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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, 1994
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
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Page 1 of 19 Pages
Exhibit Index on Page 17
<PAGE> -1-
Table of contents Page
Report of independent accountants 3
Statement of net assets available for benefits
with fund information at December 31, 1994 4
Statement of net assets available for benefits
with fund information at December 31, 1993 5
Statement of changes in net assets available for
benefits with fund information for the year ended
December 31, 1994 6
Statement of changes in net assets available for
benefits with fund information for the year ended
December 31, 1993 7
Notes to financial statements 8
Schedule of assets held for investment purposes at
December 31, 1994 14
Schedule of reportable transactions at December 31,
1994 15
Exhibit index 17
<PAGE> -2-
Report of Independent Accountants
June 23, 1995
To the Plan Administration Committee
and Participants of the
Shawmut National Corporation
Employees' Thrift Plan
In our opinion, the accompanying statements of net assets
available for benefits and the related statements of changes
in net assets available for benefits present fairly, in all
material respects, the net assets available for benefits of
the Shawmut National Corporation Employees' Thrift Plan at
December 31, 1994 and 1993, and the changes in net assets
available for benefits for the years then ended, in conformity
with generally accepted accounting principles. These
financial statements are the responsibility of the plan's
management; 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 audits 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.
Our audits were performed for the purpose of forming an
opinion on the basic financial statements taken as a whole.
The additional information included in Schedules I and II is
presented for purposes of additional analysis and is not a
required part of the basic financial statements but is
additional information required by the Employee Retirement
Income Security Act of 1974. The Fund Information in the
statements of net assets available for benefits and the
statements of changes in net assets available for benefits is
presented for purposes of additional analysis rather than to
present the net assets available for benefits and changes in
net assets available for benefits of each fund. Schedules I
and II and the Fund Information have been subjected to the
auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in
all material respects in relation to the basic financial
statements taken as a whole.
(Price Waterhouse LLP)
<PAGE> -3-
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Statement of Net Assets Available for Benefits with Fund Information
December 31, 1994
<CAPTION>
Fund Information
Growth Small
Fixed and Income Stable Capitalization
Income Equity Savings Stock Return Equity
Fund Fund Fund Fund Fund Fund
Assets
<S> <C> <C> <C> <C> <C> <C>
Investment securities at fair value:
Mutual funds $ 12,291,318 $ 23,752,172 $ 1,523,170 $ 61,119 $ 13,601,083
Collective trust funds 36,806,986
Common stock 67,225,395
Total investment securities 12,291,318 23,752,172 68,748,565 36,868,105 13,601,083
Loans to participants
Total assets held for
investment purposes 12,291,318 23,752,172 68,748,565 36,868,105 13,601,083
Receivables:
Accrued interest and dividends 909,894 177,808
Receivable for investment securities sold 118 1,800 9,903
Due from merged plans
Total receivables 118 1,800 909,894 177,808 9,903
Cash
Total assets 12,291,436 23,753,972 69,658,459 37,045,913 13,610,986
Liabilities
Payable for investment securities purchased 1,840 7,316 220,968 6,387
Total liabilities 1,840 7,316 220,968 6,387
Net assets available for benefits $ 12,289,596 $ 23,746,656 $ 0 $ 69,658,459 $ 36,824,945 $ 13,604,599
</TABLE>
