PROVIDENCE, R.I.- Fleet Financial Group said that the tender - offer period for its offer to purchase two million each of its series III and series IV depositary shares has expired.
As of the expiration date of June 18, approximately 2.28 million series III and 2.17 million series IV depositary shares were tendered.
Fleet expects to purchase a total of 2.08 million depositary shares of each series.
The series III depositary shares each represent a one-fourth interest in a share of Fleet's Series III 10.125% perpetual preferred stock.
The series IV depositary shares each represent a one-fourth interest in a share of Fleet's series IV 9.375% perpetual preferred stock.
Merrill Lynch & Co. acted as dealer-manager in connection with the tender offer.