NORTHEAST SAVINGS &lt;NSB> ADOPTS RIGHTS PLAN
  Northeast Savings F.A. said its
  board adopted a shareholder rights plan designed to protect the
  company from coercive takeover tactics and bids not fair to all
  sharholders.
      Under the plan, the board declared a dividend of one share
  purchase right for each of the Northeast common shares held of
  record as of November two, the company said.
      Initially, the rights are not exerciseable, rights
  certificates are not distributed, and the rights automatically
  trade with Northeast's shares, the company said.
      However, 20 days following the acquisition of 20 pct or
  more of Northeast's common shares shares or 20 days following
  the commencement of a tender offer for 30 pct or more of
  Northeast's shares, the rights will become exerciseable and
  separate rights certificates will be distributed, the company
  said.
      The rights will entitle holders of Northeast's common
  shares to purchase additional shares at an exercise price of 60
  dlrs a share, the company said.
      The company said that in the event of certain triggering
  events described in the rights plan, holders of the rights,
  other than an acquiring person, will be entitled to acquire
  Northeast's common shares having a market value of twice the
  then-current exercise price of the rights. Also, in the event
  Northeast enters into certain business combination
  transactions, holders of the rights will be provided a right to
  acquire equity securities of the acquiring entity having a
  market value of twice the then-current exercise price of the
  rights, the company said. Northeast said it will be entitled to
  redeem the rights at one cent per right until the occurence of
  certain events.
  

