FARMINGTON, Conn. - Northeast Federal Corp., the holding company for Northeast Savings, said it will indefinitely postpone a shareholder meeting to consider the company's purchase by Shawmut National Corp.
The meeting had been scheduled and postponed three times previously. The most recent meeting was to be held May 11.
The adjournments resulted from Shawmut's agreement to merge with Fleet Financial Group. Northeast said it needs additional information about the Shawmut-Fleet transaction to distribute to shareholders before a new meeting can be held.
Shawmut has not yet made the information available, according to Northeast.