Shawmut National Corp. has significantly dropped its deposit rates - and its customers don't seem to mind.

In March, New England's third-largest banking company began reducing rates on its savings products by 30, 40, and 50 basis points, said Eileen S. Kraus, vice chairman in charge of retail banking and marketing. Shawmut's competitors did not follow its lead, she observed, nor did its customers flee.

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