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NORTHEAST FEDERAL CORP. STATEMENT

 Hartford, Conn., July 22 /PRNewswire/ -- Northeast Federal Corp. ("Northeast Federal" or the "Company") (NYSE:NSB), the holding company for Northeast Savings, F.A., announced today that it intends to reduce the size of its previously announced rights offering from approximately $60 million to $25 million. The Company expects that the rights offering will be completed by Sept. 30, 1993.
 A registration statement relating to the securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor any offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any state. Keefe, Bruyette & Woods, Inc. and First Albany Corporation are acting as financial advisors to the Company on the rights offering.
 -0- 7/21/93
 /CONTACT: Kirk W. Walters, president, chief operating officer and chief financial officer, 203-280-1183/
 (NSB)


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

CM -- NE017 -- 4179 07/21/93 17:21 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
Words:209
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