SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1993
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended ________________
Commission file number 1-10102
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
SHAWMUT NATIONAL CORPORATION EMPLOYEES' THRIFT PLAN
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
SHAWMUT NATIONAL CORPORATION
777 Main Street, Hartford, CT 06115
One Federal Street, Boston, MA 02211
Page 1 of 27 Pages
Exhibit Index on Page 26
<PAGE>
Table of contents Page
Report of independent accountants.........................3
Statement of financial condition at December 31, 1993.....4
Statement of financial condition at December 31, 1992.....5
Statement of income and changes in plan equity for the
year ended December 31, 1993.........................6
Statement of income and changes in plan equity for the
year ended December 31, 1992.........................7
Statement of income and changes in plan equity for the
year ended December 31, 1991.........................8
Notes to financial statements.............................9
Report of independent accountants on additional
information..............................................22
Schedule of transactions (purchases) in excess of five
percent of investment value for the year ended
December 31, 1993.................................. 23
Schedule of transactions (sales) in excess of five
percent of investment value for the year ended
December 31, 1993...................................24
Exhibit index............................................26
<PAGE>
2
Report of Independent Accountants
April 22, 1994
To the Plan Administration Committee
and Members of the
Shawmut National Corporation
Employees' Thrift Plan
In our opinion, the accompanying statement of financial
condition and the related statement of income and changes in
plan equity present fairly, in all material respects, the
financial position of the Shawmut National Corporation
Employees' Thrift Plan at December 31, 1993 and 1992, and the
results of its operations and the changes in its plan equity
for each of the three years in the period ended December 31,
1993, in conformity with generally accepted accounting
principles. These financial statements are the
responsibility of the Plan Administrator; our responsibility
is to express an opinion on these financial statements based
on our audits. We conducted our audits of these statements
in accordance with generally accepted auditing standards
which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by
management, and evaluating the overall financial statement
presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
As discussed in Note 2, during 1992 the Plan changed its
method of accounting for obligations for benefit payments to
terminated employees to comply with recently issued guidance
for accounting and disclosure by employee benefit plans.
(Price Waterhouse)
Hartford, Connecticut
<PAGE> 3
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Statement of Financial Condition
<CAPTION>
December 31, 1993
(with comparative totals at December 31, 1992)
Growth
and Small
Fixed Income Stable Capitalization
Income Equity Savings Stock Return Equity
Fund Fund Fund Fund Fund Fund
Assets
Investments, at
<S> <C> <C> <C> <C> <C> <C>
market value $ 11,903,585 $ 18,663,746 $ 45,586,288 $ 86,166,177 $ 32,888,894 $ 11,173,424
Cash
Contributions receivable 20,742 42,759 359,044 46,205 34,991
Accrued interest and dividends 18,449 31,815 57,182 785,079 142,143 18,419
Receivable for investment
securities sold
Due from other funds 243,124 632,636 221 250,262 311,690 368,183
Loans to plan members
Total Assets 12,185,900 19,370,956 45,643,691 87,560,562 33,388,932 11,595,017
Liabilities
Cash overdraft
Payable for investment securities
purchased 141,146
Due to other funds 1,057,031
Participant loans pending
distribution
Total Liabilities -- -- 1,057,031 -- 141,146 --
Net assets representing
plan equity $ 12,185,900 $ 19,370,956 $ 44,586,660 $ 87,560,562 $ 33,247,786 $ 11,595,017
Prime Limited
Money Term
Market Income Contribution Restricted Loan Totals
Fund Fund Fund Fund Fund 1993 1992
Assets
Investments, at
market value $ 3,917,822 $ 2,149,273 $ 1,213,710 $213,662,919 $188,098,739
Cash $ 266,018 $ 87,116 353,134 407,891
Contributions receivable 49,370 4,276 557,387 574,792
Accrued interest and dividends 9,933 1,142 5,020 47,341 1,116,523 1,520,528
Receivable for investment
securities sold 240,446
Due from other funds 493,944 23,042 2,323,102 1,271,687
Loans to plan members 9,846,232 9,846,232 8,656,847
Total Assets 4,471,069 2,177,733 1,218,730 266,018 9,980,689 227,859,297 200,770,930
Liabilities
Cash overdraft 76,664
Payable for investment securities
purchased 141,146 313,234
Due to other funds 1,218,730 47,341 2,323,102 1,271,687
Participant loans pending
distribution 344,205
Total Liabilities -- -- 1,218,730 -- 47,341 2,464,248 2,005,790
Net assets representing
plan equity $ 4,471,069 $ 2,177,733 $ -- $ 266,018 $ 9,933,348 $225,395,049 $198,765,140
The accompanying notes are an integral part of this financial statement.
