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NORTHEAST FEDERAL STOCKHOLDERS APPROVE CONVERSION OF STOCK; COMPANY REVISES ANNUAL MEETING DATE

 HARTFROD, Conn., May 7 /PRNewswire/ -- Northeast Federal Corp. (NYSE: NSB), the holding company for Northeast Savings, F.A., announced today that its stockholders voted to approve the conversion of its $2.25 Cumulative Convertible Preferred Stock, Series A, (the "Preferred Stock") into shares of Common Stock. This conversion, proposed on Jan. 28, 1993, required the favorable vote by the holders of record as of March 30, 1993 of at least two-thirds of the outstanding shares of the Preferred Stock, and a majority of the outstanding shares of Common Stock.
 Commenting on the vote, which took place today at a special meeting held for that purpose, George Rutland, chairman, stated, "The Board of Directors and I are pleased that the stockholders have approved this conversion, which will simplify and strengthen our capital structure."
 The conversion will be effective on the date the requisite amendment to Northeast Federal's Certificate of Incorporation is filed with the Secretary of State of Delaware, which is intended to be after the close of trading on the New York Stock Exchange on Friday, May 14, 1993. Therefore, effective the close of business on May 14, 1993, the Preferred Stock will cease to exist and the outstanding shares of Preferred Stock at that time automatically will represent the shares of Common Stock into which such shares of Preferred Stock have converted. Northeast Federal will send a transmittal form to those shareholders that hold Preferred Stock in physical form as of that date. This will allow these shareholders to exchange their Preferred Stock Certificates for the Common Stock Certificates to which they are entitled.
 On another note, Northeast Federal has revised the date of its Annual Meeting of Stockholders for the fiscal year ended Dec. 31, 1992. The meeting will convene at 10:00 a.m. on Friday, June 18, 1993 at the Goodwin Hotel, One Hayes Street, Hartford, Conn. Holders of Northeast Federal common stock of record as of April 30, 1993 will receive notice and be eligible to vote at the meeting.
 -0- 5/7/93
 /CONTACT: George P. Rutland, chairman of the board and chief executive officer, 203-280-1100; 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:

DJ -- NE002 -- 5877 05/07/93 10:57 EDT
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Date:May 7, 1993
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