 1.e.
-----------
- ------------------------------------------------------------------------------
f. TEXT 4463
4463 1.f.
---------------------------------------------------------------------------
- ----------------
2. Other noninterest expense (from Schedule RI, item 7.c):
//////////////////
a. Amortization expense of intangible assets
................................................ 4531 20,272 2.a.
Report amounts that exceed 10% of Schedule RI, item 7.c:
//////////////////
b. Net (gains) losses on other real estate owned
............................................ 5418 0 2.b.
c. Net (gains) losses on sales of loans
..................................................... 5419 0 2.c.
d. Net (gains) losses on sales of premises and fixed assets
................................. 5420 0 2.d.
Itemize and describe the three largest other amounts that exceed 10% of
//////////////////
Schedule RI, item 7.c:
//////////////////
-------------
e. TEXT 4464 Intercompany Corporate Support Function Charges
4464 80,442 2.e.
-----------
- ------------------------------------------------------------------------------
f. TEXT 4467 Intercompany Data Processing & Programming Charges
4467 74,344 2.f.
-----------
- ------------------------------------------------------------------------------
g. TEXT 4468
4468 2.g.
---------------------------------------------------------------------------
- ----------------
3. Extraordinary items and other adjustments and applicable income tax
effect //////////////////
(from Schedule RI, item 11) (itemize and describe all extraordinary items
and //////////////////
all adjustments):
//////////////////
-------------
a. (1) TEXT 4469
4469 3.a.(1)
---------------------------------------------------------------------------
- ------------
(2) Applicable income tax effect
RIAD 4486 ///////////////// 3.a.(2)
-------------
- -------------------
b. (1) TEXT 4487
4487 3.b.(1)
---------------------------------------------------------------------------
- ------------
(2) Applicable income tax effect
RIAD 4488 ///////////////// 3.b.(2)
-------------
- -------------------
c. (1) TEXT 4489
4489 0 3.c.(1)
---------------------------------------------------------------------------
- ------------
(2) Applicable income tax effect
RIAD 4491 ////////////////// 3.c.(2)
4. Equity capital adjustments from amended Reports of Income (from
Schedule RI-A, //////////////////
item 2) (itemize and describe all adjustments):
//////////////////
-------------
a. TEXT 4492
4492 4.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4493
4493 4.b.
---------------------------------------------------------------------------
- ----------------
5. Cumulative effect of changes in accounting principles from prior years
//////////////////
(from Schedule RI-A, item 9) (itemize and describe all changes in
accounting principles): //////////////////
-------------
a. TEXT 4494 Effect on change to GAAP from previous non-GAAP
instructions A546 42,977 5.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4495
4495 5.b.
---------------------------------------------------------------------------
- ----------------
6. Corrections of material accounting errors from prior years (from
Schedule RI-A, item 10) //////////////////
(itemize and describe all corrections):
//////////////////
-------------
a. TEXT 4496
4496 6.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4497
4497 6.b.
---------------------------------------------------------------------------
- ----------------
</TABLE>
9
<PAGE> 29
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RI-8
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RI-E--Continued
<TABLE>
<CAPTION>
- ----------------
Year-to-date
----------------------
Dollar Amounts in Thousands
----------------------
- --------------------------------------------------------------------------------
- ------------------ --------------------
<S> <C> <C> <C>
RIAD Bil Thou
7. Other transactions with parent holding company (from Schedule RI-A,
item 13)
(itemize and describe all such transactions):
//////////////////
-----------
a. TEXT 4498
4498 7.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4499
4499 7.b.
---------------------------------------------------------------------------
- ----------------
8. Adjustments to allowance for loan and lease losses (from Schedule RI-B,
part II, item 5) ///////////////////
(itemize and describe all adjustments):
///////////////////
-------------
a. TEXT 4521 Adj to beg bal to correct prior period posting errs
4521 (1,410) 8.a.
-----------
- ------------------------------------------------------------------------------
b. TEXT 4522
4522 8.b
---------------------------------------------------------------------------
- ---------------- ---------------------
9. Other explanations (the space below is provided for the bank to briefly
describe, at its I498 I499 (-
----------------------
option, any other significant items affecting the Report of Income):
---
No comment X (RIAD 4769)
---
Other explanations (please type or print clearly):
(TEXT 4769)
</TABLE>
10
<PAGE> 30
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-1
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for March 31, 1997
All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the
quarter.
Schedule RC--Balance Sheet
__________
<TABLE>
<CAPTION>
----------
C400 (-
------------ --------
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ----------------- --------------------
<S> <C> <C> <C>
RCFD Bil Mil Thou
ASSETS
//////////////////
1. Cash and balances due from depository institutions (from Schedule
RC-A): //////////////////
a. Noninterest-bearing balances and currency and coin(1)
................................... 0081 3,237,415 1.a.
b. Interest-bearing balances(2)
............................................................ 0071
46,240 1.b.
2. Securities:
//////////////////
a. Held-to-maturity securities (from Schedule RC-B, column A)
.............................. 1754 154,725 2.a.
b. Available-for-sale securities (from Schedule RC-B, column D)
............................ 1773 4,670,125 2.b.
3. Federal funds sold and securities purchased under agreements to
resell...................... 1350 294,589 3.
4. Loans and lease financing receivables:
//////////////////
----------------------
a. Loans and leases, net of unearned income (from Schedule RC-C) ....
RCFD 2122 33,218,336 ////////////////// 4.a.
b. LESS: Allowance for loan and lease losses ........................
RCFD 3123 763,213 ////////////////// 4.b.
c. LESS: Allocated transfer risk reserve ............................
RCFD 3128 0 ////////////////// 4.c.
---------------------- //////////////////
d. Loans and leases, net of unearned income,
//////////////////
allowance, and reserve (item 4.a minus 4.b and 4.c)
..................................... 2125 32,455,123 4.d.
5. Trading assets (from Schedule RC-D)
........................................................ 3545 93,776
5.
6. Premises and fixed assets (including capitalized leases)
................................... 2145 527,415 6.
7. Other real estate owned (from Schedule RC-M)
............................................... 2150 21,429 7.
8. Investments in unconsolidated subsidiaries and associated companies
(from Schedule RC-M) ... 2130 0 8.
9. Customers' liability to this bank on acceptances outstanding
............................... 2155 5,274 9.
10. Intangible assets (from Schedule RC-M)
..................................................... 2143 2,651,959 10.
11. Other assets (from Schedule RC-F)
.......................................................... 2160 2,504,311
11.
12. Total assets (sum of items 1 through 11)
................................................... 2170 46,662,381 12.
----------------------
</TABLE>
____________
(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
11
<PAGE> 31
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-2
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
Schedule RC--Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
-------------------------
////////// Bil Mil Thou
- --------------------------------------------------------------------------------
- -------------- -------------------------
<S> <C> <C> <C>
LIABILITIES
///////////////////////
13. Deposits:
///////////////////////
///////////////////////
a. In domestic offices (sum of totals of columns A and C from Schedule
RC-E, part I) ..... RCON 2200 30,789,630 13.a.
---------------------------
(1) Noninterest-bearing(1) ................................ RCON 6631
9,293,258 /////////////////////// 13.a.(1)
(2) Interest-bearing ...................................... RCON 6636
21,496,372 /////////////////////// 13.a.(2)
---------------------------
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs (from
Schedule RC-E, ///////////////////////
part II)
..............................................................................
RCFN 2200 2,221,589 13.b.
---------------------------
(1) Noninterest-bearing ................................... RCFN 6631
38,272 /////////////////////// 13.b.(1)
(2) Interest-bearing ...................................... RCFN 6636
2,183,317 /////////////////////// 13.b.(2)
---------------------------
14. Federal funds purchased and securities sold under agreements to repurchase
............... RCFD 2800 5,510,870 14.
15. a. Demand notes issued to the U.S. Treasury
.............................................. RCON 2840 35,346 15.a.
b. Trading liabilities (from Schedule RC-D)
.............................................. RCFD 3548 77,911 15.b.
16. Other borrowed money (includes mortgage indebtedness and obligations under
///////////////////////
capitalized leases):
///////////////////////
a. With remaining maturity of one year or less
........................................... RCFD 2332 479,711 16.a.
b. With remaining maturity of more than one year
......................................... RCFD 2333 584,632 16.b.
17. Not applicable
///////////////////////
18. Bank's liability on acceptances executed and outstanding
................................. RCFD 2920 5,274 18.
19. Subordinated notes and debentures(2)
..................................................... RCFD 3200 1,187,482
19.
20. Other liabilities (from Schedule RC-G)
................................................... RCFD 2930 1,261,840
20.
21. Total liabilities (sum of items 13 through 20)
........................................... RCFD 2948 42,154,285 21.
22. Not applicable
///////////////////////
EQUITY CAPITAL
///////////////////////
23. Perpetual preferred stock and related surplus
............................................ RCFD 3838 125,000 23.
24. Common stock
.............................................................................
RCFD 3230 19,487 24.
25. Surplus (exclude all surplus related to preferred
stock).................................. RCFD 3839 2,551,927 25.
26. a. Undivided profits and capital reserves
................................................ RCFD 3632 1,837,050
26.a.
b. Net unrealized holding gains (losses) on available-for-sale securities
................ RCFD 8434 (25,638) 26.b.
27. Cumulative foreign currency translation adjustments
...................................... RCFD 3284 0 27.
28. Total equity capital (sum of items 23 through 27)
........................................ RCFD 3210 4,508,096 28.
29. Total liabilities, limited-life preferred stock, and equity capital (sum of
items 21 ///////////////////////
and 28)
................................................................................
.. RCFD 3300 46,662,381 29.
-------------------------
</TABLE>
Memorandum
To be reported only with the March Report of Condition.
1. Indicate in the box at the right the number of the statement below that
Number best describes the most comprehensive level of auditing work
performed ---------------- for the bank by independent external auditors as
of any date during 1996 ........................ RCFD 6724 2 M.1.
----------------
<TABLE>
<S> <C>
1 = Independent audit of the bank conducted in accordance 4 =
Directors' examination of the bank performed by other
with generally accepted auditing standards by a certified
external auditors (may be required by state chartering
public accounting firm which submits a report on the bank
authority)
2 = Independent audit of the bank's parent holding company 5 =
Review of the bank's financial statements by external
conducted in accordance with generally accepted auditing auditors
standards by a certified public accounting firm which 6 =
Compilation of the bank's financial statements by external
submits a report on the consolidated holding company auditors
(but not on the bank separately) 7 = Other
audit procedures (excluding tax preparation work)
3 = Directors' examination of the bank conducted in accordance 8 = No
external audit work
with generally accepted auditing standards by a certified
public accounting firm (may be required by state
chartering authority)
- ------------
</TABLE>
(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited-life preferred stock and related surplus.
12
<PAGE> 32
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-3
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-A--Cash and Balances Due From Depository Institutions
Exclude assets held for trading.
<TABLE>
<CAPTION>
----------
Dollar Amounts in Thousands C405 (-
--------------------------------- --------
(Column A) (Column B)
Consolidated Domestic
Bank Offices
- -----------------------------------------------------------------------------
- -------------------- --------------------
RCFD Bil Mil Thou RCON Bil Mil Thou
<S> <C> <C> <C>
1. Cash items in process of collection, unposted debits, and currency and
////////////////// //////////////////
coin ....................................................................
0022 3,139,724 ////////////////// 1.
a. Cash items in process of collection and unposted debits ..............
////////////////// 0020 2,453,832 1.a.
b. Currency and coin ....................................................
////////////////// 0080 685,892 1.b.
2. Balances due from depository institutions in the U.S. ...................
////////////////// 0082 104,091 2.
a. U.S. branches and agencies of foreign banks (including their IBFs) ...
0083 0 ////////////////// 2.a.
b. Other commercial banks in the U.S. and other depository institutions
////////////////// //////////////////
in the U.S. (including their IBFs) ...................................
0085 104,124 ////////////////// 2.b.
3. Balances due from banks in foreign countries and foreign central banks ..
////////////////// 0070 39,679 3.
a. Foreign branches of other U.S. banks .................................
0073 31,028 ////////////////// 3.a.
b. Other banks in foreign countries and foreign central banks ...........
0074 8,779 ////////////////// 3.b.
4. Balances due from Federal Reserve Banks .................................
0090 0 0090 0 4.
5. Total (sum of items 1 through 4) (total of column A must equal
////////////////// //////////////////
Schedule RC, sum of items 1.a and 1.b) ..................................
0010 3,283,655 0010 3,283,494 5.
