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NFS FINANCIAL CORP. TO ACQUIRE PLAISTOW COOPERATIVE BANK

 NFS FINANCIAL CORP. TO ACQUIRE PLAISTOW COOPERATIVE BANK
 NASHUA, N.H., Aug. 31 /PRNewswire/ -- NFS Financial Corp,


(NASDAQ: NFSF) and Plaistow Co-operative Bank, Plaistow, N.H. jointly announce that they have signed a letter of intent whereby NFS Financial Corp.., a $506 million thrift holding company, will acquire Plaistow Co- operative Bank, a $108 million New Hampshire chartered co-operative bank.
 Under the letter of intent, NFS will invest up to $4 million in Plaistow Co-operative in return for which NFS will acquire all the capital stock of Plaistow Co-operative to be issued following a voluntary supervisory conversion from mutual to stock form of organization.
 NFS intends to maintain Plainstow Co-operative as a wholly owned and independent subsidiary of NFS and to maintain the present directors, management and employees. NFS will elect three directors to the board of Plaistow Co-operative.
 The transaction is subject to completion of a due diligence examination of Plaistow Co-operative by NFS, the execution of a definitive agreement by Oct. 10, 1992 and the satisfaction of applicable regulatory matters.
 James H, Adams, president and CEO of NFS, said the acquisition provides additional leverage and earnings opportunities, as well as an extension of NFS's market. "We are very pleased with the letter of intent and look forward to entering the Plaistow market with an affiliate that has a 75 year history of providing excellent service," he said.
 Paul C. Rizzi, Jr., president/CEO of Plaistow Co-operative said, "This is a great opportunity to join resources with a high quality New Hampshire banking company. Our affiliation will allow us to expand our products and services to better meet the growing needs of our community."
 NFS Financial Corp. owns NFS Savings Bank which operates seven offices in the Nashua, N.H. area, as well as an office in Pepperell, Mass.
 Plaistow Co-operative Bank has one office in Plaistow, N.H., a community of 7,300 on the Massachusetts border just north of the City of Haverhill, Mass. and 20 miles from the City of Nashua, N.H.
 Plaistow Co-operative Bank is being represented by the Boston investment firm of Private Capital Investments.
 Completion of the transaction is expected by the end of 1992.
 -0- 8/31/92
 /CONTACT: David A. Sobe or Albert R. Rietheimer of NFS Financial Corporation, 603-880-2011; Paul C. Rizzi, Jr. of Plaistow Co-operative Bank 603-382-8525/
 (NFSF) CO: NFS Financial Corporation; Plaistow Cooperative Bank ST: Massachusetts, New Hampshire IN: FIN SU: TNM


TM -- NE002 -- 4804 08/31/92 08:51 EDT
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Date:Aug 31, 1992
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