PROVIDENCE, R.I. - Fleet Financial Group said its stockholders overwhelmingly approved the proposed merger of Fleet and Shawmut National Corp.

Shawmut stockholders, meeting at the same time in Boston, also approved the transaction, Fleet said.

The shareholder authorizations clear the way for merger completion by the end of this year, pending various state and federal regulatory approvals, Fleet said.

The merger will make the Providence-based bank "number two in mortgage servicing, in the top three in mortgage originations, and number one in third-party student loan processing" and "will rank well into the top 10 in communications lending, asset-based lending, and commercial real estate," according to Fleet's chairman, Terrence Murray.

Fleet has $48 billion of assets and 1,200 offices nationwide.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.