PROVIDENCE - NBB Bancorp shareholders have opted for cash or stock as part of the savings bank's merger with Fleet Financial Group.

In the election, 2,943,345 shares of NBB common stock elected to receive shares of Fleet common stock; 5,470,961 shares elected to receive cash, and 365,376 shares made no election.

Based on the aggregate of 6,165,912 shares to be issued by Fleet in the merger and the exchange ratio in the merger (1.457 shares of Fleet for each NBB share), the aggregate number of shares of NBB stock available for conversion into Fleet stock is 4,231,923, Fleet said.

All former NBB shareholders who elected to receive Fleet common and all who made no election will receive 1.457 shares of Fleet stock for each share of NBB (except for cash in lieu of fractional shares).

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