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NORTHEAST FEDERAL CORPORATION ANNOUNCES REVISED UNDERSTANDING WITH REPRESENTATIVES OF THE FEDERAL DEPOSIT INSURANCE CORPORATION

NORTHEAST FEDERAL CORPORATION ANNOUNCES REVISED UNDERSTANDING WITH
 REPRESENTATIVES OF THE FEDERAL DEPOSIT INSURANCE CORPORATION
 HARTFORD, Conn., Feb. 10 /PRNewswire/ -- Northeast Federal Corp. (Northeast Federal) (NYSE: NSB), the holding company for Northeast Savings, F.A., (the Association) announced today that it had agreed in principal with representatives of the Federal Deposit Insurance Corporation (FDIC) to repurchase Northeast Federal's $60 million Adjustable Rate Cumulative Preferred Stock, Series A plus accumulated dividends for $28 million in cash and $7 million in 9 percent Sinking Fund Uncertificated Debentures, due in 2012 ("Debentures"). Such repurchase would be subject to a variety of conditions and limitations including approval by the FDIC Board of Directors and consummation of the transactions previously announced for the Association to acquire the assets of four Rhode Island financial institutions from their receivers (the "Receivers"). Such previously announced transactions would have to be revised by agreement with the receivers and the Rhode Island Depositors Economic Protection Corporation to provide for the receivers to purchase an increased amount of debentures and to permit the increase in the total amount of debt to be issued by Northeast Federal. The transaction involving the Rhode Island institutions also remains subject to a variety of conditions and uncertainties, including among other things, requisite approval by the Office of Thrift Supervision and the FDIC; the receipt of a private letter ruling from the Internal Revenue Service; qualification of the Indenture governing the Debentures under the Trust Indenture Act of 1939, administered by the Securities and Exchange Commission; and approval by the Superior Court of Providence County, Rhode Island after notice of and a hearing on the fairness of the transactions involving the receiverships.
 -0- 2/10/92
 /CONTACT: George P. Rutland, chairman of the board and chief executive office, 203-280-1100; or Kirk W. Walters, president, chief operating officer and chief financial officer, 203-280-1183, of Northeast Federal/ CO: Northeast Federal Corp. ST: Connecticut IN: FIN SU:


EG -- NE006 -- 8154 02/10/92 09:28 EST
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Publication:PR Newswire
Date:Feb 10, 1992
Words:326
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