<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) September 29, 1993
NORTHEAST FEDERAL CORP.
______________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 1-10571 06-1288154
____________________________ _________________ ______________________
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification Number)
50 State House Square
Hartford, Connecticut 06103
_________________________________________ __________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 203/280-1000
Not applicable
____________________________________________________________
(Former name or former address if changed since last report)
<PAGE>
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Northeast Federal Corp. ("Northeast Federal") has engaged Deloitte &
Touche as its new independent accountants. Deloitte & Touche will serve as the
independent accountants for both Northeast Federal and its savings and loan
association subsidiary, Northeast Savings, F.A. ("Northeast Savings"). The
decision to hire new independent accountants was recommended by the Audit
Committees of both Northeast Federal and Northeast Savings and approved by the
Board of Directors on September 24, 1993. Coopers & Lybrand, who previously
served as the independent accountants for Northeast Federal and Northeast
Savings were dismissed on that same day.
On September 24, 1993, the date on which the Board of Directors
approved the hiring of Deloitte & Touche as the new independent accountants for
Northeast Federal and Northeast Savings, F.A., subject to compliance with
requisite regulatory requirements, Northeast Savings, the Rhode Island
Depositors Economic Protection Corporation and the trustees of certain Rhode
Island Financial Institutions had an outstanding balance due to Deloitte &
Touche for professional services performed in conjunction with the 1992
acquisition of certain assets of four Rhode Island institutions by Northeast
Savings, F.A. Fees for the services rendered will be paid prior to the
commencement of the current audit engagement.
In connection with the audits of the two fiscal years ended March 31,
1992 and December 31, 1992 and the subsequent interim period through September
24, 1993, there were no disagreements with Coopers & Lybrand on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedures, which disagreements if not resolved to their satisfaction
would have caused them to make reference in connection with their opinion to the
subject matter of the disagreement.
In accordance with Item 304(a)(1)(v) of Regulation S-K, during the two
most recent fiscal years and the subsequent interim period, Northeast Federal
has not been advised by Coopers & Lybrand of any of the reportable events listed
in Item 304(a)(1)(v) (A) through (D).
The audit reports of Coopers & Lybrand on the consolidated financial
statements of Northeast Savings, F.A. and subsidiaries as of and for the fiscal
years ended December 31, 1992 and March 31, 1992 did not contain any adverse
opinion or disclaimer of opinion, nor were they qualified or modified as to
uncertainty, audit scope, or accounting principles, except for an explanatory
paragraph noting the Company changed its method of accounting for income taxes
for the fiscal year ended March 31, 1992. A letter from Coopers & Lybrand is
attached as Exhibit 1.
Item 7. EXHIBITS
Exhibit 1. Letter from Coopers & Lybrand
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NORTHEAST FEDERAL CORP.
______________________________________
Registrant
January 4, 1994 /s/ LYNNE M. CARCIA
______________________________________
Lynne M. Carcia
Senior Vice President and Controller
(Principal Accounting Officer)
<PAGE>
Exhibit 1
December 28, 1993
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by Northeast Federal Corp., which we understand
will be filed with the Commission, pursuant to Item 4 of Form 8-K, as part of
the Company's Form 8-K report for the month of December 1993. We agree with
the statements concerning our Firm in such Form 8-K.
Very truly yours,
/s/ Coopers & Lybrand
_________________________