-------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Memorandum
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ---------------- ----------------------
RCON Bil Mil Thou
<S> <C> <C>
1. Noninterest-bearing balances due from commercial banks in the U.S. (included
in item 2, //////////////////
column B above)
...........................................................................
0050 88,751 M.1.
----------------------
</TABLE>
Schedule RC-B--Securities
Exclude assets held for trading.
<TABLE>
<CAPTION>
Dollar Amounts in Thousands C410
(-
--------------------------------------------------------------------------
- --------
Held-to-maturity Available-for-sale
-----------------------------------------
- -----------------------------------------
(Column A) (Column B) (Column C) (Column D)
Amortized Cost Fair Value Amortized Cost Fair Value(1)
- -------------------------------------- --------------------
- -------------------- -------------------- --------------------
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil
Thou
<S> <C> <C> <C> <C> <C>
1. U.S. Treasury securities ......... 0211 253 0213 253
1286 378,839 1287 374,998 1.
2. U.S. Government agency ////////////////// //////////////////
////////////////// //////////////////
obligations (exclude ////////////////// //////////////////
////////////////// //////////////////
mortgage-backed securities): ////////////////// //////////////////
////////////////// //////////////////
a. Issued by U.S. Govern- ////////////////// //////////////////
////////////////// //////////////////
ment agencies(2) .............. 1289 0 1290 0
1291 0 1293 0 2.a.
b. Issued by U.S. ////////////////// //////////////////
////////////////// //////////////////
Government-sponsored ////////////////// //////////////////
////////////////// //////////////////
agencies(3) ................... 1294 0 1295 0
1297 0 1298 0 2.b.
---------------------------------------------------------------------------
- ----------
</TABLE>
_____________
(1) Includes equity securities without readily determinable fair values at
historical cost in item 6.b, column D.
(2) Includes Small Business Administration "Guaranteed Loan Pool Certificates,"
U.S. Maritime Administration obligations, and Export-Import Bank
participation certificates.
(3) Includes obligations (other than mortgage-backed securities) issued by the
Farm Credit System, the Federal Home Loan Bank System, the Federal Home
Loan Mortgage Corporation, the Federal National Mortgage Association, the
Financing Corporation, Resolution Funding Corporation, the Student Loan
Marketing Association, and the Tennessee Valley Authority.
13
<PAGE> 33
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-4
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-B--Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
---------------------------------------------------------------------------
- ----------
Held-to-maturity Available-for-sale
-----------------------------------------
- -----------------------------------------
(Column A) (Column B) (Column C) (Column D)
Amortized Cost Fair Value Amortized Cost Fair Value(1)
-------------------- -------------------- --------------------
- --------------------
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil
Thou
<S> <C> <C> <C> <C> <C>
3. Securities issued by states ////////////////// //////////////////
////////////////// //////////////////
and political subdivisions ////////////////// //////////////////
////////////////// //////////////////
in the U.S.: ////////////////// //////////////////
////////////////// //////////////////
a. General obligations ........... 1676 142,061 1677 142,019
1678 0 1679 0 3.a.
b. Revenue obligations ........... 1681 12,411 1686 12,413
1690 0 1691 0 3.b.
c. Industrial development ////////////////// //////////////////
////////////////// //////////////////
and similar obligations ....... 1694 0 1695 0
1696 0 1697 0 3.c.
4. Mortgage-backed ////////////////// //////////////////
////////////////// //////////////////
securities (MBS): ////////////////// //////////////////
////////////////// //////////////////
a. Pass-through securities: ////////////////// //////////////////
////////////////// //////////////////
(1) Guaranteed by ////////////////// //////////////////
////////////////// //////////////////
GNMA ...................... 1698 0 1699 0 1701
759,302 1702 756,748 4.a.(1)
(2) Issued by FNMA ////////////////// //////////////////
////////////////// //////////////////
and FHLMC ................. 1703 0 1705 0 1706
3,239,252 1707 3,204,046 4.a.(2)
(3) Other pass-through ////////////////// //////////////////
////////////////// //////////////////
securities................. 1709 0 1710 0 1711
35,001 1713 35,001 4.a.(3)
b. Other mortgage-backed ////////////////// //////////////////
////////////////// //////////////////
securities (include CMOs, ////////////////// //////////////////
////////////////// //////////////////
REMICs, and stripped ////////////////// //////////////////
////////////////// //////////////////
MBS): ////////////////// //////////////////
////////////////// //////////////////
(1) Issued or guaranteed ////////////////// //////////////////
////////////////// //////////////////
by FNMA, FHLMC, ////////////////// //////////////////
////////////////// //////////////////
or GNMA ................... 1714 0 1715 0 1716
0 1717 0 4.b.(1)
(2) Collateralized ////////////////// //////////////////
////////////////// //////////////////
by MBS issued or ////////////////// //////////////////
////////////////// //////////////////
guaranteed by FNMA, ////////////////// //////////////////
////////////////// //////////////////
FHLMC, or GNMA............. 1718 0 1719 0 1731
0 1732 0 4.b.(2)
(3) All other mortgage- ////////////////// //////////////////
////////////////// //////////////////
backed securities.......... 1733 0 1734 0 1735
430 1736 430 4.b.(3)
5. Other debt securities: ////////////////// //////////////////
////////////////// //////////////////
a. Other domestic debt ////////////////// //////////////////
////////////////// //////////////////
securities .................... 1737 0 1738 0
1739 589 1741 578 5.a.
b. Foreign debt ////////////////// //////////////////
////////////////// //////////////////
securities .................... 1742 0 1743 0
1744 20,547 1746 20,572 5.b.
6. Equity securities: ////////////////// //////////////////
////////////////// //////////////////
a. Investments in mutual ////////////////// //////////////////
////////////////// //////////////////
funds and other equity ////////////////// //////////////////
////////////////// //////////////////
securities with readily ////////////////// //////////////////
////////////////// //////////////////
determinable fair values....... ////////////////// //////////////////
A510 59,654 A511 59,654 6.a.
b. All other equity ////////////////// //////////////////
////////////////// //////////////////
securities(1).................. ////////////////// //////////////////
1752 218,098 1753 218,098 6.b.
7. Total (sum of items 1 ////////////////// //////////////////
////////////////// //////////////////
through 6) (total of ////////////////// //////////////////
////////////////// //////////////////
column A must equal ////////////////// //////////////////
////////////////// //////////////////
Schedule RC, item 2.a) ////////////////// //////////////////
////////////////// //////////////////
(total of column D must ////////////////// //////////////////
////////////////// //////////////////
equal Schedule RC, ////////////////// //////////////////
////////////////// //////////////////
item 2.b)......................... 1754 154,725 1771 154,685
1772 4,711,712 1773 4,670,125 7.
---------------------------------------------------------------------------
- ----------
</TABLE>
_____________
(1) Includes equity securities without readily determinable fair values at
historical cost in item 6.d, column D.
14
<PAGE> 34
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-5
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-B--Continued
<TABLE>
<CAPTION>
Memoranda
- -----------
C412 (-
----------- ---------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------- --------------------------
RCFD Bil Mil Thou
<S> <C> <C> <C>
1. Pledged securities(2)
......................................................................... 0416
1,887,282 M.1.
2. Maturity and repricing data for debt securities(2),(3),(4) (excluding those
in nonaccrual status): //////////////////
a. Fixed rate debt securities with a remaining maturity of:
//////////////////
(1) Three months or less
................................................................... 0343
49,199 M.2.a.(1)
(2) Over three months through 12 months
.................................................... 0344 100,424
M.2.a.(2)
(3) Over one year through five years
....................................................... 0345 1,032,358
M.2.a.(3)
(4) Over five years
........................................................................ 0346
2,378,449 M.2.a.(4)
(5) Total fixed rate debt securities (sum of Memorandum items 2.a.(1)
through 2.a.(4)) ..... 0347 3,560,430 M.2.a.(5)
b. Floating rate debt securities with a repricing frequency of:
//////////////////
(1) Quarterly or more frequently
........................................................... 4544 291,185
M.2.b.(1)
(2) Annually or more frequently, but less frequently than quarterly
........................ 4545 683,203 M.2.b.(2)
(3) Every five years or more frequently, but less frequently than annually
................. 4551 5,580 M.2.b.(3)
(4) Less frequently than every five years
.................................................. 4552 6,700
M.2.b.(4)
(5) Total floating rate debt securities (sum of Memorandum items 2.b.(1)
through 2.b.(4)) .. 4553 986,668 M.2.b.(5)
c. Total debt securities (sum of Memorandum items 2.a.(5) and 2.b.(5))
(must equal total debt //////////////////
securities from Schedule RC-B, sum of items 1 through 5, columns A and D,
minus nonaccrual //////////////////
debt securities included in Schedule RC-N, item 9, column C)
............................... 0393 4,547,098 M.2.c.
3.-5. Not applicable
//////////////////
6. Floating rate debt securities with a remaining maturity of one year or
less(2),(4) (included in //////////////////
Memorandum item 2.b.(1) through 2.b(4) above)
................................................. 5519 6,233 M.6.
7. Amortized cost of held-to-maturity securities sold or transferred to
available-for-sale or //////////////////
trading securities during the calendar year-to-date (report the amortized
cost at date of sale //////////////////
or
transfer).......................................................................
............ 1778 97,163 M.7.
8. High-risk mortgage securities (included in the held-to-maturity and
available-for-sale //////////////////
accounts in Schedule RC-B, item 4.b):
//////////////////
a. Amortized
cost............................................................................
.. 8780 0 M.8.a.
b. Fair
value...........................................................................
....... 8781 0 M.8.b.
9. Structured notes (included in the held-to-maturity and available-for-sale
accounts in //////////////////
Schedule RC-B, items 2, 3, and 5):
//////////////////
a. Amortized
cost............................................................................
.. 8782 0 M.9.a.
b. Fair
value...........................................................................
....... 8783 0 M.9.b.
----------------------
</TABLE>
_____________
(2) Includes held-to-maturity securities at amortized cost and
available-for-sale securities at fair value.
(3) Exclude equity securities, e.g., investments in mutual funds, Federal
Reserve stock, common stock, and preferred stock.
(4) Memorandum items 2 and 6 are not applicable to savings banks that must
complete supplemental Schedule RC-J.
15
<PAGE> 35
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-6
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-C--Loans and Lease Financing Receivables
Part I. Loans and Leases
<TABLE>
<CAPTION>
Do not deduct the allowance for loan and lease losses from amounts
- ----------
reported in this schedule. Report total loans and leases, net of unearned
Dollar Amounts in Thousands C415 (-
income. Exclude assets held in trading and commercial paper.
- --------------------------------- --------
(Column A) (Column B)
Consolidated Domestic
Bank Offices
-------------------- --------------------
<S> <C> <C> <C> <C> <C>
RCFD Bil Mil Thou RCON Bil Mil Thou
1. Loans secured by real estate ..........................................
1410 12,645,427 ////////////////// 1.
a. Construction and land development ..................................
////////////////// 1415 614,592 1.a.
b. Secured by farmland (including farm residential and other
////////////////// //////////////////
improvements) ......................................................
////////////////// 1420 1,969 1.b.
c. Secured by 1-4 family residential properties:
////////////////// //////////////////
(1) Revolving, open-end loans secured by 1-4 family residential
////////////////// //////////////////
properties and extended under lines of credit ..................
////////////////// 1797 1,791,682 1.c.(1)
(2) All other loans secured by 1-4 family residential properties:
////////////////// //////////////////
(a) Secured by first liens .....................................
////////////////// 5367 5,510,321 1.c.(2)(a)
(b) Secured by junior liens ....................................
////////////////// 5368 601,304 1.c.(2)(b)
d. Secured by multifamily (5 or more) residential properties ..........
////////////////// 1460 469,577 1.d.
e. Secured by nonfarm nonresidential properties .......................
////////////////// 1480 3,655,982 1.e.
2. Loans to depository institutions:
////////////////// //////////////////
a. To commercial banks in the U.S. ....................................
////////////////// 1505 144,639 2.a.
(1) To U.S. branches and agencies of foreign banks ................. 1506
0 ////////////////// 2.a.(1)
(2) To other commercial banks in the U.S. .......................... 1507
144,639 ////////////////// 2.a.(2)
b. To other depository institutions in the U.S. .......................
1517 16,875 1517 16,875 2.b.
c. To banks in foreign countries ......................................
////////////////// 1510 776 2.c.
(1) To foreign branches of other U.S. banks ........................ 1513
712 ////////////////// 2.c.(1)
(2) To other banks in foreign countries ............................ 1516
64 ////////////////// 2.c.(2)
3. Loans to finance agricultural production and other loans to farmers ...
1590 3,768 1590 3,768 3.
