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NORTHEAST FEDERAL CORP. ANNOUNCES RECEIPT OF OTS APPROVAL TO ACQUIRE FOUR RHODE ISLAND FINANCIAL INSTITUTIONS

 NORTHEAST FEDERAL CORP. ANNOUNCES RECEIPT OF OTS APPROVAL
 TO ACQUIRE FOUR RHODE ISLAND FINANCIAL INSTITUTIONS
 HARTFORD, Conn., Feb. 24 /PRNewswire/ -- Northeast Federal Corp. (the "Company") (NYSE: NSB), and its wholly owned subsidiary, Northeast Savings, F.A. (the "Association") announced today that they had received written approval from the Office of Thrift Supervision ("OTS") of the consolidated application of Northeast Federal Corp. and the Association's application for the purchase of branch offices and or transfer of savings account application filed simultaneously with respect to the acquisition of the assets and liabilities of the following institutions: East Providence Credit Union, Providence Teachers Credit Union, Columbian Credit Union, and Greater Providence Deposit Corporation. In addition, the Company has now received the written approval of the Federal Deposit Insurance Corporation (the "FDIC") of its application to purchase certain assets and liabilities for the above four Rhode Island institutions. Both approvals are subject to a variety of conditions which the Company believes to be acceptable, but which its attorney is reviewing. The Company has also received a "no action" letter from the staff of the Securities and Exchange Commission relating to the proposed distribution of debentures to depositors in the Rhode Island institutions.
 Although Northeast Federal has received verbal approval of its proposal that the Company repurchase the Company's Adjustable Rate Cumulative Preferred Stock, Series A held by the FSLIC Resolution Fund administered by the FDIC, written approval has not yet been obtained.
 Consummation of these transactions remains contingent upon a variety of conditions including the receipt of a private letter ruling from the Internal Revenue Service; the qualification of an Indenture under the Trust Indenture Act of 1939 administered by the Securities and Exchange Commission; approval by the Superior Court of Providence County, Rhode Island, after notice of and a hearing on the fairness of the transactions involving the receivership; and receipt of the written approval and evaluation of any conditions to repurchase the stock held by the FSLIC Resolution Fund administered by the FDIC.
 -0- 2/24/92
 /CONTACT: George P. Rutland, chairman and CEO, 203-280-1100; or Kirk W. Walters, president, COO and CFO, 203-280-1183, of Northeast Federal Corp./
 (NSB) CO: Northeast Federal Corporation ST: Connecticut, Rhode Island IN: FIN SU: TNM


PB -- NE006 -- 1693 02/24/92 07:56 EST
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Publication:PR Newswire
Date:Feb 24, 1992
Words:378
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