Portland, ME (June 25, 2020) - Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based full-service bank, announced today that it has entered into a Loan Purchase and Sale Agreement (the “Loan Sale Agreement”) with The Loan Source, Inc. (“Loan Source”) and agreed to sell to Loan Source $457.6 million of loans originated by the Bank in connection with the Small Business Administration’s Paycheck Protection Program (“PPP”). After amortizing previously unamortized PPP loan origination fees, the Bank will realize a pre-tax gain of approximately $9.8 million in the current fiscal quarter as a result of the sale. In addition, the Bank will receive fee income on the loans sold until such time as the loans are forgiven or repaid.
Lewiston, ME (April 14, 2020) - Northeast Bank (the “Bank”) announced today a $10,000 donation to support the COVID-19 relief efforts of five organizations located in Maine and Massachusetts. This commitment is in addition to the Bank’s $2,500 pledge to the Maine Banker’s Association’s ‘Maine Banks for Food Banks’ campaign that raised a total of $61,000 for local food pantries in every county across the state of Maine.
Lewiston, Maine (March 24, 2020) - With the spread of COVID-19 and social distancing in place, many Mainers find themselves out of work or working remotely with children home due to school closings. Many of Maine’s school children depend on school meals for their nutrition and in this current crisis may be forced to go hungry. To support families in need, the Maine Bankers Association has rallied 34 Maine banks to raise $61,000 in a matter of hours to support food pantries throughout the state.
Lewiston, Maine (April 19, 2019) - Northeast Bank announced today the appointment of Rachel Edwards as Banking Center Manager of its Poland location.
Ms. Edwards joins the bank from Androscoggin Bank in Lewiston where she served most recently as Client Service Supervisor and previously as a Compliance & Risk Specialist. She was responsible for day-to-day operations at two branch locations, including oversight of all operational procedures, branch sales goals and team building efforts.