Northeast Bancorp (“Northeast”), the holding company for Maine-based, Northeast Bank, today announced that the shareholders of Northeast approved the merger of FHB Formation, LLC with and into Northeast. The number of shares of Northeast common stock voting to approve the merger agreement represented approximately 75 percent of the total number of shares outstanding and entitled to vote. Completion of the merger is subject to customary closing conditions, as well as the approval of various regulatory agencies.
Samiratu Abdul Karim was recently awarded the 2010 Arnold Bushner-Mainely Character Scholarship, sponsored by Northeast Bank and presented at the recent awards assembly at Windham High School.
Samara was selected from more than 250 applicants from across the state to receive this highly competitive scholarship. She participated in a rigorous process that included an application, essay and personal interview. Award recipients are selected based on their leadership, community involvement and most importantly, character.
As part of the expansion of its Mortgage Division, Northeast Bank announces the hiring of Shannon Odom as a new Mortgage Loan Officer serving Northern Maine.
In the midst of Northeast Bank’s recent expansion, the company has exceeded its original plan of creating 10 new positions to handle the increased mortgage volume. So far this year, the bank has hired 14 new mortgage loan officers and continues to add positions within its mortgage division.
As part of its commitment to social responsibility and concern for its community, Northeast Bank has donated $1,000 to Rebuilding Together L/A to help in the building and restoration of homes in the Lewiston/Auburn area.
In addition to the financial contribution, Northeast Bank employees will also join other volunteers in the actual building of a home this year starting on National Rebuilding Day on
May 1. This is the 5th year that Northeast Bank has contributed to the Rebuilding Together organization and that employees have volunteered to help build.
In the effort to support financial education and its commitment to corporate social responsibility, Northeast Bank has donated $1000 to Junior Achievement, a program designed to educate children K-12 on entrepreneurship, wealth management, and economics.
Northeast Bank announces the hiring of Frank Dumais as a new Mortgage Loan Officer housed in the Scarborough Insurance office at 383 US Route 1. Frank is responsible for helping area residents find the right loan product to fit their needs.
Northeast Bank has been growing their mortgage division over the past year, creating new jobs to meet the demand for mortgages and serve buyers and sellers in the market.
Continuing to support community programs state-wide, Northeast Bank has donated $2,500 to Oasis Health Network, supporting the operations of their various health care services for residents in the southern Midcoast Maine region.
Northeast Bancorp (NASDAQ: NBN), a Maine-based full-service financial services company and parent of Northeast Bank (www.northeastbank.com), today announced first quarter net income for the period ended September 30, 2010 of $960,691, an increase of 94% over net income of $495,669 for the same period in the previous fiscal year.
Northeast Bancorp (NASDAQ: NBN), a Maine-based full-service financial services company and parent of Northeast Bank (www.northeastbank.com), today reported operating results for its fiscal second quarter ended December 31, 2010. Results include the effect of the accounting treatment for the merger of Northeast Bancorp (“Northeast” or the “Company”) and FHB Formation LLC (“FHB”), which was consummated on December 29, 2010.