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Statement of Net Assets Available for Benefits with Fund Information
December 31, 1994
<CAPTION>
Fund Information
Prime Limited
Money Term Contri-
Market Income bution Restricted Loan
Fund Fund Fund Fund Fund Total
Assets
<S> <C> <C> <C> <C> <C> <C>
Investment securities at fair value:
Mutual funds $ 49,281,057 $ 2,334,921 $ 102,844,840
Collective trust funds 36,806,986
Common stock 67,225,395
Total investment securities 49,281,057 2,334,921 206,877,221
Loans to participants $ 10,013,602 10,013,602
Total assets held for
investment purposes 49,281,057 2,334,921 10,013,602 216,890,823
Receivables:
Accrued interest and dividends 212,511 1,300,213
Receivable for investment securities sold 33 11,854
Due from merged plans 1,039,171 1,039,171
Total receivables 1,251,682 33 2,351,238
Cash $ 183,930 16,585 200,515
Total assets 50,532,739 2,334,954 183,930 10,030,187 219,442,576
Liabilities
Payable for investment securities purchased 589 237,100
Total liabilities 589 237,100
Net assets available for benefits $ 50,532,739 $ 2,334,365 $ 0 $ 183,930 $ 10,030,187 $ 219,205,476
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> -4-
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Statement of Net Assets Available for Benefits with Fund Information
December 31, 1993
<CAPTION>
Fund Information
Growth Small
Fixed and Income Stable Capitalization
Income Equity Savings Stock Return Equity
Fund Fund Fund Fund Fund Fund
Assets
<S> <C> <C> <C> <C> <C> <C>
Investment securities at fair value:
Mutual funds $ 11,903,585 $ 18,663,746 $ 460,495 $ 448,879 $ 11,173,424
Collective trust funds $ 40,590,038 32,440,015
Common stock 85,705,682
U.S. Treasury Bills 4,996,250
Total investment securities 11,903,585 18,663,746 45,586,288 86,166,177 32,888,894 11,173,424
Loans to participants
Total assets held for
investment purposes 11,903,585 18,663,746 45,586,288 86,166,177 32,888,894 11,173,424
Receivables:
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
Due from other funds 243,124 632,636 221 250,262 311,690 368,183
Total receivables 282,315 707,210 57,403 1,394,385 500,038 421,593
Cash
Total assets 12,185,900 19,370,956 45,643,691 87,560,562 33,388,932 11,595,017
Liabilities
Payable for investment securities purchased 141,146
Due to other funds 1,057,031
Total liabilities 1,057,031 141,146
Net assets available for benefits $ 12,185,900 $ 19,370,956 $ 44,586,660 $ 87,560,562 $ 33,247,786 $ 11,595,017
</TABLE>
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Statement of Net Assets Available for Benefits with Fund Information
December 31, 1993
<CAPTION>
Fund Information
Prime Limited
Money Term
Market Income Contribution Restricted Loan
Fund Fund Fund Fund Fund Total
Assets
<S> <C> <C> <C> <C> <C> <C>
Investment securities at fair value:
Mutual funds $ 3,917,822 $ 2,149,273 $ 1,213,710 $ 49,930,934
Collective trust funds 73,030,053
Common stock 85,705,682
U.S. Treasury Bills 4,996,250
Total investment securities 3,917,822 2,149,273 1,213,710 213,662,919
Loans to participants $ 9,846,232 9,846,232
Total assets held for
investment purposes 3,917,822 2,149,273 1,213,710 9,846,232 223,509,151
Receivables:
Contributions receivable 49,370 4,276 557,387
Accrued interest and dividends 9,933 1,142 5,020 47,341 1,116,523
Due from other funds 493,944 23,042 2,323,102
Total receivables 553,247 28,460 5,020 47,341 3,997,012
Cash $ 266,018 87,116 353,134
Total assets 4,471,069 2,177,733 1,218,730 266,018 9,980,689 227,859,297
Liabilities
Payable for investment securities purchased 141,146
Due to other funds 1,218,730 47,341 2,323,102
Total liabilities 1,218,730 47,341 2,464,248
Net assets available for benefits $ 4,471,069 $ 2,177,733 $ 0 $ 266,018 $ 9,933,348 $ 225,395,049
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> -5-
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Statement of Changes in Net Assets Available for Benefits with Fund Information
