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FIRST FIDELITY COMPLETES ACQUISITION OF NORTHEAST BANCORP, INC.

 LAWRENCEVILLE, N.J., May 4 /PRNewswire/ -- First Fidelity Bancorporation (NYSE: FFB) announced today that it had completed the acquisition of Northeast Bancorp, Inc. (NASDAQ: NBIC), the parent of the 68-branch Union Trust Company, of Stamford, Connecticut's third largest bank.
 Trading in Northeast stock was suspended at the close of business Monday, May 3, 1993.
 "We are pleased at the successful completion of this transaction and look forward to serving the banking needs of Connecticut's consumers and businesses," Tony Terracciano, chairman and chief executive officer, said. "We intend to be a vigorous participant in the state's economy generally and, most particularly, in the economy and the life of those communities served by Union Trust."
 Frank J. Kugler Jr., chairman and chief executive officer of Northeast, said, "We welcome the strength First Fidelity brings to Union Trust and to Connecticut. With it comes new energy and new thinking and a record of success that bodes well for our bank, our employees, our customers, and our former shareholders, now shareholders of First Fidelity."
 In the transaction, Northeast shareholders will receive .08408 shares of First Fidelity common stock for each share of Northeast common. A $2 million litigation trust has been funded to administer a $350 million breach of contract lawsuit by Northeast against The Bank of New York Company, Inc. (NYSE: BK) arising from an earlier failed merger attempt by the two banks. Net proceeds of the litigation will benefit Northeast shareholders of record at the close of business Monday, May 3, 1993.
 In a parallel transaction, Northeast has completed the previously-announced sale of non-performing commercial and commercial real estate assets and non-performing residential real estate assets to First Boston Corporation.
 Northeast Bancorp, Inc. has $2.6 billion in assets and $2.4 billion in deposits and its principal subsidiary, Union Trust Company, operates 41 of its 68 branches in Fairfield County where it has the second leading deposit market share.
 Prior to the closing of this transaction, First Fidelity had $30.5 billion in assets and $25.1 billion in deposits and a network of more than 550 offices in New Jersey, Pennsylvania and New York. It is one of the 25 largest banking companies in the country and the largest banking company headquartered in New Jersey.
 /delval/
 -0- 5/4/93
 /CONTACT: Paul J. Levine (media), 201-565-2949, or Jonathan Stern (analyst), 201-565-3397, both of First Fidelity, or John C. Kline of Northeast (media & analyst), 203-929-5552, ext. 4270/
 (FFB NBIC BK)


CO: First Fidelity Bancorporation; Northeast Bancorp, Inc.;
 Union Trust Company; The Bank of New York Company, Inc. ST: New Jersey; Connecticut IN: FIN SU: TNM


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MK -- PH003 -- 4195 05/04/93 09:29 EDT
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Publication:PR Newswire
Date:May 4, 1993
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