NORTHEAST SAVINGS <NSB> ADOPTS RIGHTS PLAN Northeast Savings F.A. said its board adopted a shareholder rights plan designed to protect the company from coercive takeover tactics and bids not fair to all sharholders. Under the plan, the board declared a dividend of one share purchase right for each of the Northeast common shares held of record as of November two, the company said. Initially, the rights are not exerciseable, rights certificates are not distributed, and the rights automatically trade with Northeast's shares, the company said. However, 20 days following the acquisition of 20 pct or more of Northeast's common shares shares or 20 days following the commencement of a tender offer for 30 pct or more of Northeast's shares, the rights will become exerciseable and separate rights certificates will be distributed, the company said. The rights will entitle holders of Northeast's common shares to purchase additional shares at an exercise price of 60 dlrs a share, the company said. The company said that in the event of certain triggering events described in the rights plan, holders of the rights, other than an acquiring person, will be entitled to acquire Northeast's common shares having a market value of twice the then-current exercise price of the rights. Also, in the event Northeast enters into certain business combination transactions, holders of the rights will be provided a right to acquire equity securities of the acquiring entity having a market value of twice the then-current exercise price of the rights, the company said. Northeast said it will be entitled to redeem the rights at one cent per right until the occurence of certain events.