</TABLE>
<PAGE> 4
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Statement of Financial Condition
<CAPTION>
December 31, 1992
(with comparative totals at December 31, 1991)
Growth
and
Fixed Income Stable
Income Equity Savings Stock Return
Fund Fund Fund Fund Fund
Assets
Investments, at
<S> <C> <C> <C> <C> <C>
market value $ 7,979,144 $ 11,847,425 $ 62,196,325 $ 73,409,583 $ 25,409,013
Cash
Contributions receivable 35,556 52,735 228,114 112,204 109,219
Accrued interest and dividends 28,812 10,182 1,283,961 1,373 144,381
Receivable for investment
securities sold 19,533 205,582
Due from other funds 83,516 438,809 295,029 4,794 177,948
Loans to plan members
Total Assets 8,146,561 12,554,733 64,003,429 73,527,954 25,840,561
Liabilities
Cash overdraft 76,664
Payable for investment securities
purchased 27,033 124,622 143,748
Due to other funds
Participant loans pending
distribution 16,966 24,110 145,218 74,285 65,466
Total Liabilities 43,999 225,396 145,218 74,285 209,214
Net assets representing
plan equity $ 8,102,562 $ 12,329,337 $ 63,858,211 $ 73,453,669 $ 25,631,347
Small
Capitalization
Equity Contribution Restricted Loan Totals
Fund Fund Fund Fund 1992 1991
Assets
Investments, at
market value $ 6,306,051 $ 951,198 $188,098,739 $141,784,461
Cash $ 346,679 $ 61,212 407,891 1,067,616
Contributions receivable 36,964 574,792 1,130,872
Accrued interest and dividends 1,311 4,114 46,394 1,520,528 1,645,854
Receivable for investment
securities sold 15,331 240,446
Due from other funds 271,591 1,271,687 959,361
Loans to plan members 8,656,847 8,656,847 5,973,598
Total Assets 6,631,248 955,312 346,679 8,764,453 200,770,930 152,561,762
Liabilities
Cash overdraft 76,664
Payable for investment securities
purchased 17,831 313,234
Due to other funds 955,312 316,375 1,271,687 959,361
Participant loans pending
distribution 18,160 344,205 218,209
Total Liabilities 35,991 955,312 -- 316,375 2,005,790 1,177,570
Net assets representing
plan equity $ 6,595,257 $ -- $ 346,679 $ 8,448,078 $198,765,140 $151,384,192
The accompanying notes are an integral part of this financial statement.
</TABLE>
<PAGE> 5
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Statement of Income and Changes in Plan Equity
<CAPTION>
December 31, 1993
Growth
and Small
Fixed Income Stable Capitalization
Income Equity Savings Stock Return Equity
Fund Fund Fund Fund Fund Fund
Investment Activities
<S> <C> <C> <C> <C> <C> <C>
Investment income $ 692,996 $ 958,410 $ 2,038,170 $ 1,985,481 $ 1,622,581 $ 396,374
Realized and unrealized gains
and losses on investments:
Realized gains (losses) 12,882 34,764 (389,036) 71,363 7,238
Unrealized appreciation
(depreciation) 132,247 549,357 167,333 13,007,695 479,707
Increase from investment
activities 838,125 1,542,531 1,816,467 15,064,539 1,622,581 883,319
Contributions:
Members 1,368,317 2,286,747 3,114,141 3,032,272 3,277,836 1,736,447
Employer 212,764 416,612 541,794 4,058,858 471,755 363,950
Distributions to members (608,218) (902,686) (7,167,069) (6,770,681) (3,103,335) (426,522)
Net transfers among funds 2,272,350 3,698,415 (17,576,884) (1,278,095) 5,347,602 2,442,566
Increase (decrease) in plan equity 4,083,338 7,041,619 (19,271,551) 14,106,893 7,616,439 4,999,760
Plan equity, beginning of year 8,102,562 12,329,337 63,858,211 73,453,669 25,631,347 6,595,257
Plan equity, end of year $ 12,185,900 $ 19,370,956 $ 44,586,660 $ 87,560,562 $ 33,247,786 $ 11,595,017
Prime Limited
Money Term
Market Income Contribution Restricted Loan
Fund Fund Fund Fund Fund Total
Investment Activities
Investment income $ 28,280 $ 32,550 $ 25,263 $ 21,136 $ 561,593 $ 8,362,834
Realized and unrealized gains
and losses on investments:
Realized gains (losses) (65) (262,854)
Unrealized appreciation
(depreciation) (19,467) 14,316,872
Increase from investment
activities 28,280 13,018 25,263 21,136 561,593 22,416,852
Contributions:
Members 2,067,330 84,576 16,967,666
Employer 354,319 20,049 6,440,101
Distributions to members (39,218) (25,483) (101,797) (49,701) (19,194,710)
Net transfers among funds 2,060,358 2,085,573 (25,263) 973,378 --
Increase (decrease) in plan equity 4,471,069 2,177,733 -- (80,661) 1,485,270 26,629,909
Plan equity, beginning of year -- -- -- 346,679 8,448,078 198,765,140
Plan equity, end of year $ 4,471,069 $ 2,177,733 $ -- $ 266,018 $ 9,933,348 $225,395,049
The accompanying notes are an integral part of this financial statement.
