BALTIMORE -- Shawmut National Corp.'s planned bulk sale of real estate loans and foreclosed properties is on track to close before June 30, chief executive officer Joel Alvord said.
Shawmut previously said the target was in the second or third quarter.
The final bulk sale amount should be about $300 million in assets, with Shawmut likely to get 40% to 60% of the original value, Mr. Alvord said.
Increased Payout Discussed
In an interview after a presentation to security analysts, Mr. Alvord also said a dividend increase might be considered "as capital builds and earnings are up in the $200 million plus range."
"We are not a major dividend play today," Mr. Alvord said.
Shawmut is paying a quarterly common stock dividend of 10 cents a share. It earned $75.2 million, or 81 cents a share, last year and $36.3 million, or 35 cents, in the 1993 first quarter.
Mr. Alvord said at the Alex. Brown & Sons security analysts meeting that he is comfortable with analysts' estimates of $1.55 to $1.65 a share this year and $2.35 to $2.60 in 1994.
