FARMINGTON, Conn. - Northeast Federal Corp. said it will hold a special shareholders meeting May 11 to vote on its agreement to merge with Shawmut National Corp.

The meeting has been postponed twice, from March 17 and April 14.

Northeast chairman, president, and chief executive Kirk W. Walters said the postponements were due to Shawmut's agreement to merge with Fleet Financial Corp.

"As a result of the Shawmut/Fleet agreement, additional information regarding the ... transaction must be disseminated to Northeast shareholders," Mr. Walters said.

Northeast Federal Corp. is the holding company for Northeast Savings, one of the largest thrifts in New England. Northeast Savings operates retail branches in New York, Connecticut, and Massachusetts.

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