</TABLE>
<PAGE> 6
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Statement of Income and Changes in Plan Equity
<CAPTION>
December 31, 1992
Growth
and
Fixed Income Stable
Income Equity Savings Stock Return
Fund Fund Fund Fund Fund
Investment Activities
<S> <C> <C> <C> <C> <C>
Investment income $ 588,660 $ 381,663 $ 3,830,095 $ 17,622 $ 1,572,487
Realized and unrealized gains
and losses on investments:
Realized gains (losses) (46,922) 577,767 (443,807) 228,925
Unrealized appreciation
(depreciation) 39,179 117,227 (311,196) 37,371,966
Increase from investment
activities 580,917 1,076,657 3,075,092 37,618,513 1,572,487
Contributions:
Members 973,180 1,452,697 6,110,572 1,950,433 2,904,177
Employer 142,053 248,012 1,074,065 4,190,923 338,916
Distributions to members (593,617) (927,029) (8,493,596) (6,226,287) (2,642,163)
Net transfers among funds (425,460) 569,103 236,109 (2,488,444) 74,597
Increase (decrease) in plan equity 677,073 2,419,440 2,002,242 35,045,138 2,248,014
Plan equity, beginning of year 7,425,489 9,909,897 61,855,969 38,408,531 23,383,333
Plan equity, end of year $ 8,102,562 $ 12,329,337 $ 63,858,211 $ 73,453,669 $ 25,631,347
Small
Capitalization
Equity Contribution Restricted Loan
Fund Fund Fund Fund Total
Investment Activities
Investment income $ 58,779 $ 28,845 $ 29,077 $ 513,181 $ 7,020,409
Realized and unrealized gains
and losses on investments:
Realized gains (losses) 655,198 971,161
Unrealized appreciation
(depreciation) 230,623 37,447,799
Increase from investment
activities 944,600 28,845 29,077 513,181 45,439,369
Contributions:
Members 916,714 951,193 15,258,966
Employer 198,677 6,192,646
Distributions to members (500,875) (126,466) (19,510,033)
Net transfers among funds 939,947 (980,038) 2,074,186 --
Increase (decrease) in plan equity 2,499,063 -- (97,389) 2,587,367 47,380,948
Plan equity, beginning of year 4,096,194 -- 444,068 5,860,711 151,384,192
Plan equity, end of year $ 6,595,257 $ -- $ 346,679 $ 8,448,078 $198,765,140
The accompanying notes are an integral part of this financial statement.
</TABLE>
<PAGE> 7
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Statement of Income and Changes in Plan Equity
<CAPTION>
December 31, 1991
Growth
and
Fixed Income Stable
Income Equity Savings Stock Return
Fund Fund Fund Fund Fund
Investment Activities
<S> <C> <C> <C> <C> <C>
Investment income $ 521,865 $ 319,363 $ 4,304,199 $ 21,422 $ 291,425
Realized and unrealized gains
and losses on investments:
Realized gains (losses) 4,623 (77,483) (978,063) 1,404,297
Unrealized appreciation 467,151 1,514,009 76,203 17,540,946
Increase from investment
activities 989,016 1,837,995 4,302,919 16,584,305 1,695,722
Contributions:
Members 965,890 1,104,879 6,992,393 2,448,378 3,310,062
Employer 61,115 93,604 667,027 5,248,064 189,687
Distributions to members (385,658) (474,427) (6,804,279) (2,293,615) (1,854,354)
Net transfers among funds 272,400 201,974 985,052 356,193 (1,493,171)
Increase (decrease) in plan equity 1,902,763 2,764,025 6,143,112 22,343,325 1,847,946
Plan equity, beginning of year 5,522,726 7,145,872 55,712,857 16,065,206 21,535,387
Plan equity, end of year $ 7,425,489 $ 9,909,897 $ 61,855,969 $ 38,408,531 $ 23,383,333
Small
Capitalization
Equity Contribution Restricted Loan
Fund Fund Fund Fund Total
Investment Activities
Investment income $ 52,883 $ 3,000 $ 39,561 $ 500,013 $ 6,053,731
Realized and unrealized gains
and losses on investments:
Realized gains (losses) 4,042 357,416
Unrealized appreciation 1,010,738 20,609,047
Increase from investment
activities 1,067,663 3,000 39,561 500,013 27,020,194
Contributions:
Members 723,770 396,378 15,941,750
Employer 67,969 6,327,466
Distributions to members (222,751) (154,806) (79,316) (12,269,206)
Net transfers among funds 45,802 (399,378) 31,128 --
Increase (decrease) in plan equity 1,682,453 -- (115,245) 451,825 37,020,204
Plan equity, beginning of year 2,413,741 -- 559,313 5,408,886 114,363,988
Plan equity, end of year $ 4,096,194 $ -- $ 444,068 $ 5,860,711 $ 151,384,192
The accompanying notes are an integral part of this financial statement.
