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NORTHEAST FEDERAL ANNOUNCES COURT DATE AND INDENTURE APPLICATION REGARDING ACQUISITION OF FOUR RHODE ISLAND FINANCIAL INSTITUTIONS

 NORTHEAST FEDERAL ANNOUNCES COURT DATE AND INDENTURE APPLICATION
 REGARDING ACQUISITION OF FOUR RHODE ISLAND FINANCIAL INSTITUTIONS
 HARTFORD, Conn, March 30 /PRNewswire/ -- Northeast Federal Corp. (NYSE: NSB), and its wholly owned subsidiary, Northeast Savings, F.A. announced today that the proposal for the acquisition by Northeast Savings of certain assets of four Rhode Island financial institutions in receivership proceedings and the issuance of deposits in Northeast Savings to certain depositors in those institutions, and related transactions, has been scheduled for a hearing at 10 a.m. on April 16, 1992 by the Superior Court, Providence County, R.I., and the receivers for the institutions involved have commenced the giving of notice of hearing to all depositors and other affected parties.
 In addition, Northeast Federal Corp. has filed an application with the Securities and Exchange Commission seeking qualification under the Trust Indenture Act of 1939, as amended, of the indenture governing its 9 percent Sinking Fund Uncertificated Debentures, due 2012, which would be issued in connection with transactions related to the proposal.
 Northeast Savings' Chairman George P. Rutland, said "These steps represent continuing progress toward the completion of these acquisitions. We are pleased with the progress that has been made in the last several weeks."
 Consummation of the various transactions involved in connection with the proposal remains subject to a variety of conditions and uncertainties, including the decision by the Superior Court, Providence County, qualification of the indenture under the Trust Indenture Act, and the final satisfaction of the Office of Thrift Supervision and the Federal Deposit Insurance Corporation ("FDIC") as to the transactions involved, including the proposed repurchase by Northeast Federal Corp. of its outstanding Adjustable Rate Cumulative Preferred stock, Series A, held by the FSLIC Resolution Fund managed by the FDIC.
 -0- 3/30/92
 /CONTACT: George P. Rutland, chairman and chief executive officer, 203-280-1100, or Kirk Walters, president, chief operating officer and chief financial officer, 203-280-1183 of Northeast Federal/
 (NSB) CO: Northeast Federal Corp, Northeast Savings ST: Connecticut IN: FIN SU: TNM


TM -- NE003 -- 2691 03/30/92 08:12 EST
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Publication:PR Newswire
Date:Mar 30, 1992
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