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NORTHEAST FEDERAL RECEIVES FDIC APPROVAL TO ACQUIRE FOUR R.I. FINANCIAL INSTITUTIONS, REPURCHASE ITS ADJUSTABLE RATE CUMULATIVE PREFERRED STOCK

NORTHEAST FEDERAL RECEIVES FDIC APPROVAL TO ACQUIRE FOUR R.I. FINANCIAL INSTITUTIONS, REPURCHASE ITS ADJUSTABLE RATE CUMULATIVE PREFERRED STOCK
 HARTFORD, Conn., Feb. 12 /PRNewswire/ -- Northeast Federal Corp. (the "Company") (NYSE: NSB), and its wholly owned subsidiary, Northeast Savings, F.A. (the "Association") announced today that they have been advised orally by the Federal Deposit Insurance Corporation (the "FDIC") that the FDIC has approved the Association's application to acquire certain assets of four financial institutions in Rhode Island in receive rship, and also a proposal for the Company to repurchase the Company's Adjustable Rate Cumulative Preferred Stock, Series A held by the FSLIC Resolution Fund administered by the FDIC. The Company and the Association have not seen the approvals as yet, but anticipate that they will be subject to a variety of conditions, which the Company and the Association have not had the opportunity to consider and evaluate. Consummation of the transactions remains contingent upon a variety of conditions and uncertainties including action by the Office of Thrift Supervision, 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, 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- 2/12/92
 /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, of Northeast Federal/
 (NSB) CO: Northeast Federal Corp. ST: Connecticut IN: FIN SU:


SH -- NE014 -- 9286 02/12/92 13:41 EST
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Publication:PR Newswire
Date:Feb 12, 1992
Words:277
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