</TABLE>
<PAGE> 8
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
1. Description of the Plan
The Shawmut National Corporation Employees' Thrift Plan
(the "Plan") is a defined contribution plan established by
Shawmut National Corporation (the "Corporation") effective
January 1, 1989 to encourage employees to systematically
save for retirement. Members of the Plan are employees of
the Corporation and its participating subsidiaries who
have met certain requirements as to age and length of
service.
Members of the Plan are eligible to contribute from 1%
to 12% of their compensation; however, a member may not
contribute more than $7,000, as adjusted annually for a
cost of living adjustment factor, in any calendar year
($8,994 in 1993). Members of the Plan may, under certain
circumstances, make a rollover contribution. Members are
eligible to apply for a loan from the Plan in an amount
not less than $1,000 and not more than the lesser of 50%
of their available account balance, or $50,000 minus the
member's highest outstanding loan balance in the twelve
months preceding the date of the loan. Members'
contributions are made by means of payroll deductions and
are paid into the Plan on a semi-monthly basis. Such
contributions are invested, at the election of the
members, among various investment alternatives. As
described below, certain of the funds invest in shares
representing an interest in an investment portfolio of
The Shawmut Funds, a family of open-end mutual funds
having various investment objectives. Participants may
elect to invest contributions among any of the
following:
Fixed Income Fund (formerly the Bond Fund) -
Invests in the Shawmut Fixed Income Fund, a mutual fund
sponsored by Shawmut Bank, N.A., which maintains a
portfolio of investment grade government and corporate
bonds designed to provide current income. Prior to
December 11, 1992, funds were invested in a common
trust fund sponsored by Shawmut Bank, N.A. At the
close of business on December 11, 1992, substantially
all of the net assets held in the common trust fund
were transferred to the mutual fund.
Growth and Income Equity Fund (formerly the Equity Fund)-
Invests in the Shawmut Growth and Income Equity Fund, a
mutual fund sponsored by Shawmut Bank, N.A., which invests
in equity securities and is designed to provide a high
total return through long-term capital appreciation and
current income. Prior to December 11, 1992, funds were
invested in a common trust fund sponsored by Shawmut
Bank, N.A. At the close of business on December 11,
1992, substantially all of the net assets held in the
common trust fund were transferred to the mutual fund.
Savings Fund -
Invests in collective trust funds and high grade
short-term U.S. government debt. At the close of
business on January 31, 1994 the Savings Fund was no longer
an investment alternative of the Plan. Members of the Plan
who had amounts invested in the Savings Fund were allowed
to transfer amounts in their participant accounts to any
of the other investment alternatives of the Plan. Amounts
remaining in the Savings Fund at the close of business on
January 31, 1994 were transferred to the Prime Money Market
Fund.
<PAGE> 9
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
Stock Fund -
Invests in the common stock of the Corporation.
Stable Return Fund -
Invests in the Stable Return Fund, a collective trust fund
which invests in short-term money market instruments.
Small Capitalization Equity Fund -
Invests in the Shawmut Small Capitalization Equity Fund, a
mutual fund sponsored by Shawmut Bank, N.A., which
invests in emerging growth stocks and stocks of small to
medium-sized companies. Prior to December 11, 1992,
funds were invested in a common trust fund sponsored by
Shawmut Bank, N.A. At the close of business on December
11, 1992, substantially all of the net assets held in
the common trust fund were transferred to the mutual
fund.
