Shawmut extends deadline for acquisition.

HARTFORD, Conn. - Shawmut National Corp. and New Dartmouth Bank said they revised their merger agreement, extending the deadline for completing the deal to June 30, 1994.

Shawmut said under the revision, each share of New Dartmouth will be exchanged for Shawmut National common shares having a value of $310.95 plus 177% of New Dartmouth's adjusted net income per fully diluted share from Oct. 1, 1993, through the closing date.

Shawmut said it had previously agreed to exchange shares with a value of $310 for each New Dartmouth share.

Shawmut said the revisions are intended to compensate New Dartmouth's shareholders for the additional time required to get the necessary approvals.

As previously reported, the Federal Reserve Board, in a 3-to-3 vote on Nov. 15, failed to approve Shawmut's application to acquire New Dartmouth, citing concerns about compliance with the Fair Lending Act and the Home Mortgage Disclosure Act.

Consent Decree

On Dec. 13, Shawmut's mortgage company entered into a consent decree with the Department of Justice and the Federal Trade Commission, ending an investigation into alleged discriminatory lending practices.

As part of the agreement, the company denied any wrongdoing.

Both Shawmut and New Dartmouth said they are confident the transaction will be completed.

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