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NORTHEAST FEDERAL ANNOUNCES SIGNED ACQUISITION AGREEMENT WITH RECEIVERS OF FOUR RHODE ISLAND FINANCIAL INSTITUTIONS

 NORTHEAST FEDERAL ANNOUNCES SIGNED ACQUISITION AGREEMENT
 WITH RECEIVERS OF FOUR RHODE ISLAND FINANCIAL INSTITUTIONS
 HARTFORD, Conn., April 22 /PRNewswire/ -- Northeast Federal Corp. (NYSE: NSB), and its wholly owned subsidiary, Northeast Savings, F.A. (collectively "Northeast") announced that Northeast signed today an acquisition agreement (the "Agreement") with the receivers (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"), the Rhode Island Depositors Economic Protection Corporation ("DEPCO"), and the State of Rhode Island and Providence Plantations represented by Governor Sundlun. In addition, Northeast Federal Corp. today entered into a Debenture Purchase Agreement with the Receivers and a Stock and Warrant Purchase Agreement with DEPCO.
 Also, today the Rhode Island Board of Bank Incorporation ("the Board"), approved Northeast Savings' application for the opening of certain of the branches of the Institutions as Northeast Savings branches. George P. Rutland, Chairman and Chief Executive Officer of Northeast appeared and testified at the hearing conducted by the Board.
 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 involving the Institutions remains subject to the appeal process for the ruling entered by Judge Krause on April 17, 1992, in the receivership proceedings for the Institutions in the Superior Court of Providence County, Rhode Island. Judge Krause's written order approved the application by the Receivers to enter into the Agreement, and related transactions. Additionally, consummation of the transactions remains subject to the final satisfaction of various regulatory authorities, particularly the Office of Thrift Supervision and the FDIC.
 -0- 4/22/92
 /CONTACT: George P. Rutland, chairman of the board and chief executive officer, 203-280-1100; or Kirk W. Walters, president, chief operating officer and chief financial officer, 203-280-1183/
 (NSB) CO: Northeast Federal Corp. ST: Connecticut IN: FIN SU: TNM


dh -- NE002 -- 1026 04/22/92 07:50 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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