HARTFORD, Conn. -- Northeast Federal Corp. will reduce the size of its previously reported rights offering to $25 million, from $60 million.

The company said it expects the offering to be completed by Sept. 30. A company spokesman declined to comment on the reduction.

As reported, Northeast Federal said it formulated the offer to increase the capital of its Northeast Savings unit to a "well-capitalized" level from its current "adequately capitalized" level.

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