BANKS

Shawmut National Signs Pact: Shawmut National Corp. has signed an agreement designed to restore and maintain the financial soundness of the Hartford, Conn., bank holding company, the Federal Reserve Board announced. Shawmut, the third-largest bank in New England, has assets of $22.7 billion and problem assets of $1.6 billion. The agreement prohibits payment of any dividends or other funds without prior written agreement by the Fed regional bank in Boston. It also requires the firm to submit to the Fed within 60 days a plan to “enhance and maintain adequate capital position.” The agreement also requires it to submit for Fed approval the proposed sale, transfer or disposition of any asset, line of business or operation by Shawmut or its subsidiaries worth more than $100 million.