FIRST FEDERAL &lt;FFBN> MERGING INTO BANKEAST &lt;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.
  