Year ended December 31, 1994
<CAPTION>
Fund Information
Growth Small
Fixed and Income Stable Capitalization
Income Equity Savings Stock Return Equity
Fund Fund Fund Fund Fund Fund
Additions to net assets attributed to:
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Investment and other income $ 795,776 $ 1,701,914 $ 254,905 $ 3,347,127 $ 1,979,995 $ 797,453
Net depreciation in fair
value of investments (1,327,772) (497,682) (167,633) (21,957,555) (689,209)
Total investment income (531,996) 1,204,232 87,272 (18,610,428) 1,979,995 108,244
Contributions:
Participant 1,478,190 3,329,560 3,608,933 3,300,762 2,234,214
Employer 276,943 618,653 3,862,635 622,755 505,499
Total contributions 1,755,133 3,948,213 7,471,568 3,923,517 2,739,713
Transfers from merged plans
Total additions 1,223,137 5,152,445 87,272 (11,138,860) 5,903,512 2,847,957
Deductions from net assets attributed to:
Participant benefits (1,093,585) (1,883,583) (1,081,507) (8,582,803) (3,078,547) (1,350,816)
Participant loans terminated due to
withdrawal of participant
Total deductions (1,093,585) (1,883,583) (1,081,507) (8,582,803) (3,078,547) (1,350,816)
Interfund transfers, net (25,856) 1,106,838 (43,592,425) 1,819,560 752,194 512,441
Net increase (decrease) 103,696 4,375,700 (44,586,660) (17,902,103) 3,577,159 2,009,582
Net assets at beginning of year 12,185,900 19,370,956 44,586,660 87,560,562 33,247,786 11,595,017
Net assets at end of year $ 12,289,596 $ 23,746,656 $ 0 $ 69,658,459 $ 36,824,945 $ 13,604,599
</TABLE>
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Statement of Changes in Net Assets Available for Benefits with Fund Information
Year ended December 31, 1994
<CAPTION>
Fund Information
Prime Limited
Money Term
Market Income Contribution Restricted Loan
Fund Fund Fund Fund Fund Total
Additions to net assets attributed to:
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Investment and other income $ 1,804,016 $ 133,725 $ 5,289 $ 15,995 $ 562,526 $ 11,398,721
Net depreciation in fair
value of investments (165,784) (24,805,635)
Total investment income 1,804,016 (32,059) 5,289 15,995 562,526 (13,406,914)
Contributions:
Participant 3,248,136 255,330 17,455,125
Employer 574,839 61,324 6,522,648
Total contributions 3,822,975 316,654 23,977,773
Transfers from merged plans 7,104,574 188,314 7,292,888
Total additions 12,731,565 284,595 5,289 15,995 750,840 17,863,747
Deductions from net assets attributed to:
Participant benefits (5,965,220) (382,853) (98,083) (23,516,997)
Participant loans terminated due to
withdrawal of participant (536,323) (536,323)
Total deductions (5,965,220) (382,853) (98,083) (536,323) (24,053,320)
Interfund transfers, net 39,295,325 254,890 (5,289) (117,678)
Net increase (decrease) 46,061,670 156,632 (82,088) 96,839 (6,189,573)
Net assets at beginning of year 4,471,069 2,177,733 266,018 9,933,348 225,395,049
Net assets at end of year $ 50,532,739 $ 2,334,365 $ 0 $ 183,930 $ 10,030,187 $ 219,205,476
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> -6-
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Statement of Changes in Net Assets Available for Benefits with Fund Information
Year ended December 31, 1993
<CAPTION>
Fund Information
Growth Small
Fixed and Income Stable Capitalization
Income Equity Savings Stock Return Equity
Fund Fund Fund Fund Fund Fund
Additions to net assets attributed to:
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Investment and other income $ 692,996 $ 958,410 $ 2,038,170 $ 1,985,481 $ 1,622,581 $ 396,374
Net appreciation (depreciation) in fair
value of investments 145,129 584,121 (221,703) 13,079,058 486,945
Total investment income 838,125 1,542,531 1,816,467 15,064,539 1,622,581 883,319
Contributions:
Participant 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
Total contributions 1,581,081 2,703,359 3,655,935 7,091,130 3,749,591 2,100,397
Total additions 2,419,206 4,245,890 5,472,402 22,155,669 5,372,172 2,983,716
