HARTFORD, Conn. - Northeast Federal Corp. named Kirk W. Walters, 37, its chief executive on Monday. He will succeed George P. Rutland, 61, the company's chairman since 1988. Mr. Walters also will be chief executive of the company's subsidiary bank, Northeast Savings. The positions will become effective Jan. 1.
Mr. Walters will add the title of chief executive to those of president and chief operating officer, positions he has held since 1991.
Mr. Walters joined Northeast Savings in 1989 from California Federal Bank, a subsidiary of Calfed Inc., where he had been senior vice president and controller.
He was elected to the board of directors of Northeast Federal Corp. and Northeast Savings late in 1990.
Northeast Savings has $3.9 billion of assets and 51 retail branches in New York, Connecticut, Massachusetts, Rhode Island, and Southern California.