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NFS FINANCIAL CORP. ACQUIRES PLAISTOW CO-OPERATIVE BANK

 NASHUA, N.H., March 1 /PRNewswire/ -- NFS Financial Corp. (NASDAQ: NFSF) and Plaistow Co-operative Bank, Plaistow, N.H. jointly announce that NFS has acquired Plaistow Co-operative.
 Plaistow Co-operative will operate as a wholly-owned and independent subsidiary of NFS. While its charter will change to that of a federal savings bank, Plaistow Co-operative will retain its name, directors, management and staff.
 Under the acquisition agreement, three current directors of NFS have been added to the board of Plaistow Co-operative. They are James H. Adams, president/CEO of NFS, James J. Hebert, chairman of NFS and president, Rice's Pharmacy, Nashua, and Roger H. Osgood, Jr., president, The Osgood Company, Nashua.
 Continuing as directors of Plaistow Co-operative are Paul C. Rizzi, Jr., president/CEO of Plaistow Co-operative, John E. Hansbury, chairman of Plaistow Co-operative and president, Joseph S. Hills Agency, Inc., Paul J. Auger, owner Hampstead Pharmacy, Neil E. Emerson, president of Emerson Mobile Home Park, Leo M. Prenaveau, president Royal Woodcraft, and Dana C. Favor, senior vice president and senior loan officer of Plaistow Co-operative.
 In addition to Rizzi and Favor, the executive officers of Plaistow Co-operative are Kevin R. Day, treasurer, and Muriel M.J. Cote, vice president and chief operations officer.
 NFS's James H. Adams noted he was pleased with the acquisition. "Plaistow Co-operative is a fine community bank. Their dedication to providing excellence in financial services matches our own philosophy very well," Adams said.
 Plaistow's Paul C. Rizzi, Jr., said the acquisition by NFS benefits both the bank and its customers. "The transaction is voluntary and will enable us to continue to serve the deposit and loan needs of the community. We especially look forward to a more active lending role throughout the Plaistow area," Rizzi noted.
 NFS Financial Corp. recently reported earnings of $3.5 million for 1992. It also adopted a change in accounting standard that will provide a $4.5 million benefit to earnings and stockholders' equity for the first quarter of 1993. It also owns NFS Savings Bank which operates seven offices in the Nashua area, as well as an office in Pepperell, Mass.
 -0- 3/1/93
 /CONTACT: David A. Sobe or Albert R. Rietheimer of NFS Financial Corp., 603-880-2011; Paul C. Rizzi, Jr. of Plaistow Co-operative Bank, 603-382-8525/
 (NFSF)


CO: NFSF Financial Corp. ST: New Hampshire IN: FIN SU: TNM

CH -- NE016 -- 1428 03/01/93 12:47 EST
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Publication:PR Newswire
Date:Mar 1, 1993
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