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NORTHEAST FEDERAL CORP. COMPLETES SALE OF NON-PERFORMING ASSETS

 Hartford, Conn., Aug. 30, /PRNewswire/ -- Northeast Federal Corp. (NYSE:NSB), the holding company for Northeast Savings, F.A., has completed the previously announced sale of $30.4 million of residential real estate acquired in settlement of loans (REO).
 George P. Rutland, chairman of the board and chief executive officer, stated that, "The successful bulk sale of these REO properties is just another sign of management's concerted efforts and ongoing commitment to reduce the company's level of non-performing assets. The transaction completed today reduces the company's non-performing assets from 4.45 percent to 3.84 percent of total assets on a pro-forma basis as of June 30, 1993."
 The sale will result in a reduction in pre-tax earnings of approximately $750,000 in the quarter ended Sept. 30, 1993. The company had initially recorded a $6 million provision for loss in anticipation of the sale during the quarter ended June 30, 1993.
 Northeast Savings is one of the largest thrift institutions based in New England, with nearly 160 years of service to its customers. Northeast Savings operates 52 banking offices in New York, Connecticut, Massachusetts, Rhode Island and southern California, and has mortgage lending offices in Greenwich, Connecticut; Denver, Colorado; Portland, Oregon; and San Diego, California.
 -0- 8/30/93
 /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, both of Northeast Savings/
 (NSB)


CO: Northeast Federal Corp.; Northeast Savings, F.A. ST: Massachusetts IN: FIN SU:

CM -- NE001 -- 6926 08/30/93 08:23 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
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