SOUTHEAST BANCORP <STB> ACTS ON BRAZILIAN DEBT
Following the lead of other major
banks, Southeast Banking Corp told the Securities and Exchange
Commission it would place 54.2 mln dlrs of medium- and
long-term Brazilian debt on non-accrual or cash status.
    Based on current interest rates, it estimated in a filing
that the move will reduce net income by about 800,000 dlrs in
the first quarter and 3.2 mln dlrs for all of 1987. The company
also said it did not believe the Brazilian debt situation would
have a "material adverse" effect on it.
    It also said it would issue 1,080,000 common shares in
connection with its acquisition of Popular Bancshares Corp.
 Reuter