Prime Money Market Fund -
Invests in the Shawmut Prime Money Market Fund, a
short-term money market mutual fund sponsored by Shawmut
Bank, N.A., whose objective is maintaining a diversified
portfolio of short-term money market instruments to
obtain current income, consistent with stability of
principal and liquidity.
Limited Term Income Fund -
Invests in the Shawmut Limited Term Income Fund, a mutual
fund sponsored by Shawmut Bank, N.A., which invests in a
portfolio of income producing securities having an average
maturity of three years or less with the objective of
obtaining current income consistent with low principal
volatility and total return.
Contribution Fund -
Invests in the Shawmut Prime Money Market Fund, a
short-term money market mutual fund sponsored by Shawmut
Bank, N.A. The fund is used as a temporary clearing
account for contributions to be invested in the funds
elected by members.
Restricted Fund -
Invests in a cash savings account and represents amounts
payable to former participants of the Plan as described
in Note 2.
In addition to the primary investments discussed above,
each Fund may invest in the Shawmut Prime Money Market Fund,
a short-term money market mutual fund sponsored by Shawmut
Bank, N.A. Amounts invested by the Funds in this money
market fund are short-term clearing funds pending investment
in the primary investment vehicle.
Members of the Plan may change their investment election
or transfer portions of their interest monthly to any
other fund in increments of 10% of the member's
contribution or fund balance. Requests for such changes
in members' investment election must be submitted no later
than the tenth day of the month preceding the month for
which changes are to be effective.
<PAGE> 10
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
Monthly employer contributions are made by
the Corporation in amounts ranging from forty to sixty
percent of the member's contribution up to 6% of
compensation. Employer contribution percentages are based
on the member's length of service. Members of the Plan
can elect to have their employer contribution invested in
any of the funds. Participants are fully vested in their
accounts at all times.
Distributions from the Plan are made from the member's
account and are payable in cash (all funds) or stock
(Stock Fund).
The Corporation currently anticipates and believes that
the Plan will continue without interruption, but reserves
the right to discontinue the Plan.
All expenses incurred in the administration of the Plan
are paid by the Corporation.
The approximate number of employees participating in the
Plan at December 31, 1993 and December 31, 1992 were as
follows:
December 31, December 31,
1993 1992
Fixed Income Fund 2,498 1,998
Growth and Income Equity Fund 3,078 2,093
Savings Fund 4,447 5,897
Stock Fund 7,038 7,092
Stable Return Fund 3,874 3,661
Small Capitalization Equity Fund 2,395 1,572
Prime Money Market Fund 3,431 --
Limited Term Income Fund 376 --
The funds listed above may have the same participants
invested in more than one of the funds.
2. Summary of Accounting
Policies
Investment valuation and income
Shawmut National Corporation common stock is valued at
the closing bid price. Investments in units of
participation in collective trusts are valued at the
respective reported net asset values as determined by the
Trustee. Investments in mutual funds are valued at the
respective reported net asset values as determined by a
published source.
<PAGE> 11
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
Securities transactions are recorded on the trade date.
Dividend income is recorded on the ex-dividend date and
interest income is recorded on the accrual basis. The
Plan changed its method of reporting realized gains and
losses on the sale of common stock, mutual funds and units
of participation on collective trust funds during 1991, to
be in conformity with Department of Labor reporting
requirements. This new reporting method requires realized
gains and losses to be recorded as sales proceeds less
current value at the beginning of the year or acquisition
cost if acquired during the year. Unrealized gains and losses
are based on the current value of investments held at the
end of the year less the current value at the beginning of
the year or acquisition cost if acquired during the year.
This change had no effect on the aggregate amount of realized
and unrealized gains and losses on the sale of investments
but only affects the classification be unrealized portions.
Contributions and distributions
Contributions and distributions are recognized on the
accrual basis of accounting.
Loans to participants
Loans to participants are stated at the principal amount
outstanding. Interest income is recognized on the
effective interest method based upon the principal amount
outstanding.
Federal income taxes
The Plan is intended to be tax qualified under section
401 (a) and tax exempt under section 501 (a) of the
Internal Revenue Code (IRC). The Administrator is in the
process of submitting the Plan to the Internal Revenue
Service for a favorable determination letter. The Plan
Administrator has represented that the Plan is being
operated in accordance with all applicable provisions of
the Internal Revenue Code and Employee Retirement Income
Security Act of 1974. Accordingly, no provision for
federal or state income taxes has been made in the
accompanying financial statements.
