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NORTHEAST FEDERAL'S REGISTRATION STATEMENT FOR ITS PROPOSED CONVERSION OF PREFERRED STOCK TO COMMON IS NOW EFFECTIVE

 HARTFORD, Conn, March 24 /PRNewswire/ -- Northeast Federal Corp. (the "Company") (NYSE: NSB), the holding company for Northeast Savings, F.A., today announced that its registration statement filed with the Securities and Exchange Commission regarding its proposed conversion of its $2.25 Cumulative Convertible Preferred Stock, Series A ("Convertible Preferred Stock") is now effective. If approved by shareholders at a Special Meeting to be held on May 7, 1993, the proposed conversion would result in all of the outstanding shares of Convertible Preferred Stock being converted into shares of the Company's Common Stock, at the rate of 4.75 shares of Common Stock for each share of Convertible Preferred Stock. A copy of the prospectus and proxy statement and a notice of the Special Meeting will be sent shortly to all holders of record of the Company's Common Stock and Convertible Preferred Stock as of March 30, 1993.
 This announcement does not constitute an offer to sell or a solicitation of an offer to buy or of a proxy, nor shall there be
 any sale of the Common Stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Such offer and solicitation are made only through the prospectus and proxy statement.
 -0- 3/24/93
 /CONTACT: George P. Rutland Chairman of the Board and Chief Executive Officer, 203-280-1100, or Kirk W. Walters President, Chief Operating Officer and Chief Financial Officer 203-280-1183/
 (NSB)


CO: Northeast Federal Corp. ST: Connecticut IN: FIN SU:

TM -- NE003 -- 8938 03/24/93 07:48 EST
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Publication:PR Newswire
Date:Mar 24, 1993
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