Deductions from net assets attributed to:
Participant benefits (608,218) (902,686) (7,167,069) (6,770,681) (3,103,335) (426,522)
Participant loans terminated due to
withdrawal of participant
Total deductions (608,218) (902,686) (7,167,069) (6,770,681) (3,103,335) (426,522)
Interfund transfers, net 2,272,350 3,698,415 (17,576,884) (1,278,095) 5,347,602 2,442,566
Net increase (decrease) 4,083,338 7,041,619 (19,271,551) 14,106,893 7,616,439 4,999,760
Net assets at beginning of year 8,102,562 12,329,337 63,858,211 73,453,669 25,631,347 6,595,257
Net assets at end of year $ 12,185,900 $ 19,370,956 $ 44,586,660 $ 87,560,562 $ 33,247,786 $ 11,595,017
</TABLE>
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Statement of Changes in Net Assets Available for Benefits with Fund Information
Year ended December 31, 1993
<CAPTION>
Fund Information
Prime Limited
Money Term
Market Income Contribution Restricted Loan
Fund Fund Fund Fund Fund Total
Additions to net assets attributed to:
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Investment and other income $ 28,280 $ 32,550 $ 25,263 $ 21,136 $ 561,593 $ 8,362,834
Net appreciation (depreciation) in fair
value of investments (19,532) 14,054,018
Total investment income 28,280 13,018 25,263 21,136 561,593 22,416,852
Contributions:
Participant 2,067,330 84,576 16,967,666
Employer 354,319 20,049 6,440,101
Total contributions 2,421,649 104,625 23,407,767
Total additions 2,449,929 117,643 25,263 21,136 561,593 45,824,619
Deductions from net assets attributed to:
Participant benefits (39,218) (25,483) (101,797) (19,145,009)
Participant loans terminated due to
withdrawal of participant (49,701) (49,701)
Total deductions (39,218) (25,483) (101,797) (49,701) (19,194,710)
Interfund transfers, net 2,060,358 2,085,573 (25,263) 973,378
Net increase (decrease) 4,471,069 2,177,733 (80,661) 1,485,270 26,629,909
Net assets at beginning of year 346,679 8,448,078 198,765,140
Net assets at end of year $ 4,471,069 $ 2,177,733 $ 0 $ 266,018 $ 9,933,348 $ 225,395,049
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE> -7-
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
1. Description of Plan
The following description of the Shawmut National
Corporation (the "Corporation") Employees' Thrift Plan
(the "Plan") provides only general information.
Participants should refer to the Plan agreement for a
more complete description of the Plan's provisions.
General
The Plan is a defined contribution plan established by
the Corporation to encourage employees to
systematically save for retirement. The Plan is the
result of a merger, effective January 1, 1989, of
predecessor plans sponsored by the Corporation. All
full-time employees who have attained the age of 21 and
completed one year of continuous service are eligible
to become active members in the Plan on the first day
of the quarter following the quarter in which they
become eligible. The Plan is subject to the provisions
of the Employee Retirement Income Security Act of 1974
("ERISA").
Contributions
A participant may contribute an amount not less than 1
percent nor more than 12 percent of the participant's
annual compensation; however, the participant may not
contribute more than $7,000, as adjusted annually for a
cost of living adjustment factor, in any calendar year
($9,240 and $8,994 in 1994 and 1993, respectively).
The Corporation will make a matching contribution
ranging from 40 percent to 60 percent of the
participant's contribution up to 6 percent of the
participant's annual compensation. The amount of
employer contributions is based on years of service.
The Plan will also accept rollovers from other
qualified plans.
Vesting
Participants are fully vested in their accounts at all
times.
Participant Accounts
Each participant's account is credited with the
participant's contribution, the Corporation's
contribution and an allocation of Plan earnings.
