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NORTHEAST FED. ANNOUNCES COURT RULING AND INDENTURE QUALIFICATION REGARDING ACQUISITION OF FOUR RHODE ISLAND FINANCIAL INSTITUTIONS

NORTHEAST FED. ANNOUNCES COURT RULING AND INDENTURE QUALIFICATION REGARDING ACQUISITION OF FOUR RHODE ISLAND FINANCIAL INSTITUTIONS
 HARTFORD, CT, April 20 /PRNewswire/ -- Northeast Federal Corp. (NYSE: NSB), and its wholly owned subsidiary, Northeast Savings, F.A. (collectively "Northeast") announced today that on April 16, 1992, Judge Krause of the Superior Court of Providence County, R.I., issued his ruling approving the application by the receivers for Providence Teachers Credit Union; Columbian Credit Union; East Providence Credit Union; and Greater Providence Deposit Corporation and certain of its affiliated entities (collectively, the "Institutions") to enter into the proposed acquisition with Northeast. The written order containing Judge Krause's ruling was signed by him and entered by the court clerk on April 17, 1992. The ruling is subject to a 20 day appeal period which expires on May 7, 1992.
 Northeast has been notified by the Securities and Exchange Commission ("SEC") that the trust indenture governing the debentures to be issued to certain depositors of the Institutions has been qualified under the Trust Indenture Act of 1939, as amended. In addition, Northeast has also received from the State of Rhode Island Division of Taxation a private letter ruling on the aforementioned transactions.
 "We expect to execute definitive agreements with the Receivers and the Rhode Island Depositors' Economic Protection Corporation (DEPCO) early this week," stated George P. Rutland, chairman and Chief executive officer of Northeast Federal Corp. and Northeast Savings. "We look forward to the culmination of what has been a long and arduous process, not to mention an extremely frustrating one for the depositors of the Institutions," continued Mr. Rutland.
 Northeast Federal Corp. also expects in the near future to enter into a definitive agreement with the Federal Deposit Insurance Corporation ("FDIC") as manager of the FSLIC Resolution Fund regarding the repurchase of its outstanding shares of Adjustable Rate Cumulative Preferred Stock, Series A. Consummation of the transactions remains subject to final satisfaction of various regulatory authorities, particularly the Office of Thrift Supervision and the FDIC.
 -0- 4/20/92
 /CONTACT: George P. Rutland, chief executive officer, 203-280-1100, or Kirk Walters, president, chief operating officer, 203-280-1183/
 (NSB) CO: Northeast Federal Corp. ST: Connecticut IN: FIN SU:


TM -- NE002 -- 9840 04/20/92 07:55 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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