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NFS FINANCIAL CORP. AGREES TO ACQUIRE PLAISTOW CO-OPERATIVE BANK

 NFS FINANCIAL CORP. AGREES TO ACQUIRE PLAISTOW CO-OPERATIVE BANK
 NASHUA, N.H., Oct. 13 /PRNewswire/ -- NFS Financial Corp. (NASDAQ: NFSF) and Plaistow Co-operative Bank, Plaistow, N.H., jointly announce that they have signed an acquisition agreement for NFS Financial Corp., a $496 million thrift holding company, to acquire Plaistow Co-operative Bank, a $108 million New Hampshire-chartered co- operative bank. This follows a letter of intent signed by the parties as of Aug. 26, 1992.
 Under the agreement, NFS will invest up to $5.5 million in Plaistow Co-operative sufficient to make it "well capitalized" under applicable regulations for savings associations. In return, NFS will acquire all the capital stock of Plaistow Co-operative to be issued following a voluntary supervisory conversion from mutual to stock form of organizations.
 After the acquisition, NFS will maintain Plaistow Co-operative as a wholly owned and independent subsidiary of NFS and continue the present directors, management and employees. NFS will elect three directors to the board of Plaistow Co-operative.
 The agreement was signed following a due diligence examination of Plaistow Co-operative by NFS and approval of the transaction by both boards of directors. The transaction will be subject to approval of the Office of Thrift Supervision and satisfaction of regulatory matters. The parties anticipate that, assuming satisfaction of applicable conditions, the transaction can be consummated during the first quarter of 1993.
 James H. Adams, president/CEO of NFS, said, "We are pleased to have reached agreement with Plaistow Co-operative Bank. NFS looks forward to participating in the Plaistow market with an affiliate of such long and strong standing in that community."
 Paul C. Rizzi, Jr., president/CEO of Plaistow Co-operative, said, "We are delighted to be affiliating with NFS and increasing our abilities to serve our growing community."
 NFS Financial Corp. owns NFS Savings Bank, which operates seven offices in the Nashua, N.H.,area, as well as an office in Pepperell, Mass.
 Plaistow Co-operative Bank has one office in Plaistow, N.H., a community of 7,300 on the Massachusetts border juist north of Haverhill, Mass. and 20 miles from Nashua, N.H.
 -0- 10/13/92
 /CONTACT: David A. Sobe or Albert R. Rietheimer, both of NFS, 603-880-2011; or Paul C. Rizzi Jr. of Plaistow Co-operative Bank, 603-382-8525/ CO: NFS Financial Corp. ST: New Hampshire IN: FIN SU: CON


CH -- NE006 -- 9172 10/13/92 09:36 EDT
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Publication:PR Newswire
Date:Oct 13, 1992
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