HARTFORD, Conn -- Shawmut National Corp. said it expects to complete its acquisition of Peoples Bancorp of Worcester on May 23.

Shawmut received notification that the Federal Reserve Board had waived jurisdiction over the matter, clearing the way for rapid completion.

Shawmut will pay 2.44 shares of common stock for each of the 3.38 million shares of $870 million-asset Peoples, making the deal worth $181.6 million.

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