Members are not subject to federal income taxes on the
Corporation's contributions or on their contributions or
on income accruing to their accounts until distributions
are made from the Plan. Plan distributions are taxable as
ordinary income, although lump sum distributions (as
defined in the IRC) may be eligible for favorable tax
treatment.
<PAGE> 12
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
Restricted Fund
Restricted cash of $266,018 and $346,679 at December 31,
1993 and 1992, respectively, represents amounts payable to
former participants of the Shawmut Corporation Employees'
Thrift Plan who have terminated employment and elected
payment of their benefits in a manner other than a
lump-sum distribution. These amounts have been segregated
from the Plan and individual savings accounts have been
established at Shawmut Bank Connecticut, N.A. and Shawmut
Bank, N.A. The amounts may not be invested in the employee
elective investment options of the Plan nor may these
participants receive the benefit of any future employer
contributions. Amounts invested in the individual savings
accounts earn interest for the participants which is included
in the Statement of Income and Changes in Plan Equity under
the caption "Investment income". The net change in the
balances held in these accounts, exclusive of interest
earned, is included in the Statement of Income and Changes
in Plan Equity under the caption "Distributions to members".
Terminated Employees' Benefits
In accordance with guidelines addressing the accounting
method for terminated employees' benefit payment
obligations, the Plan changed its method of accounting
during 1992 retroactive to January 1, 1990. The
accounting method recognizes benefit distributions to
terminated employees on a cash basis, whereas such
obligations were previously recognized as a liability of
the Plan.
<PAGE> 13
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
3. Investments at December 31, 1993
<CAPTION>
Plan investments at December 31, 1993 are as follows:
(000's)
Shares Cost Value
FIXED INCOME FUND
Mutual Funds
<S> <C> <C> <C>
Shawmut Prime Money Market Fund 32,897 $ 33 $ 33
Shawmut Fixed Income Fund 1,150,260 11,708 11,871
Total Fixed Income Fund $ 11,741 $ 11,904
GROWTH AND INCOME EQUITY FUND
Mutual Funds
Shawmut Prime Money Market Fund 49,476 $ 49 $ 49
Shawmut Growth and Income Equity Fund 1,766,060 17,956 18,615
Total Growth and Income Equity Fund $ 18,005 $ 18,664
Units of
SAVINGS FUND Participation
Pooled Investment Funds
Chase Institutional Money Market 40,590,038 $ 40,590 $ 40,590
U.S. Government - Short-term Face Value
U.S. Treasury Bill, 1/13/94 5,000,000 4,829 4,996
Total Savings Fund $ 45,419 $ 45,586
<PAGE> 14
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
(000's)
Shares Cost Value
STOCK FUND
Mutual Funds
Shawmut Prime Money Market Fund 460,495 $ 460 $ 460
Common Stock
Shawmut National Corporation 3,940,491 51,422 85,706
Total Stock Fund $ 51,882 $ 86,166
STABLE RETURN FUND
Mutual Funds
Shawmut Prime Money Market Fund 448,879 $ 449 $ 449
Units of
Pooled Investment Funds Participation
Stable Return Fund - Employee Benefit 32,440,015 32,440 32,440
Total Stable Return Fund $ 32,889 $ 32,889
Shares
SMALL CAPITALIZATION EQUITY FUND
Mutual Funds
Shawmut Prime Money Market Fund 37,543 $ 38 $ 38
Shawmut Small Capitalization Equity Fund 1,025,403 10,443 11,135
Total Small Capitalization Equity Fund $ 10,481 $ 11,173
<PAGE> 15
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
(000's)
Shares Cost Value
PRIME MONEY MARKET FUND
Mutual Funds
Shawmut Prime Money Market Fund 3,917,822 $ 3,918 $ 3,918
LIMITED TERM INCOME FUND
Mutual Funds
Shawmut Prime Money Market Fund 5,355 $ 5 $ 5
Shawmut Limited Term Income Fund 215,686 2,163 2,144
Total Limited Term Income Fund $ 2,168 $ 2,149
CONTRIBUTION FUND
Mutual Funds
Shawmut Prime Money Market Fund 1,213,710 $ 1,214 $ 1,214
Total Investments at
December 31, 1993 $ 177,717 $ 213,663
</TABLE>
<TABLE>
