Webster Cleared to Buy 20 Shawmut Branches

WATERBURY, Conn. - The Office of Thrift Supervision has approved Webster Financial Corp.'s acquisition of 20 Shawmut National Corp. branches in the Hartford area, with deposits of about $900 million and about $630 million in loans.

No other regulatory approvals are required. The deal is expected to be completed in early 1996.

Webster also completed its public offering of 1.2 million shares of stock at $27.25 per share, raising a total of $34.1 million for the deal.

After the purchase is completed, Webster will have about $4 billion in assets and 64 branches from the Massachusetts border to Long Island Sound.

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