Fleet Financial Group and BankBoston Corp. are revealing more details about their plans to divest $13 billion of deposits as part of the $16 billion merger deal they announced this week.
The banks said they have targeted 270 branches for sale in Massachusetts, Connecticut, and Rhode Island, the states where they have overlapping operations. The sales would come before the close of the deal, which is slated for the fourth quarter.
"This is a preliminary plan that is subject to further discussions with the Department of Justice, the Fed, and state regulators," Fleet spokesman James Mahoney said Wednesday. "This plan requires their approval."
Fleet intends to sell 200 of its branches in Massachusetts, which represent $7 billion to $8 billion of deposits. Fleet has 249 branches in the state and BankBoston has 351, according to Sheshunoff Information Services.
BankBoston will sell 40 branches and about $2.5 billion of deposits in Rhode Island, where it has 46 offices, and another 30 branches and $1.5 billion of deposits in Connecticut, where it has 64 branches.
Mr. Mahoney said small-business loans and middle-market corporate loans would be included in the sales. - Liz Moyer