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NFS FINANCIAL CORPORATION ADOPTS ACCOUNTING STANDARD WITH $4.5 MILLION BENEFIT

 NASHUA, NH, Feb. 1 /PRNewswire/ -- NFS Financial Corp. (NASDAQ: NFSF) announced the adoption of the Statement of Financial Accounting Standards Number 109 "Accounting for Income Taxes" ("SFAS 109"). The adoption will provide a benefit to the company of $4.5 million which will be included in the earnings and stockholders' equity for the quarter ended March 31, 1993.
 James H. Adams, president/CEO, emphasized that the increase was solely as a result of the accounting change required by SFAS 109 and does not result in any refund of income taxes.
 SFAS 109 allows NFS to recognize, as both an asset and an addition to stockholders' equity, the tax effect of the difference between the tax basis and financial accounting basis of certain financial statement items. The accounting standard was issued by the Financial Accounting Standards Board ("FASB") in 1992 and must be adopted by all public companies for fiscal years beginning after Dec. 15, 1992.
 NFS Financial Corp. is the $499.0 million holding company of NFS Savings Bank with seven offices located in Nashua, Hollis, Hudson, Londonderry and Merrimack, N.H. and one office located in Peperell, Mass.
 -0- 2/1/93
 /CONTACT: David A. Sobe or Albert R. Rietheimer of NFS Financial Corp, 603-880-2011/
 (NFSF)


CO: NFS Financial Corp. ST: New Hampshire IN: FIN SU: ACC

SJ -- NE014 -- 1372 02/01/93 12:19 EST
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Publication:PR Newswire
Date:Feb 1, 1993
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