4. Commercial and industrial loans:
////////////////// //////////////////
a. To U.S. addressees (domicile) ......................................
1763 13,274,469 1763 13,261,387 4.a.
b. To non-U.S. addressees (domicile) ..................................
1764 97,858 1764 74,898 4.b.
5. Acceptances of other banks:
////////////////// //////////////////
a. Of U.S. banks ......................................................
1756 0 1756 0 5.a.
b. Of foreign banks ...................................................
1757 0 1757 0 5.b.
6. Loans to individuals for household, family, and other personal
////////////////// //////////////////
expenditures (i.e., consumer loans) (includes purchased paper) ........
////////////////// 1975 1,983,378 6.
a. Credit cards and related plans (includes check credit and other
////////////////// //////////////////
revolving credit plans) ............................................ 2008
87,261 ////////////////// 6.a.
b. Other (includes single payment, installment, and all student loans).
2011 1,896,117 ////////////////// 6.b.
7. Loans to foreign governments and official institutions (including
////////////////// //////////////////
foreign central banks) ................................................
2081 0 2081 0 7.
8. Obligations (other than securities and leases) of states and political
////////////////// //////////////////
subdivisions in the U.S. (includes nonrated industrial development
////////////////// //////////////////
obligations) ..........................................................
2107 141,553 2107 141,553 8.
9. Other loans ...........................................................
1563 2,353,839 ////////////////// 9.
a. Loans for purchasing or carrying securities (secured and unsecured).
////////////////// 1545 245,417 9.a.
b. All other loans (exclude consumer loans) ...........................
////////////////// 1564 2,108,422 9.b.
10. Lease financing receivables (net of unearned income) ..................
////////////////// 2165 2,555,754 10.
a. Of U.S. addressees (domicile) ......................................
2182 2,555,754 ////////////////// 10.a.
b. Of non-U.S. addressees (domicile) ..................................
2183 0 ////////////////// 10.b.
11. LESS: Any unearned income on loans reflected in items 1-9 above .......
2123 0 2123 0 11.
12. Total loans and leases, net of unearned income (sum of items 1 through
////////////////// //////////////////
10 minus item 11) (total of column A must equal Schedule RC, item 4.a).
2122 33,218,336 2122 33,182,294 12.
-------------------------------------------
</TABLE>
16
<PAGE> 36
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-7
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-C--Continued
Part I. Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
-------------------------------------------
(Column A) (Column B)
Consolidated Domestic
Bank Offices
Memoranda
RCON Bil Mil Thou
- -----------------------------------------------------------------------------
- -------------------- --------------------
<S> <C> <C>
1. Not applicable
//////////////////
2. Loans and leases restructured and in compliance with modified terms
//////////////////
(included in Schedule RC-C, part I, above and not reported as past due
//////////////////
or nonaccrual in Schedule RC-N, Memorandum item 1):
//////////////////
a. Loans secured by real estate:
//////////////////
(1) To U.S. addressees (domicile) ...................................
1687 0 M.2.a.(1)
(2) To non-U.S. addressees (domicile) ...............................
1689 0 M.2.a.(2)
b. All other loans and all lease financing receivables (exclude loans to
//////////////////
individuals for household, family, and other personal expenditures)..
8691 0 M.2.b.
c. Commercial and industrial loans to and lease financing receivables
//////////////////
of non-U.S. addresses (domicile) included in Memorandum item 2.b
//////////////////
above................................................................
8692 0 M.2.c.
3. Maturity and repricing data for loans and leases(1) (excluding those
//////////////////
in nonaccrual status):
//////////////////
a. Fixed rate loans and leases with a remaining maturity of:
//////////////////
(1) Three months or less ............................................
0348 2,046,255 M.3.a.(1)
(2) Over three months through 12 months .............................
0349 297,728 M.3.a.(2)
(3) Over one year through five years ................................
0356 2,280,748 M.3.a.(3)
(4) Over five years .................................................
0357 5,414,134 M.3.a.(4)
(5) Total fixed rate loans and leases (sum of
//////////////////
Memorandum items 3.a.(1) through 3.a.(4)) ....................... 0358
10,038,865 M.3.a.(5)
b. Floating rate loans with a repricing frequency of:
//////////////////
(1) Quarterly or more frequently ....................................
4554 19,014,916 M.3.b.(1)
(2) Annually or more frequently, but less frequently than quarterly .
4555 3,087,028 M.3.b.(2)
(3) Every five years or more frequently, but less frequently than
//////////////////
annually ........................................................ 4561
618,323 M.3.b.(3)
(4) Less frequently than every five years ...........................
4564 129,313 M.3.b.(4)
(5) Total floating rate loans (sum of Memorandum items 3.b.(1)
//////////////////
through 3.b.(4)) ................................................ 4567
22,849,580 M.3.b.(5)
c. Total loans and leases (sum of Memorandum items 3.a.(5) and 3.b.(5))
//////////////////
(must equal the sum of total loans and leases, net, from
//////////////////
Schedule RC-C, part I, item 12, plus unearned income from
//////////////////
Schedule RC-C, part I, item 11, minus total nonaccrual loans and
//////////////////
leases from Schedule RC-N, sum of items 1 through 8, column C) ......
1479 32,888,445 M.3.c.
d. Floating rate loans with a remaining maturity or one year or less
(included in Memorandum items 3.b.(1) through 3.b.(4) above) ........
A246 4,490,228 M.3.d.
4. Loans to finance commercial real estate, construction, and land
//////////////////
development activities (NOT SECURED BY REAL ESTATE) included in
//////////////////
Schedule RC-C, part I, items 4 and 9, column A, page RC-6(2) ...........
2746 296,062 M.4.
5. Loans and leases held for sale (included in Schedule RC-C, part I,
above) 5369 1,355,986 M.5.
6. Adjustable rate closed-end loans secured by first liens on 1-4 family
////////////////// RCON Bil Mil Thou
residential properties (included in Schedule RC-C, part I, item
//////////////////
1.c.(2)(a), column B, page RC-6) .......................................
////////////////// 5370 1,818,959 M.6.
-------------------------------------------
</TABLE>
_____________
(1) Memorandum item 3 is not applicable to savings banks that must complete
supplemental Schedule RC-J.
(2) Exclude loans secured by real estate that are included in Schedule RC-C,
part I, item 1, column A.
17
<PAGE> 37
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-8
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-D--Trading Assets and Liabilities
Schedule RC-D is to be completed only by banks with $1 billion or more in total
assets or with $2 billion or more in par/notional amount of off-balance sheet
derivative contracts (as reported in Schedule RC-L, items 14.a through 14.e,
columns A through D).
<TABLE>
<CAPTION>
- ---------
C420 (-
----------------- --------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------ -------------------------
<S> <C> <C> <C>
//////// Bil Mil Thou
ASSETS
///////////////////////
1. U.S. Treasury securities in domestic offices
................................................ RCON 3531 82 1.
2. U.S. Government agency obligations in domestic offices (exclude
mortgage- ///////////////////////
backed securities)
..........................................................................
RCON 3532 0 2.
3. Securities issued by states and political subdivisions in the U.S. in
domestic offices ...... RCON 3533 0 3.
4. Mortgage-backed securities (MBS) in domestic offices:
///////////////////////
a. Pass-through securities issued or guaranteed by FNMA, FHLMC, or GNMA
..................... RCON 3534 0 4.a.
b. Other mortgage-backed securities issued or guaranteed by FNMA, FHLMC,
or GNMA ///////////////////////
(include CMOs, REMICs, and stripped
MBS).................................................. RCON 3535 0
4.b.
c. All other mortgage-backed
securities...................................................... RCON 3536
0 4.c.
5. Other debt securities in domestic offices
................................................... RCON 3537 0
5.
6. Certificates of deposit in domestic offices
................................................. RCON 3538 0 6.
7. Commercial paper in domestic offices
........................................................ RCON 3539
0 7.
8. Bankers acceptances in domestic offices
..................................................... RCON 3540 0
8.
9. Other trading assets in domestic offices
.................................................... RCON 3541 0
9.
10. Trading assets in foreign offices
........................................................... RCFN 3542
0 10.
11. Revaluation gains on interest rate, foreign exchange rate, and other
commodity and equity ///////////////////////
contracts:
///////////////////////
a. In domestic offices
...................................................................... RCON
3543 91,682 11.a.
b. In foreign offices
....................................................................... RCFN
3543 2,012 11.b.
12. Total trading assets (sum of items 1 through 11) (must equal Schedule RC,
item 5) ........... RCFD 3545 93,776 12.
---------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------
Dollar Amounts in Thousands
<S> <C> <C> <C>
LIABILITIES
- ---------------------------
///////// Bil Mil Thou
13. Liability for short positions
............................................................... RCFD 3546
0 13.
14. Revaluation losses on interest rate, foreign exchange rate, and other
commodity and equity ///////////////////////
contracts
................................................................................
... RCFD 3547 77,911 14.
15. Total trading liabilities (sum of items 13 and 14) (must equal Schedule RC,
item 15.b) ...... RCFD 3548 77,911 15.
---------------------------
</TABLE>
18
<PAGE> 38
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-9
City, State Zip: Springfield MA, 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-E--Deposit Liabilities
Part I. Deposits in Domestic Offices
<TABLE>
<CAPTION>
----------
Dollar Amounts in Thousands C425 (-
------------------------------------------------------ --------
Nontransaction
Transaction Accounts Accounts
----------------------------------------- --------------------
(Column A) (Column B) (Column C)
Total transaction Memo: Total Total
accounts (including demand deposits nontransaction
total demand (included in accounts
deposits) column A) (including MMDAs)
-------------------- -------------------- --------------------
- ---------------------------------------------------------- --------------------
- -------------------- --------------------
<S> <C> <C> <C> <C>
RCON Bil Mil Thou RCON Bil Mil Thou RCON Bil Mil Thou
Deposits of: //////////////////
////////////////// //////////////////
1. Individuals, partnerships, and corporations .......... 2201 8,327,509
2240 7,923,022 2346 20,348,243 1.
2. U.S. Government ...................................... 2202 14,334
2280 14,314 2520 5,568 2.
3. States and political subdivisions in the U.S. ........ 2203 403,756
2290 393,570 2530 729,379 3.
4. Commercial banks in the U.S. ......................... 2206 588,003
2310 588,003 2550 397 4.
5. Other depository institutions in the U.S. ............ 2207 185,300
2312 185,300 2349 2,284 5.
6. Banks in foreign countries ........................... 2213 12,574
2320 12,574 2236 0 6.
7. Foreign governments and official institutions //////////////////
////////////////// //////////////////
(including foreign central banks) .................... 2216 0
2300 0 2377 0 7.
8. Certified and official checks ........................ 2330 172,283
2330 172,283 ////////////////// 8.
9. Total (sum of items 1 through 8) (sum of //////////////////
////////////////// //////////////////
columns A and C must equal Schedule RC, //////////////////
////////////////// //////////////////
item 13.a) ........................................... 2215 9,703,759
2210 9,289,066 2385 21,085,871 9.
----------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------
Memoranda
Dollar Amounts
in Thousands
- --------------------------------------------------------------------------------
- ------------------- --------------------
<S> <C> <C>
RCON Bil Mil Thou
1. Selected components of total deposits (i.e., sum of item 9, columns A and
C): //////////////////
a. Total Individual Retirement Accounts (IRAs) and Keogh Plan accounts
........................ 6835 2,504,673 M.1.a.
b. Total brokered deposits
.................................................................... 2365
1,212,576 M.1.b.
c. Fully insured brokered deposits (included in Memorandum item 1.b
above): //////////////////
(1) Issued in denominations of less than $100,000
.......................................... 2343 2,164 M.1.c.(1)
(2) Issued either in denominations of $100,000 or in denominations greater
than //////////////////
$100,000 and participated out by the broker in shares of $100,000 or less
............. 2344 1,210,412 M.1.c.(2)
d. Maturity data for brokered deposits:
//////////////////
(1) Brokered deposits issued in denominations of less than $100,000 with a
remaining //////////////////
maturity of one year or less (included in Memorandum item 1.c.(1) above)
.............. A243 707 M.1.d.(1)
(2) Brokered deposits issued in denominations of $100,000 or more with a
remining //////////////////
maturity of one year or less (included in Memorandum item 1.b above)
................... A244 565,510 M.1.d.(2)
e. Preferred deposits (uninsured deposits of states and political
subdivisions in the U.S. //////////////////
reported in item 3 above which are secured or collateralized as required
under state law) .. 5590 323,638 M.1.e.
