SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 28, 1994
SHAWMUT NATIONAL CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware 1-10102 06-1212629
(State or Other (Commission File (IRS Employer
Jurisdiction of Number) Identification
Incorporation) No.)
777 Main Street, Hartford, Connecticut 06115
One Federal Street, Boston, Massachusetts 02211
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 986-2000
(617) 292-2000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Exhibit Index located on Page 4
ITEM 5. OTHER EVENTS.
On April 28, 1994, the Board of Governors of the Federal
Reserve System approved the application of Shawmut National
Corporation ("Shawmut") to acquire all of the outstanding voting
shares of New Dartmouth Bank.
A copy of Shawmut's press release announcing such
approval is attached hereto as Exhibit 99 and is incorporated
herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
The following exhibit is filed with this Current Report
on Form 8-K:
EXHIBIT
NUMBER DESCRIPTION
99 Press Release of Shawmut National Corporation,
dated April 28, 1994.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
SHAWMUT NATIONAL CORPORATION
By: /s/ Joel B. Alvord
Joel B. Alvord
Chairman and Chief
Executive Officer
Dated: April 29, 1994
EXHIBIT INDEX
EXHIBIT PAGE
NUMBER DESCRIPTION NUMBER
99 Press Release of Shawmut National Corporation, 5
dated April 28, 1994.
[Shawmut National
Corporation Logo]
Contact:
Robert L. Guenther FOR IMMEDIATE RELEASE Brent S. Di Giorgio
(203) 240-1267 (203) 240-7632
SHAWMUT RECEIVES REGULATORY APPROVAL
FOR NEW DARTMOUTH ACQUISITION
HARTFORD, Conn., and BOSTON, Mass., April 28, 1994--Shawmut National
Corporation (NYSE: SNC) announced today that it has received
regulatory approval from the Board of Governors of the Federal Reserve
System to acquire New Dartmouth Bank of Manchester, New Hampshire.
The transaction is expected to close June 6, when the bank will be
renamed Shawmut Bank NH.
"We're pleased with the Federal Reserve action on our New Dartmouth
application," said Joel B. Alvord, chairman and chief executive
officer of Shawmut National Corporation. "But even more important
than our pleasure with the decision is our confidence in knowing that
the Fed has been fully satisfied with Shawmut's lending performance.
The positive Fed action allows us to proceed with our plans to make
New England's finest banking franchise even stronger."
Robert Keller, New Dartmouth president and chief executive officer,
said, "This merger with Shawmut will provide our customers with new
products and services that could only be made available by the union
of New Dartmouth with a larger institution. We're pleased to join
forces with Shawmut to form New Hampshire's premier bank."
Under terms of the acquisition agreement, each share of New Dartmouth
common stock will be exchanged for Shawmut National common stock
having a value of $310.95 plus 177 percent of New Dartmouth's adjusted
net income per fully diluted share from October 1, 1993 through the
closing date. The transaction is valued at approximately $150
million. As part of the transaction, Shawmut will acquire loan loss
protections provided to New Dartmouth by the FDIC through October,
1994.
Shawmut National Corporation also has pending agreements to acquire
Peoples Bancorp of Worcester, Inc. in Worcester, Massachusetts;
Gateway Financial Corporation of Norwalk, Connecticut; Cohasset
Savings Bank of Cohasset, Massachusetts; and West Newton Savings Bank
of West Newton, Massachusetts.
As of March 31, Shawmut National Corporation had assets of $27.4
billion. Shawmut National is a superregional bank holding company
with more than 250 branches and 450 ATM's in Connecticut,
Massachusetts and Rhode Island. Shawmut National is a leading
provider of financial services to consumers and small- to medium-sized
businesses in the region. It also provides financial services to
corporate customers, correspondent banks, and government units
throughout New England and in select national markets.