Earnings are allocated within each fund based on the
ratio of a participant's account invested in a
particular fund to all participants' investments in
that fund. The benefit to which a participant is
entitled is the benefit that can be provided from the
participant's account.
Investment Options
Upon enrollment in the Plan, a participant may direct
contributions among any of seven investment options:
<PAGE> -8-
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
- Fixed Income Fund - Funds are invested in the
Shawmut Fixed Income Fund, a mutual fund which
provides current income plus capital appreciation.
- Growth and Income Equity Fund - Funds are invested
in the Shawmut Growth and Income Equity Fund, a
mutual fund which seeks above-average income plus
capital appreciation.
- Stock Fund - Funds are invested in the common
stock of the Corporation and the Shawmut Prime
Money Market Fund.
- Stable Return Fund - Funds are invested in the
Shawmut Stable Return Fund, a collective trust
fund which seeks stable income with protection
from price volatility.
- Small Capitalization Equity Fund - Funds are
invested in the Shawmut Small Capitalization
Equity Fund, a mutual fund which seeks above-
average capital appreciation.
- Prime Money Market Fund - Funds are invested in
the Shawmut Prime Money Market Fund, a mutual fund
which seeks a competitive current yield with
maximum liquidity.
- Limited Term Income Fund - Funds are invested in
the Shawmut Limited Term Income Fund, a mutual
fund which provides current income with a
relatively stable level of principal.
At the close of business on January 31, 1994, the
Savings Fund, which invested in a collective trust fund
and high grade, short-term U.S. government debt, 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 to any other
investment alternative of the Plan. Account balances
which were remaining in the Savings Fund at the close
of business on January 31, 1994 were transferred to the
Prime Money Market Fund.
Participants may change their investment options
monthly in increments of 10 percent of the
participant's contribution or account balance.
Prior to February 1994, the Contribution Fund invested
participant and employer contributions in the Shawmut
Prime Money Market Fund pending their investment in the
primary investment option.
Beginning February 1994, cash pending investment into
the primary investment option or pending transfer into
another fund is swept into the Federated Prime
Obligations Fund.
<PAGE> -9-
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
The fair value of individual investments that represent
more than five percent of the Plan's net assets at year-
end are as follows:
December 31, December 31,
1994 1993
(000's)
Mutual Funds
Shawmut Fixed Income Fund $ 12,291 $ 11,871
Shawmut Growth and Income Equity Fund 23,752 18,615
Shawmut Small Capitalization Equity Fund 13,601 11,135
Shawmut Prime Money Market Fund 50,746
Collective Trust Funds
Shawmut Stable Return Fund 36,807 32,440
Chase Institutional Money Market Fund 40,590
Common Stock
Shawmut National Corporation Common Stock 67,225 85,706
Restricted Fund
Restricted cash of $183,930 and $266,018 at December
31, 1994 and 1993, respectively, represents amounts
payable to former participants of the Shawmut
Corporation Employees' Thrift Plan, a predecessor to
the Plan, who have terminated employment with the
Corporation and elected payment of their benefits in a
manner other than a lump-sum distribution. These
amounts have been segregated from the Plan and are
maintained in individual savings accounts established
at Shawmut Bank Connecticut, N.A. and Shawmut Bank,
N.A. Amounts invested in the individual savings
accounts earn interest for the participants which is
included in the Statement of Changes in Net Assets
Available for Benefits under the caption "Investment
and other income". The net change in the balances held
in these accounts, exclusive of interest earned, is
included in the Statement of Changes in Net Assets
Available for Benefits under the caption "Participant
benefits".
Payment of Benefits
On termination of service, a participant may elect to
receive either a lump-sum amount equal to the value of
the participant's account or a distribution in the form
of an annuity.
<PAGE> -10-
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
Loans to Participants
Under the terms of the Plan, a participant may borrow
an amount not less than $1,000 and not more than the
lesser of 50 percent of the participant's available
account balance or $50,000 minus the participant's
highest outstanding loan balance in the twelve months
preceding the date of the loan.