2. Components of total nontransaction accounts (sum of Memorandum items 2.a
through 2.d must //////////////////
equal item 9, column C above):
//////////////////
a. Savings deposits:
//////////////////
(1) Money market deposit accounts (MMDAs)
.................................................. 6810 10,163,621
M.2.a.(1)
(2) Other savings deposits (excludes MMDAs)
................................................ 0352 2,392,789 M.2.a.(2)
b. Total time deposits of less than $100,000
.................................................. 6648 6,310,045 M.2.b.
c. Total time deposits of $100,000 or more
.................................................... 2604 2,219,416
M.2.c.
3. All NOW accounts (included in column A above)
................................................. 2398 414,693 M.3.
4. Not applicable
----------------------
</TABLE>
19
<PAGE> 39
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-10
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-E--Continued
Part I. Continued
Memoranda (continued)
<TABLE>
<CAPTION>
-----------------
Dollar Amounts in Thousands RCON Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------ ------------------
<S> <C> <C>
5. Maturity and repricing data for time deposits of less than $100,000 (sum of
//////////////////
Memorandum items 5.a.(1) through 5.b.(3) must equal Memorandum item 2.b
above):(1) //////////////////
a. Fixed rate time deposits of less than $100,000 with a remaining
maturity of: //////////////////
(1) Three months or less
................................................................... A225
1,512,534 M.5.a.(1)
(2) Over three months through 12 months
.................................................... A226 2,890,076
M.5.a.(2)
(3) Over one year
..........................................................................
A227 1,849,309 M.5.a.(3)
b. Floating rate time deposits of less than $100,000 with a repricing
frequency of: //////////////////
(1) Quarterly or more frequently
........................................................... A228 58,126
M.5.b.(1)
(2) Annually or more frequently, but less frequently than quarterly
........................ A229 0 M.5.b.(2)
(3) Less frequently than annually
.......................................................... A230 0
M.5.b.(3)
c. Floating rate time deposits of less than $100,000 with a remaining
maturity of //////////////////
one year or less (included in Memorandum item 5.b.(1) through 5.b.(3)
above) ............... A231 39,996 M.5.c.
6. Maturity and repricing data for time deposits of $100,000 or more (i.e. time
certificates //////////////////
of deposit of $100,000 or more and open-account time deposits of $100,000
or more) //////////////////
(sum of memorandum items 6.a.(1) through 6.b.(4) must equal Memorandum
//////////////////
item 2.c above):(1)
//////////////////
a. Fixed rate time deposits of $100,000 or remaining maturity of:
//////////////////
(1) Three months or less
................................................................... A232
625,327 M.6.a.(1)
(2) Over three months through 12 months
.................................................... A233 731,348
M.6.a.(2)
(3) Over one year through five years
....................................................... A234 821,728
M.6.a.(3)
(4) Over five years
........................................................................ A235
8,344 M.6.a.(4)
b. Floating rate time deposits of $100,000 or more than a repricing
frequency of: //////////////////
(1) Quarterly or more frequently
........................................................... A236 2,653
M.6.b.(1)
(2) Annually or more frequently, but less frequently than quarterly
........................ A237 30,016 M.6.b.(2)
(3) Every five years or more frequently, but less frequently than annually
................. A238 0 M.6.b.(3)
(4) Less frequently than every five years
.................................................. A239 0
M.6.b.(4)
c. Floating rate time deposits of $100,000 or more with a remaining
maturity of //////////////////
one year or less (included in Memorandum items 6.b.(1) through 6.b.(4)
above) ............. A240 1,783 M.6.c.
----------------------
</TABLE>
_____________
(1) Memorandum items 5 and 6 are not applicable to savings banks that must
complete supplemental Schedule RC-J.
20
<PAGE> 40
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-11
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-E--Continued
Part II. Deposits in Foreign Offices (including Edge and
Agreement Subsidiaries and IBFs)
<TABLE>
<CAPTION>
-------------------
Dollar Amounts in Thousands RCFN Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------- ------------------
<S> <C> <C> <C>
Deposits of:
//////////////////
1. Individuals, partnerships, and corporations
................................................... 2621 1,933,242 1.
2. U.S. banks (including IBFs and foreign branches of U.S. banks)
................................ 2623 282,676 2.
3. Foreign banks (including U.S. branches and agencies of foreign banks,
including their IBFs) ... 2625 0 3.
4. Foreign governments and official institutions (including foreign central
banks) ............... 2650 0 4.
5. Certified and official checks
................................................................. 2330
0 5.
6. All other deposits
............................................................................
2668 5,671 6.
7. Total (sum of items 1 through 6) (must equal Schedule RC, item 13.b)
.......................... 2200 2,221,589 7.
----------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------
Memorandum Dollar
Amounts in Thousands RCFN Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------- ------------------
<S> <C> <C> <C>
1. Time deposits with a remaining maturity of one year or less
(included in Part II, item 7
above)............................................................ A245
2,220,930 M.1.
---------------------
</TABLE>
Schedule RC-F--Other Assets
<TABLE>
<CAPTION>
----------
C430 <-
-------------------- --------
Dollar Amounts in Thousands ////////// Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------ ----------------------------
<S> <C> <C> <C> <C>
1. Income earned, not collected on loans
........................................................ RCFD 2164
167,296 1.
2. Net deferred tax assets(1)
................................................................... RCFD 2148
0 2.
3. Interest-only strips receivable (not in the form of a security)(2) on:
....................... ///////////////////////
a. Mortgage Loans
............................................................................
RCFD A519 0 3.a.
b. Other Financial Assets
.................................................................... RCFD A520
0 3.b.
4. Other (itemize and describe amounts that exceed 25% of this item)
............................ RCFD 2168 2,337,015 4.
a. TEXT 3549 Purchased Foreclosure Receivables
RCFD 3549 764,918 /////////////////////// 4.a.
----------------------------------------------------------------
b. TEXT 3550
RCFD 3550 /////////////////////// 4.b.
----------------------------------------------------------------
c. TEXT 3551
RCFD 3551 /////////////////////// 4.c.
-----------------------------------------------------------------
---------------------------
5. Total (sum of items 1 through 4) (must equal Schedule RC, item 11)
........................... RCFD 2160 2,504,311 5.
---------------------------
</TABLE>
<TABLE>
<CAPTION>
Memorandum
- -----------------------------
Dollar Amounts in Thousands ///////// Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------ ----------------------------
<S> <C> <C> <C>
1. Deferred tax assets disallowed for regulatory capital purposes
............................... RCFD 5610 0 M.1.
---------------------------
</TABLE>
Schedule RC-G--Other Liabilities
<TABLE>
<CAPTION>
----------
C435 <-
-------------------- --------
Dollar Amounts in Thousands ///////////Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------ ----------------------------
<S> <C> <C>
1. a. Interest accrued and unpaid on deposits in domestic offices(3)
............................ RCON 3645 39,854 1.a.
b. Other expenses accrued and unpaid (includes accrued income taxes
payable) ................. RCFD 3646 444,109 1.b.
2. Net deferred tax liabilities(1)
.............................................................. RCFD 3049
459,679 2.
3. Minority interest in consolidated subsidiaries
............................................... RCFD 3000 0 3.
4. Other (itemize amounts that exceed 25% of this item)
......................................... RCFD 2938 318,198 4.
a. TEXT 3552 Payable -- Market Valuation of Hedge Derivatives RCFD
3552 98,863 /////////////////////// 4.a.
----------------------------------------------------------------
b. TEXT 3553 RCFD
3553 /////////////////////// 4.b.
----------- ----------------------------------------------------
c. TEXT 3554 RCFD
3554 /////////////////////// 4.c.
-----------------------------------------------------------------
---------------------------
5. Total (sum of items 1 through 4) (must equal Schedule RC, item 20)
........................... RCFD 2930 1,261,840 5.
---------------------------
</TABLE>
____________
(1) See discussion of deferred income taxes in Glossary entry on "income
taxes."
(2) Report interest-only strips receivable in the form of a security as
available-for-sale securities in Schedule RC, item 2.b, or as trading
assets in Schedule RC, item 5, as appropriate.
(3) For savings banks, include "dividends" accrued and unpaid on deposits.
21
<PAGE> 41
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-12
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-H--Selected Balance Sheet Items for Domestic Offices
<TABLE>
<CAPTION>
C440 <-
------------ --------
Domestic Offices
--------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------- --------------------
<S> <C> <C>
1. Customers' liability to this bank on acceptances outstanding
.................................. 2155 5,274 1.
2. Bank's liability on acceptances executed and outstanding
...................................... 2920 5,274 2.
3. Federal funds sold and securities purchased under agreements to resell
........................ 1350 294,589 3.
4. Federal funds purchased and securities sold under agreements to repurchase
.................... 2800 5,510,870 4.
5. Other borrowed money
..........................................................................
3190 1,064,343 5.
EITHER
//////////////////
6. Net due from own foreign offices, Edge and Agreement subsidiaries, and IBFs
................... 2163 N/A 6.
OR
//////////////////
7. Net due to own foreign offices, Edge and Agreement subsidiaries, and IBFs
..................... 2941 2,183,951 7.
8. Total assets (excludes net due from foreign offices, Edge and Agreement
subsidiaries, //////////////////
and IBFs)
................................................................................
..... 2192 46,622,157 8.
9. Total liabilities (excludes net due to foreign offices, Edge and Agreement
subsidiaries, and //////////////////
IBFs)
................................................................................
......... 3129 39,930,110 9.
----------------------
ITEMS 10-17 Include Held-to-Maturity and Available-for-Sale Securities in
Domestic Offices. ----------------------
RCON Bil Mil Thou
--------------------
10. U.S. Treasury securities
..................................................................... 1779
375,251 10.
11. U.S. Government agency obligations (exclude mortgage-backed
securities).......................
securities)
................................................................................
.. 1785 0 11.
12. Securities issued by states and political subdivisions in the U.S.
........................... 1786 154,472 12.
13. Mortgage-backed securities (MBS):
//////////////////
a. Pass-through securities:
//////////////////
(1) Issued or guaranteed by FNMA, FHLMC, or GNMA
.......................................... 1787 3,960,794 13.a.(1)
(2) Other pass-through securities
......................................................... 1869 35,001
13.a.(2)
b. Other mortgage-backed securities (include CMOs, REMICs, and stripped
MBS): //////////////////
(1) Issued or guaranteed by FNMA, FHLMC, or GNMA
.......................................... 1877 0 13.b.(1)
(2) All other mortgage-backed securities
.................................................. 2253 430
13.b.(2)
14. Other domestic debt securities
............................................................... 3159
578 14.
15. Foreign debt securities
...................................................................... 3160
20,572 15.
16. Equity securities:
//////////////////
a. Investments in mutual funds and other equity securities with readily
determinable //////////////////
fair values
...............................................................................
A513 59,654 16.a.
b. All other equity securities
............................................................... 3169
218,098 16.b.
17. Total held-to-maturity and available-for-sale securities (sum of items 10
through 16) ........ 3170 4,824,850 17.
----------------------
Memorandum (to be completed only by banks with IBFs and other "foreign"
offices)
----------------------
Dollar Amounts in Thousands RCON Bil Mil Thou
- --------------------------------------------------------------------------------
- --------------------- --------------------
EITHER
//////////////////
1. Net due from the IBF of the domestic offices of the reporting bank
............................ 3051 0 M.1.
OR
//////////////////
2. Net due to the IBF of the domestic offices of the reporting bank
.............................. 3059 N/A M.2.
----------------------
</TABLE>
22
<PAGE> 42
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-13
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-I--Selected Assets and Liabilities of IBFs
To be completed only by banks with IBFs and other "foreign" offices.
<TABLE>
<CAPTION>
----------
C445 <-
------------ --------
Dollar Amounts in Thousands RCFN Bil Mil Thou
- --------------------------------------------------------------------------------
- --------------------- --------------------
<S> <C> <C>
1. Total IBF assets of the consolidated bank (component of Schedule RC,
item 12) .................. 2133 0 1.
2. Total IBF loans and lease financing receivables (component of Schedule
RC-C, part I, item 12, //////////////////
column A)
................................................................................
...... 2076 0 2.
3. IBF commercial and industrial loans (component of Schedule RC-C, part
I, item 4, //////////////////
column A)
................................................................................
...... 2077 0 3.
4. Total IBF liabilities (component of Schedule RC, item 21)
...................................... 2898 0 4.
5. IBF deposit liabilities due to banks, including other IBFs (component
of Schedule RC-E, //////////////////
part II, items 2 and 3)
........................................................................ 2379
0 5.
6. Other IBF deposit liabilities (component of Schedule RC-E, part II,
items 1, 4, 5, and 6) ...... 2381 0 6.
