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NORTHEAST FEDERAL ANNOUNCES CONVERSION OF ITS CONVERTIBLE PREFERRED STOCK INTO COMMON STOCK

 HARTFORD, Conn., May 17 /PRNewswire/ -- Northeast Federal Corp. (the "company") (NYSE: NSB), the holding company for Northeast Savings, F.A. (the "association"), announced that after the close of business on Friday, May 14, 1993, all of the outstanding shares of the company's $2.25 Cumulative Convertible Preferred Stock, Series A, (the "Convertible Preferred Stock") were converted into shares of the company's Common Stock at the ratio of 4.75 shares of Common Stock for each share of Convertible Preferred Stock. This conversion was approved by stockholders at a Special Meeting of Stockholders held on May 7, 1993, and was effective upon the filing on Friday of the requisite amendment to the company's Certificate of Incorporation.
 Today, the company will send a letter of transmittal to all of its physical holders of the Convertible Preferred Stock explaining the procedure for the exchange of Convertible Preferred Stock Certificates for Common Stock Certificates. Chemical Bank will act as Exchange Agent for this transaction and may be contacted at 1-800-648-8169 for additional information.
 -0- 5/17/93
 /CONTACT: Kirk W. Walters, president, chief operating officer and chief financial officer of Northeast Federal, 203-280-1183/
 (NSB)


CO: Northeast Federal Corporation ST: Connecticut IN: FIN SU:

DD -- NE006 -- 8995 05/17/93 08:10 EDT
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Publication:PR Newswire
Date:May 17, 1993
Words:208
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