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NORTHEAST FEDERAL CORP. AMENDS ITS PENDING REGISTRATION STATEMENT CONCERNING CONVERSION OF ITS SERIES A PREFERRED STOCK

 HARTFORD, Conn., Feb. 19 /PRNewswire/ -- Northeast Federal Corp. (the "Company") (NYSE: NSB), the holding company for Northeast Savings, F.A., today announced that it has filed an amendment to its pending registration statement under the Securities Act of 1933 relating to the proposed conversion (the "Conversion") of its outstanding shares of its $2.25 Cumulative Convertible Preferred Stock, Series A (the "Convertible Preferred Stock") into shares of its Common Stock. The amendment reflects the decision by the Company not to create and distribute, as had previously been announced, a new series of preferred stock, the Supervisory Goodwill Litigation Dividend Preferred Stock, Series C, in connection with the Conversion. This decision was based on a strong belief as communicated to the Company by numerous shareholders that such a distribution would unnecessarily complicate the Company's capital structure.
 The Company has filed a registration statement and preliminary proxy statement relating to the Conversion and the Common Stock (more)offered by the Company in connection with the Conversion with the Securities and Exchange Commission; such registration statement and proxy statement has not become effective and is not definitive. The shares of Common Stock may not be sold nor may offers to buy or proxies to vote on the Conversion be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy or of a proxy, nor shall there be any sale of Common Stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 2/19/93
 /CONTACT: George P. Rutland, chairman of the board and chief executive officer 203-280-1100; Kirk W. Walters president, chief operating officer and chief financial officer, 203-280-1183, both of Northeast Federal Corp./
 (NSB)


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

CH -- NE003 -- 8263 02/19/93 08:27 EST
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Publication:PR Newswire
Date:Feb 19, 1993
Words:325
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