</TABLE>
Schedule RC-K--Quarterly Averages (1)
__________
<TABLE>
<CAPTION>
----------
C455 <-
----------------- --------
Dollar Amounts in Thousands ///////// Bil Mil Thou
- --------------------------------------------------------------------------------
- --------------- -------------------------
<S> <C> <C> <C>
ASSETS
///////////////////////
1. Interest-bearing balances due from depository institutions
............................... RCFD 3381 17,448 1.
2. U.S. Treasury securities and U.S. Government agency obligations(2)
....................... RCFD 3382 4,634,832 2.
3. Securities issued by states and political subdivisions in the U.S.(2)
.................... RCFD 3383 157,216 3.
4. a. Other debt securities(2)
.............................................................. RCFD 3647
89,778 4.a.
b. Equity securities(3) (includes investments in mutual funds and Federal
Reserve stock) . RCFD 3648 269,680 4.b.
5. Federal funds sold and securities purchased under agreements to resell
................... RCFD 3365 139,917 5.
6. Loans:
///////////////////////
a. Loans in domestic offices:
///////////////////////
(1) Total loans
....................................................................... RCON
3360 30,372,236 6.a.(1)
(2) Loans secured by real estate
...................................................... RCON 3385 13,150,160
6.a.(2)
(3) Loans to finance agricultural production and other loans to farmers
............... RCON 3386 4,125 6.a.(3)
(4) Commercial and industrial loans
................................................... RCON 3387 12,501,912
6.a.(4)
(5) Loans to individuals for household, family, and other personal
expenditures ....... RCON 3388 2,068,618 6.a.(5)
b. Total loans in foreign offices, Edge and Agreement subsidiaries, and
IBFs ............. RCFD 3360 93,587 6.b.
7. Trading assets
...........................................................................
RCFD 3401 90,881 7.
8. Lease financing receivables (net of unearned income)
..................................... RCFD 3484 2,563,612 8.
9. Total assets(4)
..........................................................................
RCFD 3368 45,942,216 9.
LIABILITIES
///////////////////////
10. Interest-bearing transaction accounts in domestic offices (NOW accounts,
ATS accounts, ///////////////////////
and telephone and preauthorized transfer accounts) (exclude demand
deposits) ............. RCON 3485 572,015 10.
11. Nontransaction accounts in domestic offices:
///////////////////////
a. Money market deposit accounts (MMDAs)
................................................. RCON 3486 9,973,512
11.a.
b. Other savings deposits
................................................................ RCON 3487
2,380,156 11.b.
c. Time deposit of $100,000 or more
...................................................... RCON A514 2,333,867
11.c.
d. Time deposits of less than
$100,000.................................................... RCON A529
6,544,111 11.d.
12. Interest-bearing deposits in foreign offices, Edge and Agreement
subsidiaries, and IBFs .. RCFN 3404 2,128,882 12.
13. Federal funds purchased and securities sold under agreements to repurchase
............... RCFD 3353 4,956,376 13.
14. Other borrowed money (includes mortgage indebtedness and obligations under
capitalized ///////////////////////
leases)
................................................................................
.. RCFD 3355 919,643 14.
---------------------------
</TABLE>
_____________
(1) For all items, banks have the option of reporting either (1) an average of
daily figures for the quarter, or (2) an average of weekly figures (i.e.,
the Wednesday of each week of the quarter).
(2) Quarterly averages for all debt securities should be based on amortized
cost.
(3) Quarterly averages for all equity securities should be based on historical
cost.
(4) The quarterly average for total assets should reflect all debt securities
(not held for trading) at amortized cost, equity securities with readily
determinable fair values at the lower of cost or fair value, and equity
securities without readily determinable fair values at historical cost.
23
<PAGE> 43
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-14
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-L--Off-Balance Sheet Items
Please read carefully the instructions for the preparation of Schedule RC-L.
Some of the amounts reported in Schedule RC-L are regarded as volume indicators
and not necessarily as measures of risk.
<TABLE>
<CAPTION>
----------
C460 <-
------------ --------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- -------------------- --------------------
<S> <C> <C> <C>
RCFD Bil Mil Thou
1. Unused commitments:
//////////////////
a. Revolving, open-end lines secured by 1-4 family residential properties,
e.g., home //////////////////
equity lines
...............................................................................
3814 2,120,991 1.a.
b. Credit card lines
..........................................................................
3815 39,190 1.b.
c. Commercial real estate, construction, and land development:
//////////////////
(1) Commitments to fund loans secured by real estate
....................................... 3816 456,954 1.c.(1)
(2) Commitments to fund loans not secured by real estate
................................... 6550 562,044 1.c.(2)
d. Securities underwriting
.................................................................... 3817
0 1.d.
e. Other unused commitments
................................................................... 3818
21,889,418 1.e.
2. Financial standby letters of credit and foreign office guarantees
............................. 3819 2,339,536 2.
a. Amount of financial standby letters of credit conveyed to others ....
RCFD 3820 84,599 ////////////////// 2.a.
3. Performance standby letters of credit and foreign office guarantees
........................... 3821 166,920 3.
a. Amount of performance standby letters of credit conveyed to others ..
RCFD 3822 5,267 ////////////////// 3.a.
4. Commercial and similar letters of credit
...................................................... 3411 131,496 4.
5. Participations in acceptances (as described in the instructions)
conveyed to others by //////////////////
the reporting bank
............................................................................
3428 145 5.
6. Participations in acceptances (as described in the instructions)
acquired by the reporting //////////////////
(nonaccepting) bank
...........................................................................
3429 20,053 6.
7. Securities borrowed
...........................................................................
3432 0 7.
8. Securities lent (including customers' securities lent where the
customer is indemnified //////////////////
against loss by the reporting bank)
........................................................... 3433 1,862,344
8.
9. Financial assets transferred with recourse that have been treated as
sold for //////////////////
Call Report purposes:
//////////////////
a. First lien 1-to-4 family residential mortgage loans:
//////////////////
(1) Outstanding principal balance of mortgages transferred as of the
report date ........... A521 578,869 9.a.(1)
(2) Amount of recourse exposure on these mortgages as of the report date
................... A522 578,869 9.a.(2)
b. Other financial assets (excluding small business obligations reported
in item 9.c): //////////////////
(1) Outstanding principal balance of assets transferred as of the report
date .............. A523 0 9.b.(1)
(2) Amount of recourse exposure on these assets as of the report date
.....,,,.............. A524 0 9.b.(2)
c. Small business obligations transferred with recourse under Section 208
of the //////////////////
Riegle Community Development and Regulatory Improvement Act of 1994:
//////////////////
(1) Outstanding principal balance of small business obligations
transferred //////////////////
as of the report date
.................................................................. A249
0 9.c.(1)
(2) Amount of retained recourse on these obligations of the report date
.................... A250 0 9.c.(2)
10. Notional amount of credit derivatives:
//////////////////
a. Credit derivatives on which the reporting bank is the guarantor
............................ A534 0 10.a.
b. Credit derivatives on which the reporting bank is the beneficiary
.......................... A535 0 10.b.
11. Spot foreign exchange contracts
............................................................... 8765
1,774,864 11.
12. All other off-balance sheet liabilities (exclude off-balance sheet
derivatives) (itemize and //////////////////
describe each component of this item over 25% of Schedule RC, item 28,
"Total equity capital") 3430 0 12.
a. TEXT 3555 ...................................................... RCFD
3555 ////////////////// 12.a.
b. TEXT 3556 ...................................................... RCFD
3556 ////////////////// 12.b.
c. TEXT 3557 ...................................................... RCFD
3557 ////////////////// 12.c.
d. TEXT 3558 ...................................................... RCFD
3558 ////////////////// 12.d.
</TABLE>
24
<PAGE> 44
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0595 FFIEC 031
Address: One Monarch Place
Page RC-15
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-L--Continued
<TABLE>
<CAPTION>
-------------------
Dollar Amounts in Thousands RCFD Bil Mil Thou
- --------------------------------------------------------------------------------
- ---------------- -------------------
<S> <C> <C> <C>
13. All other off-balance sheet assets (exclude off-balance sheet derivatives)
(itemize and //////////////////
describe each component of this item over 25% of Schedule RC, item 28,
"Total equity capital") 5591 0 13.
//////////////////
a. TEXT 5592 .......................................................
RCFD 5592 ////////////////// 13.a.
b. TEXT 5593 .......................................................
RCFD 5593 ////////////////// 13.b.
c. TEXT 5594 .......................................................
RCFD 5594 ////////////////// 13.c.
d. TEXT 5595 .......................................................
RCFD 5595 ////////////////// 13.d.
</TABLE>
<TABLE>
<CAPTION>
-------------
C461 <-
---------------------------------------------------------------------------
- ------------
(Column A) (Column B) (Column C) (Column D)
Dollar Amounts in Thousands Interest Rate Foreign Exchange
Equity Derivative Commodity And
- ---------------------------------- Contracts Contracts
Contracts Other Contracts
Off-balance Sheet Derivatives
- --------------------------------------------------------------------------------
- -------
Position Indicators Tril Bil Mil Thou Tril Bil Mil Thou Tril
Bil Mil Thou Tril Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------------------------------
<S> <C> <C> <C> <C> <C>
14. Gross amounts (e.g., //////////////////// //////////////////
////////////////// ///////////////////
notional amounts) (for each //////////////////// //////////////////
////////////////// ///////////////////
column, sum of items 14.a //////////////////// //////////////////
////////////////// ///////////////////
through 14.e must equal //////////////////// //////////////////
////////////////// ///////////////////
sum of items 15, 16.a, //////////////////// //////////////////
////////////////// ///////////////////
and 16.b): //////////////////// //////////////////
////////////////// ///////////////////
a. Futures contracts.......... 0 0
0 48,835 14.a
RCFD 8693 RCFD 8694 RCFD 8695 RCFD
8696
b. Foward contracts........... 2,410,500 2,006,310
0 154,640 14.b
RCFD 8697 RCFD 8698 RCFD 8699 RCFD
8700
c. Exchange-traded option //////////////////// //////////////////
////////////////// ///////////////////
contracts: //////////////////// //////////////////
////////////////// ///////////////////
(1) Written options........ 0 13,706
0 0 14.c.(1)
RCFD 8701 RCFD 8702 RCFD 8703 RCFD
8704
(2) Purchased options...... 1,234,000 13,706
0 0 14.c.(2)
RCFD 8705 RCFD 8706 RCFD 8707 RCFD
8708
d. Over-the-counter option //////////////////// //////////////////
////////////////// ///////////////////
contracts: //////////////////// //////////////////
////////////////// ///////////////////
(1) Written options........ 5,433,087 0
0 0 14.d.(1)
RCFD 8709 RCFD 8710 RCFD 8711 RCFD
8712
(2) Purchased options...... 26,684,679 0
0 0 14.d.(2)
RCFD 8713 RCFD 8714 RCFD 8715 RCFD
8716
e. Swaps...................... 22,159,333 0
0 0 14.e.
RCFD 3450 RCFD 3826 RCFD 8719 RCFD
8720
15. Total gross notional amount //////////////////// //////////////////
////////////////// ///////////////////
of derivatives contracts //////////////////// //////////////////
////////////////// ///////////////////
held for trading.............. 5,395,980 2,033,722
0 0 15.
RCFD A126 RCFD A127 RCFD 8723 RCFD
8724
16. Total gross notional amount //////////////////// //////////////////
////////////////// ///////////////////
of derivative contracts //////////////////// //////////////////
////////////////// ///////////////////
held for purposes other //////////////////// //////////////////
////////////////// ///////////////////
than trading: //////////////////// //////////////////
////////////////// ///////////////////
a. Contracts marked //////////////////// //////////////////
////////////////// ///////////////////
to market ................. 3,095,500 0
0 48,835 16.a.
RCFD 8725 RCFD 8726 RCFD 8727 RCFD
8728
b. Contracts not marked //////////////////// //////////////////
////////////////// ///////////////////
to market ................. 49,431,119 0
0 154,640 16.b.