Investment sales and distributions of Shawmut National Corporation common stock in 1993, 1992 and 1991
were as follows:
Value
or Proceeds of Realized
Distribution Cost Gain/(Loss)
<S> <C> <C> <C>
1993 - 21,038 shares $ 458,910 $ 387,547 $ 71,363
1992 - 50,675 shares $ 700,052 $ 471,127 $ 228,925
1991 - 169,945 shares $ 1,118,308 $ 2,096,371 $ (978,063)
</TABLE>
<PAGE> 16
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
<TABLE>
The fair value of individual investments that represent more than five percent of the Plan's
net assets at the beginning of the Plan year are as follows:
<CAPTION>
(000's)
December 31, 1993
<S> <C>
Shawmut Fixed Income Fund (Mutual Fund) $ 11,871
Shawmut Growth and Income Equity Fund (Mutual Fund) 18,615
Chase Institutional Money Market (Pooled Fund) 40,590
Shawmut National Corporation Common Stock 85,706
Stable Return Fund (Pooled Fund) 32,440
Shawmut Small Capitalization Equity Fund (Mutual Fund) 11,135
December 31, 1992
Shawmut Fixed Income Fund (Mutual Fund) $ 7,967
Shawmut Growth and Income Equity Fund (Mutual Fund) 11,847
Shawmut National Corporation Common Stock 73,404
Stable Return Fund-Employee Benefit (Pooled Fund) 25,363
</TABLE>
<TABLE>
Changes in unrealized appreciation (depreciation) in market value of investments during 1993
are summarized as follows:
<CAPTION> December 31, Change December 31,
1992 During Year 1993
Fund
<S> <C> <C> <C>
Fixed Income $ 39,000 $ 124,000 $ 163,000
Growth and Income Equity 117,000 542,000 659,000
Savings (311,000) 478,000 167,000
Stock 21,970,000 12,314,000 34,284,000
Stable Return
Small Capitalization Equity 231,000 461,000 692,000
Prime Money Market
Limited Term Income (19,000) (19,000)
Contribution
Total $ 22,046,000 $ 13,900,000 $ 35,946,000
As a result of the change in the method of reporting realized gains and losses as described in Note 2,
unrealized appreciation (depreciation) recorded in previous years for investments sold in the current year are
omitted in determining the unrealized appreciation (depreciation) for the current year.
</TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
<PAGE> 17
<TABLE>
4. Investments at December 31, 1992
Plan investments at December 31, 1992 are as follows:
<CAPTION>
(000's)
Shares Cost Value
FIXED INCOME FUND
Mutual Funds
<S> <C> <C> <C>
Shawmut Fixed Income Fund 792,771 $ 7,928 $ 7,967
Shawmut Prime Money Market Fund 11,796 12 12
Total Fixed Income Fund $ 7,940 $ 7,979
GROWTH AND INCOME EQUITY FUND
Mutual Funds
Shawmut Growth and
Income Equity Fund 1,173,012 $ 11,730 $ 11,847
Total Growth and Income Equity Fund $ 11,730 $ 11,847
SAVINGS FUND (000's)
Value
Savings Certificates
Face value and cost approximate value
Bank Delaware Wilmington, 4.350%, 1/07/93 $ 2,500
Central Bank Alabama, 4.50%, 1/08/93 2,500
LaSalle National Bank, 4.330%, 1/25/93 2,500
Provident National Bank, 8.80%, 1/29/93 1,040
First Wisconsin National Bank, 4.875%, 3/10/93 2,500
<PAGE> 18
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
SAVINGS FUND (continued) (000's)
Value
First National Bank Maryland, 4.50%, 4/23/93 $ 2,500
Sears Savings Bank, 4.90%, 4/01/93 2,500
First Union National Bank N.C., 9.30%, 2/15/93 2,587
Boston Safe Deposit and Trust Co., 4.150%, 7/01/93 2,500
Amsouth Bank Alabama, 3.83%, 7/16/93 1,500
Amsouth Bank Alabama, 3.70%, 7/16/93 1,000
Bank of Boston Corporation, 4.150%, 7/21/93 2,000
Security Pacific Bank, 9.750%, 5/03/93 2,092
New York Bank and Trust, 3.60%, 8/12/93 2,500
Old Kent Bank Grand Rapids, 3.490%, 3/01/93 2,500
Mercantile Safe Deposit and Trust, 3.60%, 6/01/93 2,000
Massachusetts Company, 3.50%, 2/04/93 2,500
Central Fidelity Bank Virginia, 3.950%, 12/21/93 2,500
First Deposit National Bank, 3.839%, 10/01/93 2,500
$ 42,219
U.S. Government - Short Term Face (000's)
Value Cost Value
U.S. Treasury Notes, 7.125%, 3/31/93 $ 5,000,000 $ 5,119 $ 5,044
U.S. Treasury Notes, 7.000%, 6/30/93 2,500,000 2,573 2,543
U.S. Treasury Notes, 6.125%, 9/30/93 4,000,000 4,116 4,074
