Jeanne Hulit Elected to National SBA Lender Association Board

Lewiston, Maine
Tuesday, January 5, 2016

Northeast Bank (the “Bank”) announced today that Jeanne Hulit, President of the Bank’s Community Banking Division, was elected to the National Association of Government Guaranteed Lenders (NAGGL) Board of Directors. NAGGL is the only national trade association that serves the needs and represents the interests of the Small Business Administration (SBA) lending community, supporting their efforts to finance a wide variety of Main Street small business needs through the SBA’s primary loan program. Hulit joins five directors elected by the membership in 2015 to serve three-year terms, and will formally join the 25-person board beginning in January 2016.

"NAGGL’s newly elected directors bring a wealth of knowledge and insight to the association, and we are fortunate to have them on board. Their diverse backgrounds bring a fresh perspective on tackling the many challenges that small business owners face when seeking access to the capital needed to open their doors and create jobs in their communities," said NAGGL President and CEO Tony Wilkinson.

Hulit is responsible for leading Northeast Bank’s commercial, retail, and residential lending efforts in the State of Maine.  Prior to joining Northeast Bank, she served in President Obama’s Cabinet as the Acting Administrator of the U.S. Small Business Administration in Washington, DC.  She was awarded NAGGL’s “Small Business Champion” award in 2012.

“It is an honor to have been elected to the NAGGL board,” said Jeanne Hulit, “I am excited to join their effort to support SBA lenders across the country, and ensure small businesses receive the capital they need to grow.”

About Northeast Bank

Northeast Bancorp (NASDAQ: NBN) is the holding company for Northeast Bank, a full-service bank headquartered in Lewiston, Maine. We offer traditional banking services through the Community Banking Division, which operates ten full-service branches that serve customers located in western, central, and southern Maine. From our Maine and Boston locations, we also lend throughout the New England area. Our Loan Acquisition and Servicing Group (LASG) purchases and originates commercial loans on a nationwide basis. In addition, our Small Business Lending division supports the needs of growing businesses nationally. ableBanking, a division of Northeast Bank, offers savings products to consumers online. Information regarding Northeast Bank can be found on its website at www.northeastbank.com.

About NAGGL

The National Association for Government Guaranteed Lenders (NAGGL) serves the needs and represents the interests of the Small Business Administration (SBA) lending community as they finance a wide variety of Main Street small business needs through SBA’s primary loan program. Our members expand access to capital for job-creating startups and existing small businesses nationwide. NAGGL has grown the industry and the small business sector by helping the 7(a) program flourish—burgeoning from $1 billion in 1984 to $23.5 billion in FY 2015 loans to entrepreneurs.