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NORTHEAST FEDERAL ESTABLISHES EXCHANGE RATIO AND MEETING DATE PURSUANT TO ITS PROPOSED CONVERSION OF PREFERRED STOCK TO COMMON

 HARTFORD, Conn., Mar. 22 /PRNewswire/ -- Northeast Federal Corp. (the "Company") (NYSE: NSB), the holding company for Northeast Savings, F.A., today announced that its Board of Directors has established a ratio of 4.75 shares of Common Stock for each share of $2.25 Cumulative Convertible Preferred Stock, Series A (the "Convertible Preferred Stock") for purposes of the proposed conversion of all of the outstanding shares of Convertible Preferred Stock into shares of Common Stock. In addition, the Board of Directors has set May 7, 1993, as the date for the Special Meeting of holders of the Company's Common Stock and Convertible Preferred Stock, which is being called to consider and approve the conversion (the "Special Meeting").
 A notice of the Special Meeting and a proxy statement will be sent shortly to all holders of record of the Company's Common Stock and Convertible Preferred Stock. The record date has been set as March 24, 1993.
 The Company has filed a registration statement and preliminary proxy statement relating to the conversion and the Common Stock 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 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 does 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 the 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- 3/22/93
 /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/
 (NSB)


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

DH -- NE003 -- 8026 03/22/93 07:48 EST
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Publication:PR Newswire
Date:Mar 22, 1993
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