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NORTHEAST SAVINGS PURCHASES FOUR BRANCHES OF FARWEST SAVINGS & LOAN ASSOCIATION, F.A. FROM THE RESOLUTION TRUST CORPORATION

 NORTHEAST SAVINGS PURCHASES FOUR BRANCHES OF
 FARWEST SAVINGS & LOAN ASSOCIATION, F.A.
 FROM THE RESOLUTION TRUST CORPORATION
 Hartford, Conn., March 21 /PRNewswire/ -- Northeast Federal Corp. (NYSE: NSB) announced late last night that its thrift subsidiary, Northeast Savings, F.A., has acquired the insured deposits of four branches of FarWest Savings and Loan Association, F.A. from the Resolution Trust Corporation (RTC). FarWest, with approximately $186 million of total deposits in the branches acquired by Northeast Savings, was placed into conservatorship with the RTC in January 1991.
 The four branches acquired by Northeast Savings are located at 2570-B El Camino Real, Carlsbad; 466 S. Escondido Blvd., Escondido; 5575 La Jolla Blvd., La Jolla; and 9025 Mira Mesa Blvd., Mira Mesa, California. The majority of the remaining retail offices of FarWest have been acquired by other institutions in California.
 Northeast Savings will operate the four branches as full service banking offices under the name Northeast Savings. While headquartered in Hartford, Connecticut, Northeast Savings has been providing residential mortgage financing to the Southern California region for over three years through its mortgage subsidiary, Northeast Federal.
 George P. Rutland, Northeast Savings' Chairman, commented that, "This transaction is significant to us because it allows us to enter a new and exciting market as a full service bank. We have had a local presence in Southern California for many years, and have developed strong customer relationships there. By acquiring these four branches of FarWest, we will be able to build on these existing relationships and expand our array of banking services in the Southern California market. We look forward to serving the people of the San Diego area."
 Northeast Savings, F.A., a subsidiary of Northeast Federal Corp., is one of the largest thrift institutions based in New England, with 158 years of continuous service to its customers. With the addition of these new offices, Northeast Savings has 45 branch offices in Connecticut, Massachusetts, Eastern New York state, and Southern California.
 -0- 3/23.92
 /CONTACT: George P. Rutland, Chairman, 203-280-1100; or Kirk W. Walters, president, 203-280-1183, both of Northeast Federal/
 (NSB) CO: Northeast Federal Corp. ST: Connecticut IN: FIN SU: TNM


dh -- NE004 -- 0387 03/23/92 08:00 EST
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Publication:PR Newswire
Date:Mar 23, 1992
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