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NORTHEAST FEDERAL ANNOUNCES SIGNED AGREEMENT WITH THE FEDERAL DEPOSIT INSURANCE CORPORATION

 NORTHEAST FEDERAL ANNOUNCES SIGNED AGREEMENT
 WITH THE FEDERAL DEPOSIT INSURANCE CORPORATION
 HARTFORD, Conn., April 23 /PRNewswire/ -- Northeast Federal Corp. (NYSE: NSB), and its wholly owned subsidiary, Northeast Savings, F.A. (collectively "Northeast") announced today that they signed an agreement with the Federal Deposit Insurance Corporation ("FDIC") as manager of the FSLIC Resolution Fund for the repurchase of Northeast Federal's Adjustable Rate Cumulative Preferred Stock, Series A (the "Preferred Stock"). Northeast agreed to repurchase the Preferred Stock for $28,000,000 in cash and $7 million of 9 percent Sinking Fund Uncertified Debentures due 2012 (the "Debentures").
 Consummation of the repurchase of the Preferred Stock is subject to various conditions, including that it occur at the same time as the acquisition by Northeast of assets of four Rhode Island financial institutions ("the Institutions") currently in receivership proceedings and related transactions. The principal related transaction concerns the sale of Debentures by Northeast Federal to the receivers for the Institutions in order to provide funds to effectuate the repurchase of the Preferred Stock.
 -0- 4/23/92
 /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, both of Northeast Federal Corp./
 (NSB) CO: Northeast Federal Corporation ST: Connecticut IN: INS SU:


DD -- NE005 -- 1618 04/23/92 07:43 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
Words:224
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