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NORTHEAST FEDERAL CORP. WITHDRAWS RIGHTS OFFERING

 HARTFORD, Conn., Aug. 13 /PRNewswire/ -- Northeast Federal Corp. (NYSE: NSB), the holding company for Northeast Savings, F.A., announced today that it has decided not to proceed with its previously announced rights offering and that it is withdrawing its registration statement filed with the Securities and Exchange Commission relating to such rights offering. George P. Rutland, chairman of the board and chief executive officer stated that "current market conditions do not justify proceeding with the offering."
 Northeast Savings is one of the largest thrift institutions based in New England, with nearly 160 years of service to its customers. Northeast Savings operates 52 retail branches in New York, Connecticut, Massachusetts, Rhode Island, and Southern California, and has mortgage lending offices in San Diego, Calif.; Greenwich, Conn.; Denver; and Portland, Ore.
 -0- 8/13/93
 /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, both of Northeast Federal/
 (NSB)


CO: Northeast Federal Corp. ST: Connecticut IN: FIN SU: OFR

JL -- NE009 -- 2732 08/13/93 17:18 EDT
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Publication:PR Newswire
Date:Aug 13, 1993
Words:183
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