RCFD 8729 RCFD 8730 RCFD 8731 RCFD
8732
---------------------------------------------------------------------------
- -------------
</TABLE>
25
<PAGE> 45
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-16
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-L--Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
---------------------------------------------------------------------------
- -------------
(Column A) (Column B) (Column C) (Column D)
Interest Rate Foreign Exchange Equity Derivative Commodity
and
Contracts Contracts Contracts Other
Contracts
Off-balance Sheet Derivatives
Position Indicators
- --------------------------------------------------------------------------------
- ------------------------------------------
<S> <C> <C> <C> <C>
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil
Thou
17. Gross fair values of ////////////////// //////////////////
////////////////// //////////////////
derivative contracts: ////////////////// //////////////////
////////////////// //////////////////
a. Contracts held for ////////////////// //////////////////
////////////////// //////////////////
trading: ////////////////// //////////////////
////////////////// //////////////////
(1) Gross positive ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8733 35,179 8734 58,515 8735
0 8736 0 17.a.(1)
(2) Gross negative ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8737 27,884 8738 50,027 8739
0 8740 0 17.a.(2)
b. Contracts held for ////////////////// //////////////////
////////////////// //////////////////
purposes other than ////////////////// //////////////////
////////////////// //////////////////
trading that are marked ////////////////// //////////////////
////////////////// //////////////////
to market: ////////////////// //////////////////
////////////////// //////////////////
(1) Gross positive ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8741 1,270 8742 0 8743
0 8744 800 17.b.(1)
(2) Gross negative ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8745 770 8746 0 8747
0 8748 0 17.b.(2)
c. Contracts held for ////////////////// //////////////////
////////////////// //////////////////
purposes other than ////////////////// //////////////////
////////////////// //////////////////
trading that are not ////////////////// //////////////////
////////////////// //////////////////
marked to market: ////////////////// //////////////////
////////////////// //////////////////
(1) Gross positive ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8749 90,496 8750 0 8751
0 8752 417 17.c.(1)
(2) Gross negative ////////////////// //////////////////
////////////////// //////////////////
fair value............. 8753 232,577 8754 0 8755
0 8756 0 17.c.(2)
---------------------------------------------------------------------------
- ---------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------
Memoranda
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- -------------------- --------------------
<S> <C>
RCFD Bil Mil Thou
1-2. Not applicable
//////////////////
3. Unused commitments with an original maturity exceeding one year that
are reported in //////////////////
Schedule RC-L, items 1.a through 1.e, above (report only the unused
portions of commitments //////////////////
that are fee paid or otherwise legally binding)
............................................... 3833 19,008,771 M.3.
a. Participations in commitments with an original maturity
//////////////////
exceeding one year conveyed to others ........................... RCFD
3834 1,887,977 ////////////////// M.3.a.
4. To be completed only by banks with $1 billion or more in total assets:
//////////////////
Standby letters of credit and foreign office guarantees (both financial
and performance) issued //////////////////
to non-U.S. addressees (domicile) included in Schedule RC-L, items 2 and
3, above ............. 3377 382,371 M.4.
5. Installment loans to individuals for household, family, and other
personal expenditures that //////////////////
have been securitized and sold without recourse (with servicing retained),
//////////////////
amounts outstanding by type of loan:
//////////////////
a. Loans to purchase private passenger automobiles (TO BE COMPLETED FOR
THE SEPTEMBER //////////////////
REPORT
ONLY)...........................................................................
..... 2741 N/A M.5.a.
b. Credit cards and related plans (TO BE COMPLETED
QUARTERLY).................................. 2742 0 M.5.b.
c. All other consumer installment credit (including mobile home loans)
(TO BE COMPLETED //////////////////
FOR THE SEPTEMBER REPORT
ONLY).............................................................. 2743
N/A M.5.c.
----------------------
</TABLE>
26
<PAGE> 46
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-17
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-M--Memoranda
<TABLE>
<CAPTION>
----------
C465 (-
----------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- --------------------- ----------------------------
<S> <C> <C>
RCFD Bil Mil Thou
1. Extensions of credit by the reporting bank to its executive officers,
directors, principal //////////////////
shareholders, and their related interests as of the report date:
//////////////////
a. Aggregate amount of all extensions of credit to all executive officers,
directors, principal //////////////////
shareholders, and their related interests
.................................................... 6164 565,035 1.a.
b. Number of executive officers, directors, and principal shareholders to
whom the amount of all //////////////////
extensions of credit by the reporting bank (including extensions of credit
to //////////////////
related interests) equals or exceeds the lesser of $500,000 or 5 percent
Number //////////////////
of total capital as defined for this purpose in agency regulations.
RCFD 6165 23 ////////////////// 1.b.
2. Federal funds sold and securities purchased under agreements to resell with
U.S. branches //////////////////
and agencies of FOREIGN BANKS(1) (included in Schedule RC, item
3)............................... 3405 0 2.
3. Not applicable.
//////////////////
4. Outstanding principal balance of 1-4 family residential mortgage loans
serviced for others //////////////////
(include both retained servicing and purchased servicing):
//////////////////
a. Mortgages serviced under a GNMA contract
..................................................... 5500 25,741,330 4.a.
b. Mortgages serviced under a FHLMC contract:
//////////////////
(1) Serviced with recourse to servicer
....................................................... 5501 50,919
4.b.(1)
(2) Serviced without recourse to servicer
.................................................... 5502 34,894,730
4.b.(2)
c. Mortgages serviced under a FNMA contract:
//////////////////
(1) Serviced under a regular option contract
................................................. 5503 244,922 4.c.(1)
(2) Serviced under a special option contract
................................................. 5504 41,105,444 4.c.(2)
d. Mortgages serviced under other servicing contracts
........................................... 5505 10,869,138 4.d.
5. To be completed only by banks with $1 billion or more in total assets:
//////////////////
Customers' liability to this bank on acceptances outstanding (sum of items
5.a and 5.b must //////////////////
equal Schedule RC, item 9):
//////////////////
a. U.S. addressees (domicile)
................................................................... 2103
5,081 5.a.
b. Non-U.S. addressees (domicile)
............................................................... 2104
193 5.b.
6. Intangible assets:
//////////////////
a. Mortgage servicing rights
.................................................................... 3164
1,869,691 6.a.
b. Other identifiable intangible assets:
//////////////////
(1) Purchased credit card relationships
...................................................... 5506 0
6.b.(1)
(2) All other identifiable intangible assets
................................................. 5507 95,757 6.b.(2)
c. Goodwill
................................................................................
..... 3163 686,511 6.c.
d. Total (sum of items 6.a through 6.c) (must equal Schedule RC, item 10)
....................... 2143 2,651,959 6.d.
e. Amount of intangible assts (included in item 6.b.(2) above) that have
been //////////////////
grandfathered or are otherwise qualifying for regulatory capital
purposes..................... 6442 0 6.e.
7. Mandatory convertible debt, net of common or perpetual preferred stock
dedicated to redeem //////////////////
the debt
................................................................................
........ 3295 75,000 7.
----------------------
</TABLE>
_____________
(1) Do not report federal funds sold and securities purchased under agreements
to resell with other commercial banks in the U.S. in this item.
27
<PAGE> 47
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-18
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-M--Continued
<TABLE>
<CAPTION>
----------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------ ----------------------------
<S> <C> <C> <C>
RCFD Bil Mil Thou
8. a. Other real estate owned:
///////////////////////
(1) Direct and indirect investments in real estate ventures
........................ 5372 0 8.a.(1)
///////////////////////
(2) All other real estate owned:
RCON
(a) Construction and land development in domestic offices
...................... 5508 170 8.a.(2)(a)
(b) Farmland in domestic offices
............................................... 5509 0
8.a.(2)(b)
(c) 1-4 family residential properties in domestic offices
...................... 5510 13,227 8.a.(2)(c)
(d) Multifamily (5 or more) residential properties in domestic offices
......... 5511 264 8.a.(2)(d)
(e) Nonfarm nonresidential properties in domestic offices
...................... 5512 7,768 8.a.(2)(e)
RCFN
(f) In foreign offices
......................................................... 5513
0 8.a.(2)(f)
RCFD
(3) Total (sum of items 8.a.(1) and 8.a.(2)) (must equal Schedule RC, item
7) ...... 2150 21,429 8.a.(3)
b. Investments in unconsolidated subsidiaries and associated companies:
///////////////////////
RCFD
(1) Direct and indirect investments in real estate ventures
........................ 5374 0 8.b.(1)
(2) All other investments in unconsolidated subsidiaries and associated
companies .. 5375 0 8.b.(2)
(3) Total (sum of items 8.b.(1) and 8.b.(2)) (must equal Schedule RC, item
8) ...... 2130 0 8.b.(3)
9. Noncumulative perpetual preferred stock and related surplus included in
Schedule RC, ///////////////////////
item 23, "Perpetual preferred stock and related surplus"
.............................. 3778 125,000 9.
10. Mutual fund and annuity sales in domestic offices during the quarter
(include ///////////////////////
proprietary, private label, and third party products):
///////////////////////
RCON
a. Money market funds
................................................................. 6441
364,727 10.a.
b. Equity securities funds
............................................................ 8427
137,578 10.b.
c. Debt securities funds
.............................................................. 8428
5,497 10.c.
d. Other mutual funds
................................................................. 8429
0 10.d.
e. Annuities
..........................................................................
8430 134,695 10.e.
f. Sales of proprietary mutual funds and annuities (included in items 10.a
through ///////////////////////
10.e above)
........................................................................ 8784
469,321 10.f.
///////////////////////
11. Net unamortized realized deferred gains (losses) on off-balance sheet
derivative RCFD
contracts included in assets and liabilities reported in Schedule RC
.................. A525 10,595 11.
12. Amount of assets netted against nondeposit liabilities and deposits in
foreign offices ///////////////////////
(other than insured branches in Puerto Rico and U.S. territories and
possessions) on ///////////////////////
the balance sheet (Schedule RC) in accordance with generally accepted
accounting ///////////////////////
principles(1)
......................................................................... A526
0 12.
---------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
- -------------------------------------------------
--------------------------
Memorandum
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ----------------- ----------------------------
<S> <C> <C> <C>
RCFD Bil Mil Thou
1. Reciprocal holdings of banking organizations' capital instruments
//////////////////
(To be completed for the December report only)
.............................................. 3836 N/A M.1.
-------------------
- --------------------------------------------------------------------------------
- -------------------------------------------------
</TABLE>
_________________
(1) Exclude netted on-balance sheet amounts associated with off-balance sheet
derivative contracts, deferred tax assets netted against deferred tax
liabilities, and assets netted in accounting for pensions.
28
<PAGE> 48
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-19
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-N--Past Due and Nonaccrual Loans, Leases,
and Other Assets
<TABLE>
<CAPTION>
The FFIEC regards the information reported in
all of Memorandum item 1, in items 1 through 10,
column A, and in Memorandum items 2 through 4,
- ----------
column A, as confidential.
C470 (-
------------------------------------------------------------------
Dollar Amounts in Thousands
------------------------------------------------------------------
(Column A) (Column B) (Column C)
Past due Past due 90 Nonaccrual
30 through 89 days or more
days and still and still
accruing accruing
- --------------------------------------------------------------------------------
- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C>
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou
1. Loans secured by real estate: ////////////////////
////////////////// //////////////////
a. To U.S. addressees (domicile) ................ 1245
1246 51,189 1247 235,148 1.a.
b. To non-U.S. addressees (domicile) ............ 1248
1249 0 1250 2 1.b.
2. Loans to depository institutions and ////////////////////
////////////////// //////////////////
acceptances of other banks: ////////////////////
////////////////// //////////////////
a. To U.S. banks and other U.S. depository ////////////////////
////////////////// //////////////////
institutions ................................. 5377 5378
0 5379 0 2.a.
b. To foreign banks ............................. 5380
5381 0 5382 0 2.b.
3. Loans to finance agricultural production and ////////////////////
////////////////// //////////////////
other loans to farmers .......................... 1594
1597 0 1583 487 3.
4. Commercial and industrial loans: ////////////////////
////////////////// //////////////////
a. To U.S. addressees (domicile) ................ 1251
1252 4,809 1253 80,747 4.a.
b. To non-U.S. addressees (domicile) ............ 1254
1255 0 1256 0 4.b.
5. Loans to individuals for household, family, and ////////////////////
////////////////// //////////////////
other personal expenditures: ////////////////////
////////////////// /////////////////
a. Credit cards and related plans ............... 5383
5384 1,917 5385 0 5.a.
b. Other (includes single payment, installment, ////////////////////
////////////////// //////////////////
and all student loans) ....................... 5386 5387
21,586 5388 7,167 5.b.
6. Loans to foreign governments and official ////////////////////
////////////////// //////////////////
institutions .................................... 5389
5390 0 5391 0 6.
7. All other loans ................................. 5459
5460 12,235 5461 2,448 7.
8. Lease financing receivables: ////////////////////
////////////////// //////////////////
a. Of U.S. addressees (domicile) ................ 1257
1258 149 1259 3,892 8.a.
b. Of non-U.S. addressees (domicile) ............ 1271
1272 0 1791 0 8.b.
9. Debt securities and other assets (exclude other ////////////////////
////////////////// //////////////////
real estate owned and other repossessed assets) . 3505
3506 0 3507 0 9.
