George Rutland has retired as chairman of Hartford, Conn.based Northeast Federal Corp. and its subsidiary Northeast Savings after meeting a six-year goal to cut the bank's size by 50%.

Mr. Rutland was replaced by Kirk Walters, president and chief executive officer. The management transition was announced last week.

Mr. Walters joined Northeast in 1991 after leaving Los Angeles based California Federal Bank.

When Mr. Rutland arrived in 1988, also from California Federal, he "very much wanted to restructure the bank into being a traditional thrift," Mr. Walters said in an interview Monday.

Paring Back

Mr. Walters and Mr. Rutland cut the bank's balance sheet from $8 billin in assets to $3.6 billion, selling off derivatives and junk bond ivnestments. Most of the 160-year-old bank's assets today are adjustable-rate single-family home mortgages, Mr. Walters said.

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