2. Summary of Significant Accounting Policies
Method of Accounting
The Plan's financial statements are prepared on the
accrual basis of accounting.
Investments
The Plan's investments are stated at fair value.
Shares of mutual funds and units of participation in
collective trust funds are valued at quoted market
prices which represent the net asset value of shares or
units held by the Plan at year-end. The common stock
of the Corporation is valued at its quoted market price
at year-end. Loans to participants are valued at cost
which approximates fair value.
Purchases and sales of securities are recorded on a
trade-date basis. Interest income is recorded on the
accrual basis. Dividends are recorded on the ex-
dividend date.
Payment of Benefits
Benefits are recorded when paid.
Expenses
The Corporation pays administrative expenses on behalf
of the Plan. The Corporation, at its discretion,
reimburses the Plan for advisor fees paid for
investments in mutual funds managed by the Corporation.
3. Related Party Transactions
Certain Plan investments are shares of mutual funds or
collective trust funds managed by Shawmut Bank, N.A.
These transactions qualify as party-in-interest
transactions. The Corporation, at its discretion,
reimburses the Plan for advisor fees paid for
investments in mutual funds managed by the Corporation.
For the years ending December 31, 1994 and 1993, the
Corporation reimbursed the Plan $451,330 and $216,525,
respectively, for such advisor fees. Such amounts are
included in the Statement of Changes in Net Assets
Available for Benefits under the caption "Investment
and other income".
<PAGE> -11-
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
4. Plan Termination
Although it has not expressed any intent to do so, the
Corporation has the right under provisions of the Plan
to discontinue its contributions at any time and to
terminate the Plan, subject to provisions of ERISA. In
the event of Plan termination, the Plan assets may not
be diverted from the exclusive benefit of the
participants or their beneficiaries.
5. Income Tax
The Internal Revenue Service has determined and
informed the Corporation by a letter dated December 27,
1994 that the Plan and related trust are designed in
accordance with applicable sections of the Internal
Revenue Code. Accordingly, trust income is not subject
to taxation under Section 501(a) of the Internal
Revenue Code. The Plan's administrator believes that
the Plan is designed and is currently being operated in
compliance with the applicable requirements of the
Internal Revenue Code. Therefore, no provision for
income taxes has been included in the Plan's financial
statements.
6. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available
for benefits per the financial statements to Form 5500:
December 31, December 31,
1994 1993
(000's)
Net assets available for benefits per
the financial statements $ 219,205 $ 225,395
Less: Amounts allocated to withdrawing
participants (1,682) (2,775)
---------- ----------
Net assets available for benefits
per Form 5500 $ 217,523 $ 222,620
========== =========
The following is a reconciliation of participant benefits paid per
the financial statements to Form 5500:
Year ended December 31,
1994 1993
(000's)
Participant benefits per the financial
statements $ 24,053 $ 19,195
Add: Current year accrual per Form 5500 1,682 2,775
Less: Prior year accrual per Form 5500 (2,775) (648)
---------- ----------
Participant benefits per Form 5500 $ 22,960 $ 21,322
========== ==========
Amounts allocated to withdrawing participants are recorded on
Form 5500 for benefit claims that have been processed and approved
for payment prior to year-end but not yet paid as of that date.
<PAGE> -12-
Shawmut National Corporation
Employees' Thrift Plan
Notes to Financial Statements
7. Transfer from Merged Plans
During 1994 the Corporation acquired several banking
organizations. Net assets totalling $7,292,888 were
transferred into the Plan from the defined contribution
plans of the acquired entities and are included in the
Statement of Changes in Net Assets Available for
Benefits under the caption "Transfers from merged
plans".
