FIRST FEDERAL <FFBN> MERGING INTO BANKEAST <BENH>
First Federal Bank FSB said it has
entered into a letter of intent to merge into BankEast Corp for
60 dlrs per First Federal share in BankEast common stock.
    First Federal said, subject to certain adjustments,
including First Federal's earnings prior to the close of the
deal, each share of its common stock shall not be converted
into less than 2.9 shares or more than 3.5 shares of BankEast
common.
    First Federal said the proposed move is also subject to
execution of a definitive agreement, regulatory approval and
the approval of First Federal shareholders.
 Reuter