------------------------------------------------------------------
</TABLE>
================================================================================
Amounts reported in items 1 through 8 above include guaranteed and unguaranteed
portions of past due and nonaccrual loans and leases. Report in item 10 below
certain guaranteed loans and leases that have already been included in the
amounts reported in items 1 through 8.
<TABLE>
<CAPTION>
10. Loans and leases reported in items 1
- ---------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou
through 8 above which are wholly or partially ///////////////////
////////////////// //////////////////
guaranteed by the U.S. Government ............... 5612
5613 19,524 5614 10,131 10.
a. Guaranteed portion of loans and leases ///////////////////
////////////////// //////////////////
included in item 10 above .................... 5615 5616
19,115 5617 8,048 10.a.
-----------------------------------------------------------------
</TABLE>
29
<PAGE> 49
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-20
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-------
Schedule RC-N--Continued
<TABLE>
<CAPTION>
----------
C473 <-
--------------------------------------------------------------
Dollar Amounts in Thousands
--------------------------------------------------------------
(Column A) (Column B) (Column C)
Past due Past due 90 Nonaccrual
30 through 89 days or more
days and still and still
Memoranda accruing
accruing
------------------- -------------------- -------------------
RCFD Bil Mil Thou RCFD Bil Mil Thou RCFD Bil Mil Thou
- ----------------------------------------------------- ------------------
- ------------------ ------------------
<S> <C> <C> <C>
1. Restructured loans and leases included in //////////////////
////////////////// //////////////////
Schedule RC-N, items 1 through 8, above //////////////////
////////////////// //////////////////
(and not reported in Schedule RC-C, part I, //////////////////
////////////////// //////////////////
Memorandum item 2)............................... 1658 0
1659 0 1661 0 M.1.
2. Loans to finance commercial real estate, //////////////////
////////////////// //////////////////
construction, and land development activities //////////////////
////////////////// //////////////////
(not secured by real estate) included in //////////////////
////////////////// //////////////////
Schedule RC-N, items 4 and 7, above ............. 6558 0
6559 336 6560 1,377 M.2.
------------------ ------------------ ------------------
3. Loans secured by real estate in domestic offices RCON Bil Mil Thou
RCON Bil Mil Thou RCON Bil Mil Thou
------------------ ------------------ ------------------
(included in Schedule RC-N, item 1, above): //////////////////
////////////////// //////////////////
a. Construction and land development ............ 2759 0
2769 224 3492 22,856 M.3.a.
b. Secured by farmland .......................... 3493 0
3494 0 3495 144 M.3.b.
c. Secured by 1-4 family residential properties: //////////////////
////////////////// //////////////////
(1) Revolving, open-end loans secured by //////////////////
////////////////// //////////////////
1-4 family residential properties and //////////////////
////////////////// //////////////////
extended under lines of credit ........... 5398 133 5399
4,628 5400 9,247 M.3.c.(1)
(2) All other loans secured by 1-4 family //////////////////
////////////////// //////////////////
residential properties ................... 5401 12,297 5402
40,232 5403 102,965 M.3.c.(2)
d. Secured by multifamily (5 or more) //////////////////
////////////////// //////////////////
residential properties ....................... 3499 163 3500
0 3501 10,621 M.3.d.
e. Secured by nonfarm nonresidential properties . 3502 3,027
3503 6,105 3504 89,315 M.3.e.
-------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------
(Column A) (Column B)
Past due 30 Past due 90
through 89 days days or more
-------------------- --------------------
RCFD Bil Mil Thou RCFD Bil Mil Thou
-------------------- --------------------
<S> <C> <C>
4. Interest rate, foreign exchange rate, and other //////////////////
//////////////////
commodity and equity contracts: //////////////////
//////////////////
a. Book value of amounts carried as assets ...... 3522 0
3528 0 M.4.a.
b. Replacement cost of contracts with a //////////////////
//////////////////
positive replacement cost .................... 3529 0 3530
0 M.4.b.
-------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
Person to whom questions about the Reports of Condition and Income should
be directed: C477 <-
Pamela S. Flynn, Vice President (401) 278-5194
- ------------------------------------ --------------------------------------
Name and Title (TEXT 8901) Area code/phone number/extension
(TEXT 8902)
30
<PAGE> 50
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-21
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-O--Other Data for Deposit Insurance and FICO Assessments
__________
<TABLE>
<CAPTION>
----------
C475 (-
---------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------- --------------------
<S> <C> <C>
RCON Bil Mil Thou
1. Unposted debits (see instructions):
//////////////////
a. Actual amount of all unposted debits
...................................................... 0030 0
1.a.
OR
//////////////////
b. Separate amount of unposted debits:
//////////////////
(1) Actual amount of unposted debits to demand deposits
................................... 0031 N/A 1.b.(1)
(2) Actual amount of unposted debits to time and savings deposits(1)
...................... 0032 N/A 1.b.(2)
2. Unposted credits (see instructions):
//////////////////
a. Actual amount of all unposted credits
..................................................... 3510 0
2.a.
OR
//////////////////
b. Separate amount of unposted credits:
//////////////////
(1) Actual amount of unposted credits to demand deposits
.................................. 3512 N/A 2.b.(1)
(2) Actual amount of unposted credits to time and savings deposits(1)
..................... 3514 N/A 2.b.(2)
3. Uninvested trust funds (cash) held in bank's own trust department (not
included in total //////////////////
deposits in domestic offices)
................................................................ 3520
117,335 3.
4. Deposits of consolidated subsidiaries in domestic offices and in
insured branches in //////////////////
Puerto Rico and U.S. territories and possessions (not included in total
deposits): //////////////////
a. Demand deposits of consolidated subsidiaries
.............................................. 2211 369,799 4.a.
b. Time and savings deposits(1) of consolidated subsidiaries
................................. 2351 31,251 4.b.
c. Interest accrued and unpaid on deposits of consolidated subsidiaries
...................... 5514 0 4.c.
5. Deposits in insured branches in Puerto Rico and U.S. territories and
possessions: //////////////////
a. Demand deposits in insured branches (included in Schedule RC-E, Part
II) .................. 2229 0 5.a.
b. Time and savings deposits(1) in insured branches (included in Schedule
RC-E, Part II) ..... 2383 0 5.b.
c. Interest accrued and unpaid on deposits in insured branches
//////////////////
(included in Schedule RC-G, item 1.b)
..................................................... 5515 0
5.c.
6. Reserve balances actually passed through to the Federal Reserve by the
reporting bank on //////////////////
behalf of its respondent depository institutions that are also reflected
as deposit liabilities //////////////////
of the reporting bank:
//////////////////
a. Amount reflected in demand deposits (included in Schedule RC-E, Part I,
//////////////////
item 4 or 5, column
B)..................................................................... 2314
0 6.a.
b. Amount reflected in time and savings deposits(1) (included in Schedule
RC-E, Part I, //////////////////
item 4 or 5, column A or C, but not Column
B).............................................. 2315 0 6.b.
7. Unamortized premiums and discounts on time and savings deposits:(1),(2)
//////////////////
a. Unamortized premiums
...................................................................... 5516
675 7.a.
b. Unamortized discounts
..................................................................... 5517
0 7.b.
8. To be completed by banks with "Oakar deposits."
//////////////////
a. Deposits purchased or acquired from other FDIC-insured institutions
during the quarter //////////////////
(exclude deposits purchased or acquired from foreign offices other than
insured branches //////////////////
in Puerto Rico and U.S. territories and possessions):
//////////////////
(1) Total deposits purchased or acquired from other FDIC-insured
institutions during //////////////////
the quarter
..........................................................................
A531 0 8.a.(1)
(2) Amount of purchased or acquired deposits reported in item 8.a.(1)
above attributable //////////////////
to a secondary fund (i.e., BIF members report deposits attributable to
SAIF; SAIF //////////////////
members report deposits attributable to BIF)
......................................... A532 0 8.a.(2)
b. Total deposits sold or transferred to other FIDC-insured institutions
during the quarter //////////////////
(exclude sales or transfers by the reporting bank of deposits in foreign
offices other //////////////////
than insured branches in Puerto Rico and U.S. territories and possessions)
............... A533 0 8.b.
- --------------------------------------------------------------------------------
- -----------------------------------------------
</TABLE>
______________
(1) For FDIC insurance and FICO assessment purposes, "time and savings
deposits" consists of nontransaction accounts and all transaction accounts
other than demand deposits.
(2) Exclude core deposit intangibles.
31
<PAGE> 51
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-22
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-O--Continued
<TABLE>
<CAPTION>
----------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------ --------------------
<S> <C>
RCON Bil Mil Thou
9. Deposits in lifeline
accounts.................................................................
5596////////////// 9.
10. Benefit-responseive "Depository Institution Investment Contracts" (included
in total //////////////////
deposits in domestic
offices)................................................................. 8432
0 10.
11. Adjustments to demand deposits in domestic offices and in insured branches
in Puerto Rico //////////////////
and U.S. territories and possessions reported in Schedule RC-E for certain
reciprocal //////////////////
demand balances:
//////////////////
a. Amount by which demand deposits would be reduced if the reporting
bank's reciprocal //////////////////
demand balances with the domestic offices of U.S. banks and savings
associations //////////////////
and insured branches in Puerto Rico and U.S. territories and possessions
that were //////////////////
reported on a gross basis in Schedule RC-E had been reported on a net
basis................ 8785 0 11.a.
b. Amount by which demand deposits would be increased if the reporting
bank's reciprocal //////////////////
demand balances with foreign banks and foreign offices of other U.S. banks
(other than //////////////////
insured branches in Puerto Rico and U.S. territories and possessions) that
were reported //////////////////
on a net basis in Schedule RC-E had been reported on a gross
basis......................... A181 0 11.b.
c. Amount by which demand deposits would be reduced if cash items in
process of collection //////////////////
were included in the calculation of the reporting bank's net reciprocal
demand balances //////////////////
with the domestic offices of U.S. banks and savings associations and
insured branches //////////////////
in Puerto Rico and U.S. territories and possessions in Schedule
RC-E....................... A182 0 11.c.
12. Amount of assets netted against deposit liabilities in domestic offices and
in insured //////////////////
branches in Puerto Rico and U.S. territories and possessions on the
balance sheet //////////////////
(Schedule RC) in accordance with generally accepted acocunting principles
(exclude amounts //////////////////
related to reciprocal demand balances):
//////////////////
a. Amount of assets netted against demand
deposits............................................ A527 0 12.a.
b. Amount of assets netted against time and savings
deposits.................................. A528 0 12.b.
------------------
</TABLE>
Memoranda (to be completed each quarter except as noted)
<TABLE>
<CAPTION>
---------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------- ---------------------
<S> <C>
RCON Bil Mil Thou
1. Total deposits in domestic offices of the bank (sum of Memorandum items
1.a.(1) and 1.b.(1) //////////////////
must equal Schedule RC, item 13.a):
//////////////////
a. Deposit accounts of $100,000 or less:
//////////////////
(1) Amount of deposit accounts of $100,000 or less
........................................ 2702 15,053,198 M.1.a.(1)
(2) Number of deposit accounts of $100,000 or less (to be
Number //////////////////
---------------------------
completed for the June report only) ........................ RCON 3779
N/A ////////////////// M.1.a.(2)
---------------------------
b. Deposit accounts of more than $100,000:
//////////////////
(1) Amount of deposit accounts of more than $100,000
....................................... 2710 15,736,432 M.1.b.(1)
Number //////////////////
---------------------------
(2) Number of deposit accounts of more than $100,000 ........... RCON
2722 29,202 ////////////////// M.1.b.(2)
-------------------------------------------------
2. Estimated amount of uninsured deposits in domestic offices of the bank:
a. An estimate of your bank's uninsured deposits can be determined by
multiplying the number of
deposit accounts of more than $100,000 reported in Memorandum item 1.b.(2)
above by
$100,000 and subtracting the result from the amount of deposit accounts of
more than
$100,000 reported in Memorandum item 1.b.(1) above.
Indicate in the appropriate box at the right whether your bank has a
method or procedure for Yes No
----------------------
determining a better estimate of uninsured deposits than the estimate
described above ..... 6861 /// X M.2.a.
--------------------
b. If the box marked YES has been checked, report the estimate of
uninsured deposits RCON Bil Mil Thou
--------------------
determined by using your bank's method or procedure
....................................... 5597 N/A M.2.b.
----------------------
3. Has the reporting institution been consolidated wiht a parent bank or
savings association in
that parent bank's or parent savings association's Call Report or Thrift
Financial Report?
