FLEET/NORSTAR SELLS ISSUE.(Business)

Byline: Alan D. Abbey Business writer

In the second move in a week suggesting optimism about the company and the economy, Fleet/Norstar Financial Group Inc. sold $100 million of preferred stock Tuesday to provide capital for its subsidiaries.

Last week Fleet/Norstar, parent of Albany-based Norstar Bank of Upstate NY, said it was working on a deal to buy loans from the federal government that once belonged to the failed Bank of New England.

The 4 million depositary preferred shares, with a stated price of $25 each, will have a dividend rate of 9.375 percent. They will not be redeemable prior to Dec. 1, 1996. Dividends will be paid quarterly beginning …