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News Room

Northeast Bancorp to Exit Investment Brokerage Business

Lewiston, Maine
July 2nd, 2013

Transition Ensures Minimal Disruption for Clients

Northeast Bancorp today announced its intention to exit its investment brokerage business, currently doing business as Northeast Financial Services. Current Northeast Financial Services clients will continue to be serviced by their existing investment representatives, ensuring minimal disruption for clients.

The transition is expected to take 60 to 90 days, during which time client accounts will remain with Northeast Financial Services. Clients will be contacted directly by their investment representatives regarding their accounts within 7 to 10 days. Those Northeast Financial Services clients with additional Northeast Bank accounts will have no change or disruption to their banking relationship. 

“This step will allow us to continue to focus on our core business lines,” said Richard Wayne, Chief Executive Officer of Northeast Bancorp. “We will work with our investment colleagues to ensure a smooth transition for our customers, and continued access to high quality investment services.”

Customers with inquiries may reach out to their investment representatives, or call 800.284.5989, option 4 to speak with an account service representative.

 

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:

Claire S. Bean, CFO & COO
Northeast Bank, 500 Canal Street, Lewiston, ME 04240
207.786.3245 ext. 3202