8. Subsequent Event
On February 20, 1995, the Corporation and Fleet
Financial Group, Inc. ("Fleet") entered into an
agreement and plan of merger (the "Merger"). The
Merger is expected to be completed in the fourth
quarter of 1995 and is subject to the receipt of
various regulatory approvals and the satisfaction (or,
where permissible, waiver) of certain other standard
closing conditions. Common stock shareholders of Fleet
and the Corporation voted to approve the merger at
their respective meetings held on June 21, 1995.
<PAGE> -13-
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Item 27a Form 5500 - Schedule of Assets Held for Investment Purposes Additional Information
December 31, 1994 Schedule I
<CAPTION>
Description Shares or Units Historical Fair
Identity of Issuer of Investment of Participation Cost Value
(000's)
Mutual Funds
<S> <C> <C> <C> <C>
*Shawmut National Shawmut Fixed
Corporation Income Fund 1,324,496 $ 13,307 $ 12,291
*Shawmut National Shawmut Growth and Income
Corporation Equity Fund 2,297,115 23,747 23,752
*Shawmut National Shawmut Small Capitalization
Corporation Equity Fund 1,319,213 13,673 13,601
*Shawmut National Shawmut Prime Money
Corporation Market Fund 50,745,923 50,746 50,746
*Shawmut National Shawmut Limited Term
Corporation Income Fund 250,797 2,484 2,335
Federated Securities Federated Prime
Corporation Obligations Fund 119,423 119 119
Total Mutual Funds 104,076 102,844
Collective Trust Fund
*Shawmut National Shawmut Stable Return Fund
Corporation 36,806,986 36,807 36,807
Common Stock
*Shawmut National Shawmut National Corporation
Corporation Common Stock 4,105,367 55,677 67,225
Participant Loans 6% - 14% 10,014 10,014
Total Assets Held for Investment Purposes $ 206,574 $ 216,890
*Indicates a party-in-interest to the Plan.
</TABLE>
<PAGE> -14-
<TABLE>
Shawmut National Corporation
Employees' Thrift Plan
Item 27d Form 5500 - Schedule of Reportable Transactions Additional Information
December 31, 1994 Schedule II
<CAPTION>
Fair Value of
Identity of Number of Description Purchase Selling Cost of Asset on Net Gain
Party Involved Transactions of Asset Price Price Asset Transaction Date or Loss
<S> <C> <C> <C> <C> <C> <C> <C>
Shawmut National Purchases into the
Corporation Shawmut Prime Money
367 Market Fund $ 116,594,664 N/A $ 116,594,664 $ 116,594,664 --
Shawmut National Sales from the
Corporation Shawmut Prime Money
346 Market Fund N/A $ 72,014,918 72,014,918 72,014,918 --
Chase Manhattan Sales from the Chase
Bank, N.A. Institutional Money
13 Market Fund N/A 45,746,567 45,746,567 45,746,567 --
Federated Securities Purchases into the
Corporation Federated Prime
11 Obligations Fund 42,513,199 N/A 42,513,199 42,513,199 --
Federated Securities Sales from the
Corporation Federated Prime
11 Obligations Fund N/A 42,393,776 42,393,776 42,393,776 --
</TABLE>
<PAGE> -15-
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 E. Lester)
--------------------------
Susan E. Lester
Committee Member, Plan Administrator
Date: June 28, 1995
<PAGE> -16-
EXHIBIT INDEX
FILED AS A PART OF THIS ANNUAL REPORT ON FORM 11-K
Designation Description Page
23 Consent of Independent Accountants 19
<PAGE> -17-
EXHIBIT 23
<PAGE> -18-
Consent of Independent Accountants
We hereby consent to the incorporation by reference in the
Prospectuses constituting part of the Registration Statements on
Form S-3 (Nos. 33-56621, 33-50710 and 33-50708) and to the
incorporation by reference in the Registration Statements on Form
S-8 (Nos. 33-54129, 33-20387 and 33-17765-02) of Shawmut National
Corporation of our report dated June 23, 1995 appearing on page 3
of this Form 11-K.
(Price Waterhouse LLP)
Hartford, Connecticut
June 28, 1995
<PAGE> -19-