U.S. Treasury Notes, 8.750%, 1/15/93 5,000,000 5,172 5,008
$ 16,500,000 $ 16,980 $ 16,669
<PAGE> 19
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
Units of (000's)
SAVINGS FUND (continued) Participation Cost Value
Pooled Investment Funds
Chase Institutional Money Market 3,307,506 $ 3,308 $ 3,308
Total Savings Fund $ 62,507 $ 62,196
STOCK FUND Shares
Shawmut National Corporation
Common Stock 3,994,746 $ 51,434 $ 73,404
Units of
Mutual Funds Participation
Shawmut Prime Money Market Fund 6,128 6 6
Total Stock Fund $ 51,440 $ 73,410
STABLE RETURN FUND
Mutual Funds
Stable Return Fund -
Employee Benefit 25,362,615 $ 25,363 $ 25,363
Shawmut Prime Money Market Fund 46,398 46 46
Total Stable Return Fund $ 25,409 $ 25,409
SMALL CAPITALIZATION EQUITY FUND
Mutual Funds
Shawmut Small Capitalization Fund 607,003 $ 6,070 $ 6,301
Shawmut Prime Money Market Fund 5,364 6 6
Total Small Capitalization Equity Fund $ 6,076 $ 6,307
<PAGE> 20
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
Units of (000's)
Participation Cost Value
CONTRIBUTION FUND
Mutual Funds
Shawmut Prime Money Market Fund 951,198 $ 951 $ 951
Total Investments at
December 31, 1992 $ 166,053 $ 188,099
</TABLE>
<PAGE> 21
Report of Independent Accountants
on Additional Information
April 22, 1994
To the Plan Administration Committee
and Members of the
Shawmut National Corporation
Employees' Thrift Plan
In our opinion, the accompanying schedule of
transactions in excess of five percent of investment
value is fairly stated in all material respects in
relation to the basic financial statements, taken as a
whole, of the Shawmut National Corporation Employees'
Thrift Plan for the year ended December 31, 1993 which
is covered by our report dated April 22, 1994 presented
in the first section of this document. Our audit was
made for the purpose of forming an opinion on the basic
financial statements taken as a whole. This
information is presented for purposes of additional
analysis and is not a required part of the basic
financial statements. Such information has been
subjected to the auditing procedures applied in the
audit of the basic financial statements.
(Price Waterhouse)
Hartford, Connecticut
<PAGE> 22
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Schedule of Transactions in Excess of Five Percent of Investment Value *
<CAPTION>
December 31, 1993
Number of
Purchases Transactions Cost
<S> <C> <C>
Shawmut Prime Money Market Fund 65 $ 34,343,024
Chase Institutional Money Market 23 100,694,343
* The five percent limitation was determined using the value of the net assets at January 1, 1993.
</TABLE>
<PAGE> 23
<TABLE>
<CAPTION>
Number of Net
Sales Transactions Cost Proceeds Gain/(Loss)
Shawmut Prime Money
<S> <C> <C> <C>
Market Fund 68 $ 33,378,066 $ 33,378,066 $ --
Chase Institutional
Money Market 24 63,424,301 63,424,301 --
* The five percent limitation was determined using the value of the net assets at January 1, 1993.
</TABLE>
<PAGE> 24
[TEXT]
SIGNATURES
Pursuant to the requirement of the Securities Exchange act
of 1934, the Plan Administrator which administers the plan
has duly caused this annual report to be signed by the
undersigned thereunto duly authorized.
SHAWMUT NATIONAL CORPORATION
EMPLOYEES' THRIFT PLAN
By: (Susan A. Rottner)
------------------------
Susan A. Rottner
Committee Member, Plan
Administrator
Date: April 28, 1994
<PAGE> 25
EXHIBIT INDEX
FILED AS A PART OF THIS ANNUAL REPORT ON FORM 11-K
Designation Description Page
23 Consent of Independent Accountants 27
<PAGE> 26
Consent of Independent Accountants
We hereby consent to the incorporation by reference in the
Prospectuses constituting part of the Registration
Statements on Form S-8 (Nos. 33-17765-02 and 33-20387) and
Form S-3 (Nos. 33-50708, 33-50710 and 33-51311) of our report dated
April 22, 1994 appearing on page 3 of Shawmut National
Corporation's Annual Report on Form 11-K for the year ended
December 31, 1993.
(Price Waterhouse)
Hartford, Connecticut
April 28, 1994
27