If so, report the legal title and FDIC Certificate Number of the parent
bank or parent
savings association:
FDIC Cert No.
-------------------------------
TEXT A545 N/A
RCON A545 N/A M.3.
- --------------------------------------------------------------------------------
- -----------------------------------------
</TABLE>
32
<PAGE> 52
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-23
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-R--Regulatory Capital
This schedule must be completed by all banks as follows: Banks that reported
total assets of $1 billion or more in Schedule RC, item 12, for June 30, 1996,
must complete items 2 through 9 and Memoranda items 1 and 2. Banks with assets
of less than $1 billion must complete items 1 through 3 below or Schedule RC-R
in its entirety, depending on their response to item 1 below.
<TABLE>
<S> <C> <C>
------------
C480 (-
1. Test for determining the extent to which Schedule RC-R must be completed.
To be completed -----------------
only by banks with total assets of less than $1 billion. Indicate in the
appropriate YES NO
box at the right whether the bank has total capital greater than or equal
to eight percent -------------------------
of adjusted total assets
.................................................................... RCFD
6056 /// 1.
-------------------------
For purposes of this test, adjusted total assets equals total assets less
cash, U.S. Treasuries, U.S. Government
agency obligations, and 80 percent of U.S. Government-sponsored agency
obligations plus the allowance for loan
and lease losses and selected off-balance sheet items as reported on
Schedule RC-L (see instructions).
If the box marked YES has been checked, then the bank only has to complete
items 2 and 3 below. If the box marked
NO has been checked, the bank must complete the remainder of this
schedule.
A NO response to item 1 does not necessarily mean that the bank's actual
risk-based capital ratio is less than eight
percent or that the bank is not in compliance with the risk-based capital
guidelines.
</TABLE>
- --------------------------------------------------------------
NOTE: All banks are required to complete items 2 and 3 below.
See optional worksheet items 3.a through 3.f
- --------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------
Dollar Amounts in Thousands
- --------------------------------------------------------------------------------
- ------------------ --------------------
<S> <C>
RCON Bil Mil Thou
2. Portion of qualifying limited-life capital instruments (original
weighted //////////////////
average maturity of at least five years) that is includible in Tier 2
capital: //////////////////
a. Subordinated debt(1) and intermediate term preferred
stock................................. A515 1,032,949 2.a.
b. Other limited-life capital
instruments..................................................... A516
0 2.b.
3. Amounts used in calculating regulatory capital ratios (report amounts
//////////////////
determined by the bank for its own internal regulatory capital analyses
//////////////////
consistent with applicable capital standards):
//////////////////
a. Tier 1
capital.........................................................................
.... 8274 3,751,196 3.a.
b. Tier 2
capital.........................................................................
.... 8275 1,692,587 3.b.
c. Total risk-based
capital...................................................................
3792 5,443,783 3.c.
d. Excess allowance for loan and lease losses (amount that exceeds 1.25%
of gross //////////////////
risk-weighted
assets)......................................................................
A222 178,575 3.d.
e. Net risk-weighted assets (gross risk-weighted assets less excess
allowance reported //////////////////
in item 3.d above and all other
deductions)................................................ A223 46,592,473
3.e.
f. "Average total assets" (Quarterly average reported in Schedule RC-K,
item 9, less all //////////////////
assets deducted from Tier 1
capital)(2).................................................... A224
45,159,948 3.f.
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------
(Column A) (Column B)
Items 4-9 and Memoranda items 1 and 2 are to be completed
Assets Credit Equiv-
by banks that answered NO to item 1 above and
Recorded alent Amount
by banks with total assets of $1 billion or more.
on the of Off-Balance
Balance Sheet Sheet Items(3)
-------------------- --------------------
<S> <C> <C>
-------------------- --------------------
4. Assets and credit equivalent amounts of off-balance sheet items assigned
RCFD Bil Mil Thou RCFD Bil Mil Thou
to the Zero percent risk category:
////////////////// //////////////////
a. Assets recorded on the balance sheet...................................
5163 2,055,883 ////////////////// 4.a.
b. Credit equivalent amount of off-balance sheet items ...................
////////////////// 3796 2,006,848 4.b.
-------------------------------------------
</TABLE>
______________
(1) Exclude mandatory convertible debt reported in Schedule RC-M, item 7.
(2) Do not deduct excess allowance for loan and lease losses.
(2) Do not report in column B the risk-weighted amount of assets reported in
column A.
33
<PAGE> 53
Legal Title of Bank: Fleet National Bank
Call Date: 03/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-24
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Schedule RC-R--Continued
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
-----------------------------------------
(Column A) (Column B)
Assets Credit Equiv-
Recorded alent Amount
on the of Off-Balance
Balance Sheet Sheet Items(1)
-------------------- --------------------
<S> <C> <C>
RCFD Bil Mil Thou RCFD Bil Mil Thou
5. Assets and credit equivalent amounts of off-balance sheet items
////////////////// //////////////////
assigned to the 20 percent risk category:
////////////////// //////////////////
a. Assets recorded on the balance sheet .................................
5156 8,192,992 ////////////////// 5.a.
b. Credit equivalent amount of off-balance sheet items
////////////////// 3801 1,140,442 5.b.
6. Assets and credit equivalent amounts of off-balance sheet items
////////////////// //////////////////
assigned to the 50 percent risk category:
////////////////// //////////////////
a. Assets recorded on the balance sheet ..................................
3802 5,436,503 ////////////////// 6.a.
b. Credit equivalent amount of off-balance sheet items ...................
////////////////// 3803 805,757 6.b.
7. Assets and credit equivalent amounts of off-balance sheet items
////////////////// //////////////////
assigned to the 100 percent risk category:
////////////////// //////////////////
a. Assets recorded on the balance sheet ..................................
3804 30,903,771 ////////////////// 7.a.
b. Credit equivalent amount of off-balance sheet items ...................
////////////////// 3805 10,879,460 7.b.
8. On-balance sheet asset values excluded from and deducted in the
////////////////// //////////////////
calculation of the risk-based capital ratio(2) ...........................
3806 836,445 ////////////////// 8.
9. Total assets recorded on the balance sheet (sum of
////////////////// //////////////////
items 4.a, 5.a, 6.a, 7.a, and 8, column A)(must equal Schedule RC,
////////////////// //////////////////
item 12 plus items 4.b and 4.c) ..........................................
3807 47,425,594 ////////////////// 9.
-------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Dollar Amounts in Thousands
Memoranda
RCFD Bil Mil Thou
- --------------------------------------------------------------------------------
- ------------------- --------------------
<S> <C>
1. Current credit exposure across all off-balance sheet derivative contracts
covered by the //////////////////
risk-basked capital standards
................................................................. 8764
177,407 M.1
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
- --
With a remaining maturity of
---------------------------------------------------------------------------
- --
(Column A) (Column B) (Column C)
One year or less Over one year Over five years
2. Notional principal amounts of off-
through five years
balance sheet derivative contracts(3): -----------------------
- ----------------------- ---------------------------
<S> <C> <C> <C>
RCFD Tri Bil Mil Thou RCFD Tri Bil Mil Thou RCFD Tri Bil Mil Thou
a. Interest rate contracts ........... 3809 7,047,455 8766
39,328,101 8767 1,413,955 M.2.a.
b. Foreign exchange contracts ........ 3812 1,532,313 8769
86,346 8770 0 M.2.b.
c. Gold contracts .................... 8771 136,026 8772
0 8773 0 M.2.c.
d. Other precious metals contracts ... 8774 18,615 8775
0 8776 0 M.2.d.
e. Other commodity contracts ......... 8777 0 8778
0 8779 0 M.2.e.
f. Equity derivative contracts ....... A000 0 A001
0 A002 0 M.2.f.
---------------------------------------------------------------------------
- --
</TABLE>
- --------------------
(1) Do not report in column B the risk-weighted amount of
assets reported in column A.
(2) Include the difference between the fair value and the amortized cost of
available-for-sale debt securities in item 8 and report the amortized cost
of these debt securities in items 4 through 7 above. For available-
for-sale equity securities, if fair value exceeds cost, include the
difference between the fair value and the cost in item 8 and report the
cost of these equity securities in items 5 through 7 above; if cost exceeds
fair value, report the fair value of these equity securities in items 5
through 7 above and include no amount in item 8. Item 8 also includes
on-balance sheet asset values (or portions thereof) of off-balance sheet
interest rate, foreign exchange rate, and commodity contracts and those
contracts (e.g., futures contracts) not subject to risk-based capital.
Exclude from item 8 margin accounts and accrued receivables not included in
the calculation of credit equivalent amounts of off-balance sheet
derivatives as well as any portion of the allowance for loan and lease
losses in excess of the amount that may be included in Tier 2 capital.
(3) Exclude foreign exchange contracts with an original maturity of 14 days
or less and all futures contracts.
34
<PAGE> 54
Legal Title of Bank: Fleet National Bank
Call Date: 3/31/97 ST-BK: 25-0590 FFIEC 031
Address: One Monarch Place
Page RC-25
City, State Zip: Springfield, MA 01102
FDIC Certificate No.: 02499
-----------
Optional Narrative Statement Concerning the Amounts
Reported in the Reports of Condition and Income
at close of business on March 1, 1997
Fleet National Bank Springfield Massachusetts
_____________________________ ____________________________, __________________
Legal Title of Bank City State
The management of the reporting bank may, if it wishes, submit a brief
narrative statement on the amounts reported in the Reports of
Condition and Income. This optional statement will be made available to the
public, along with the publicly available data in the Reports of Condition and
Income, in response to any request for individual bank report data. However,
the information reported in column A and in all of Memorandum item 1 of
Schedule RC-N is regarded as confidential and will not be released to the
public. BANKS CHOOSING TO SUBMIT THE NARRATIVE STATEMENT SHOULD ENSURE THAT
THE STATEMENT DOES NOT CONTAIN THE NAMES OR OTHER IDENTIFICATIONS OF INDIVIDUAL
BANK CUSTOMERS, REFERENCES TO THE AMOUNTS REPORTED IN THE CONFIDENTIAL ITEMS
IN SCHEDULE RC-N, OR ANY OTHER INFORMATION THAT THEY ARE NOT WILLING TO HAVE
MADE PUBLIC OR THAT WOULD COMPROMISE THE PRIVACY OF THEIR CUSTOMERS. Banks
choosing not to make a statement may check the "No comment" box below and
should make no entries of any kind in the space provided for the narrative
statement; i.e., DO NOT enter in this space such phrases as "No statement,"
"Not applicable," "N/A," "No comment," and "None."
The optional statement must be entered on this sheet. The statement should
not exceed 100 words. Further, regardless of the number of words, the
statement must not exceed 750 characters, including punctuation, indentation,
and standard spacing between words and sentences. If any submission should
exceed 750 characters, as defined, it will be truncated at 750 characters
with no notice to the submitting bank and the truncated statement will appear
as the bank's statement both on agency computerized records and in
computer-file releases to the public.
All information furnished by the bank in the narrative statement must be
accurate and not misleading. Appropriate efforts shall be taken by the
submitting bank to ensure the statement's accuracy. The statement must be
signed, in the space provided below, by a senior officer of the bank who
thereby attests to its accuracy.
If, subsequent to the original submission, material changes are submitted for
the data reported in the Reports of Condition and Income, the existing narrative
statement will be deleted from the files, and from disclosure; the bank, at
its option, may replace it with a statement, under signature, appropriate to
the amended data.
The optional narrative statement will appear in agency records and in release
to the public exactly as submitted (or amended as described in the preceding
paragraph) by the management of the bank (except for the truncation of
statements exceeding the 750-character limit described above). THE STATEMENT
WILL NOT BE EDITED OR SCREENED IN ANY WAY BY THE SUPERVISORY AGENCIES FOR
ACCURACY OR RELEVANCE. DISCLOSURE OF THE STATEMENT SHALL NOT SIGNIFY THAT ANY
FEDERAL SUPERVISORY AGENCY HAS VERIFIED OR COMFIRMED THE ACCURACY OF THE
INFORMATION CONTAINED THEREIN. A STATEMENT TO THIS EFFECT WILL APPEAR ON ANY
PUBLIC RELEASE OF THE OPTIONAL STATEMENT SUBMITTED BY THE MANAGEMENT OF THE
REPORTING BANK.
- -------------------------------------------------------------------------------
No comment X (RCON 6979) C471 C472 <-
---
BANK MANAGEMENT STATEMENT (please type or print clearly):
(TEXT 6980)
/S/ Giro DeRosa 4/28/97
-------------------------------------- -----------------
Signature of Executive Officer of Bank Date of Signature
35
