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KIRK W. WALTERS ELECTED CHIEF EXECUTIVE OF NORTHEAST FEDERAL CORP. AND NORTHEAST SAVINGS, F.A.

 HARTFORD, Conn., Nov. 22 /PRNewswire/ -- Kirk W. Walters, 37, has been elected chief executive officer of Northeast Federal Corp. (NYSE: NSB) and its wholly owned subsidiary, Northeast Savings, F.A., according to an announcement made today, Nov. 22, 1993, by George P. Rutland, chairman of the board of directors.
 Effective Jan. 1, 1994, Walters will succeed Rutland, 61, as CEO, adding that responsibility to those of president and chief operating officer, positions he has held since 1991. Walters will report to Rutland who has served as chairman and chief executive officer since 1988, and will continue in the role of chairman.
 In announcing Walters' election, Rutland said, "Kirk's financial acumen and steadfast commitment to Northeast make him ideally suited for his new responsibilities. He has played an integral role in steering the company towards consistent profitability and increased stockholder value. We are confident his uncommon vision will serve our stockholders, customers and employees in good stead."
 With Walters in the chief executive officer's position, Rutland will focus his attention on addressing issues related to non-performance of certain company assets. "There is a real opportunity here to strengthen company operations," he says, "and we intend to do so."
 Walters joined Northeast Savings in the Spring of 1989 from California Federal Bank, a subsidiary of CalFed, Inc., where he had served as senior vice president and controller. Prior to than he was with Atlantic Richfield Company (ARCO), and, before that, Coopers & Lybrand.
 He was elected to the board of directors of Northeast Federal Corp. and Northeast Savings late in 1990.
 With $3.9 billion in assets, Northeast Savings is one of the largest thrift institutions based in New England, and has served the community for nearly 160 years. Northeast Savings has 51 retail branches in New York, Connecticut, Massachusetts, Rhode Island, and Southern California; and operates mortgage lending offices in San Diego, Calif.; Greenwich, Conn.; and through a subsidiary in Colorado.
 -0- 11/22/93
 /CONTACT: Office of the chairman for Northeast Federal Corp., 203-280-1100/
 (NSB)


CO: Northeast Federal Corp.; Northeast Savings F.A. ST: Connecticut IN: FIN SU: PER

CM-JL -- NE002 -- 6707 11/22/93 09:26 EST
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Publication:PR Newswire
Date:Nov 22, 1993
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