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PFALTZ AND SIVEK JOIN NORTHEAST FEDERAL CORP. BOARD

 PFALTZ AND SIVEK JOIN NORTHEAST FEDERAL CORP. BOARD
 HARTFORD, Conn., March 20 /PRNewswire/ -- Northeast Federal Corp. (NYSE: NSB), announced today Hugo M. Pfaltz, Jr. and Melvin Sivek have been elected by holders of its $2.25 Cumulative Convertible Preferred Stock, Series A, to its board of directors.
 The two new directors were elected pursuant to the right of the preferred stockholders to elect two directors if the equivalent of six or more quarterly dividends on the preferred stock issue are in default. Pfaltz and Sivek were elected until the next annual meeting of stockholders of Northeast Federal Corp. At each annual meeting thereafter, the preferred stockholders will elect two directors until such time as the dividends on the preferred stock have been paid or declared and set apart for payment. At such time, the term of the directors elected by the preferred stockholders shall end.
 Pfaltz is an attorney at law, a founder of Pfaltz & Woller, P.A., attorneys located in Summit, N.J. He is a former member of the New Jersey state assembly and was chairman of its banking committee. He is a graduate of Hamilton College, Harvard Law School and received a masters degree in federal tax at New York University School of Law.
 Melvin Sivek is a graduate of Hofstra University, where he received his B.S. degree in physics. He is the founder and former chief executive officer of Sivek Associates, Inc., a medical billing service headquartered in Longmeadow, Massachusetts. He is presently engaged by Sivek Associates as a consultant.
 George P. Rutland, chairman and chief executive officer of Northeast Federal, said "It is my pleasure to welcome Messrs. Pfaltz and Sivek to the Board of Directors of Northeast Federal, and I look forward to working with both of them.
 Northeast Federal Corp. is the holding company of Northeast Savings, F.A., one of the largest thrift institutions based in New England, with 158 years of continuous service to its customers. Northeast Savings operates a total of 42 branch offices in New York, Connecticut, and Massachusetts, as well as mortgage lending offices in California through a subsidiary.
 -0- 3/20/92
 /CONTACT: George P. Rutland, chairman of the board and chief executive officer, or Kirk W. Walters, president, chief operating officer and chief financial officer, of Northeast Federal/
 (NSB) CO: Northeast Federal Corp. ST: Connecticut IN: FIN SU: PER


SH -- NE011 -- 0281 03/20/92 18:00 EST
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Publication:PR Newswire
Date:Mar 20, 1992
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