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Fleet.Norstar Chairman Peter Kiernan Dies

September 15, 1988

PROVIDENCE, R.I. (AP) _ Peter D. Kiernan, the chairman and chief executive officer of Fleet.Norstar Financial Group has died as a result of complications from emergency surgery he underwent last month.

Kiernan, 65, died Wednesday in the intensive care unit of the Massachusetts General Hospital in Boston, where he had been transferred following surgery to remove an aneurysm in his aorta.

Kiernan fell ill while vacationing at his family’s summer home on Cape Cod Aug. 18 and underwent surgery at Falmouth Hospital, in Falmouth, Mass.

J. Terrence Murray, Fleet.Norstar’s president and chief operating officer, called Kiernan ″a source of inspiration and leadership for this corporation and the entire banking industry.″

Kiernan became chairman and chief executive of Fleet.Norstar Jan. 1, 1988 upon completion of the merger berween Fleet Financial Group, of Providence, and the Albany-based Norstar Bancorp.

As part of the merger agreement, Kiernan was scheduled to retire Dec. 31, with Murray assuming his titles.

Kiernan, an Albany native, lived with his family in Newtonville, N.Y.

Kiernan was elected vice chairman of Norstar Bancorp in 1973, president and chief executive officer in 1974, and chairman in 1975.

Fleet.Norstar is a $25-billion diversified national financial services company. It has about 1,000 offices in 40 states.

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