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News Room

James Delamater to Retire from Northeast Bank

Lewiston, Maine
July 9th, 2013

Remains on Northeast Bank Community Advisory Board

Northeast Bancorp announced today that James Delamater, Chief Executive Officer of its Community Banking Division will retire on August 1, 2013 to pursue other interests in the private sector. Mr. Delamater will remain on the Northeast Bank Community Advisory Board, and will continue to be active in the community on several boards.

The Community Banking Division’s leadership team in Maine will remain in place, including Marcel Blais, Chief Operating Officer, Robert Johnson, Treasurer, and Heidi Jacques, Director of Human Resources. Mr. Delamater’s various duties will be assumed by them.

Mr. Delamater began his career with Northeast Bank’s predecessor company, Bethel Savings, as President and Chief Executive Officer in 1981. Then, the company had $18 million in assets, one branch, and ten employees. As President and CEO of Northeast Bancorp, Mr. Delamater led the company through three decades of growth, including a successful initial public offering in 1987, and the subsequent acquisitions of Brunswick Federal Savings in 1990 and Cushnoc Bank & Trust in 1997, along with the renaming of the company to Northeast Bancorp in 1996. In 2010, Mr. Delamater oversaw the transition of the company which brought new capital, and new management, enabling the company to expand into national business lines. Since 2010, Mr. Delamater has served as Chief Executive Officer of the Community Banking Division.

“After over three decades, I am ready to retire from Northeast Bank, and pursue other interests in the private sector,” said James Delamater, Chief Executive Officer of the Community Banking Division. “Northeast Bank is in excellent hands, with a first rate management team, and strong local leadership. I will miss my colleagues but look forward to remaining active in the community here in Maine,” continued Delamater.

“Jim has been a mainstay for Northeast Bancorp, and has been a key leader in transitioning our company over the past two years,” said Richard Wayne, Chief Executive Officer of Northeast Bancorp. “We thank Jim for his many years of dedication to our colleagues, our customers, and the community and we look forward to continuing to work with him as a member of our Community Advisory Board,” continued Wayne.

Mr. Delamater is active in the community and plans to continue to serve on several boards. Currently, he serves as Chairman of the Board of Syris Scientific, and is a member of the Board of Oxford Networks. He also serves as Chairman of the Board of Directors of the western Maine Economic Development Council, and is a member of the Androscoggin Valley Council of Governments Loan Committee.

About Northeast Bancorp
Northeast Bancorp (NASDAQ: NBN) is the holding company for Northeast Bank, a full-service bank headquartered in Lewiston, Maine. Northeast Bank offers traditional banking services through its Community Banking Division, which operates ten full-service branches and five loan production offices that serve individuals and businesses located in western and south-central Maine, southern New Hampshire and southeastern Massachusetts. Northeast Bank’s Loan Acquisition and Servicing Group purchases and originates commercial loans for the Bank’s portfolio. 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.

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For More Information:
Chris Delamater
Director of Marketing
Northeast Bank
207.786.3245 ext. 3548
cdelamater@northeastbank.com