HARTFORD In its second nonbank acquisition in a week, Shawmut National Corp. said Monday it had acquired $417 million of custody and managed assets of Old Stone Trust Corp. for an undisclosed sum. Analysts said Shawmut paid no more than $12 million to the Resolution Trust Corp. for the Providence, R.I.-based company.
Last week, the Hartford and Boston-based bank acquired Barclay's Business Credit, the U.S. commercial finance subsidiary of London-based Barclays Bank PLC. The price tag was $290 million.
Shawmut, with total assets of $31 billion. had about $16 billion of assets under management in its mast business at yearend 1993, according to Keefe, Bruyette & Woods. Inc. Old Stone Trust was a subsidiary of the former Old Stone Bank.
The RIC sold the parent company earlier this year to Providence-based Citizens Financial Group. Shawmut said the deal, which is subject to approval by regulators, will be immediately accretive to earnings, -- Howard Kapiloff