Northeast Bank

Northeast Bancorp
Public (NASDAQ: NBN)
Industry Banking and Investments
Founded Bethel, Maine, U.S. (1872 (1872))
Headquarters Lewiston, Maine, U.S.
Number of locations
 14 Locations (10 branches and 4 investment centers)[1]
Area served
 Maine, Massachusetts, New Hampshire
Key people
 Robert Glauber,[2]
Products Financial Services
Services Financial Services
Total assets US $894,100,000 on 12-31-2015[3]
Number of employees
 204
Website www.northeastbank.com

Northeast Bancorp is a Maine-based financial services company serving Maine, USA and is the parent company to its wholly owned subsidiary, Northeast Bank, a state-chartered financial institution. Headquartered in Lewiston, Maine USA, Northeast Bancorp is the 9th largest Maine-based public company.[4] The company has $595 million in assets,[3] employs over 200 people and operates 10 branches and 4 investment centers.[1]

Northeast Bancorp was formed from the merger of Bethel Savings Bank and Brunswick Federal Savings in 1996.[5]

Lines of Business

Northeast Bank offers banking, financial planning, and wealth management services. The company embraces a consultative or "needs-based" sales philosophy requiring that all employees learn about its customers and only offer objective financial advice in accordance with the individual customers' financial situations.

Banking

Northeast Bank is the banking arm of Northeast Bancorp, operating from branches throughout the state of Maine.

Retail banking products include checking, savings, money market and other deposit accounts; as well as mortgage, equity and personal loans.

Commercial banking products include checking, savings, and other deposit products; as well as construction loans, lines of credit and other loan products. Northeast Bank is an SBA Preferred Lender.

Online banking services are offered to both retail and commercial clients.

Communities Served

Northeast Bank has offices in the following communities:

In Maine

Auburn, Augusta, Bethel, Brunswick, Buckfield, Harrison, Lewiston, Poland, Portland, South Paris.

In New Hampshire

North Hampton

In Massachusetts

Boston

Diversification Philosophy

As of June 30, 2008, Northeast generated approximately 43% of its revenue from the nontraditional noninterest sources.[6] In addition, Northeast Bank was rated 10th in the nation by Michael White & Associates for insurance revenues as a percentage of noninterest income.[7]

Northeast Bank Insurance Group acquired 7 independent agencies from November 2006 through June 2008.

History

Notable Firsts

Northeast Bank Predecessors

Northeast Financial Predecessors[8]

Northeast Bank Insurance Group, Inc. Predecessors[8]

References

  1. 1 2 https://www.northeastbank.com/locations
  2. ↑ https://www.northeastbank.com/board-directors
  3. 1 2 http://www.marketwatch.com/story/northeast-bancorp-reports-second-quarter-results-declares-dividend-2016-02-01
  4. ↑ Maine-based Banks, Mainebiz, pg. 42. Retrieved 10-09-2008
  5. ↑ Northeast Bank History; http://www.northeastbank.com/About/documents/TimelineApril08.pdf timeline
  6. ↑ Northeast Bank 2008 Annual Report
  7. ↑ http://www.bankinsurance.com/about/press-releases/2008-10-02-MWA-ABIA-Report-for-06-30-2008.pdf
  8. 1 2 3 4 5 6 Northeast Bank Timeline; http://www.northeastbank.com/About/documents/TimelineApril08.pdf
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