Northeast Bancorp is a Maine

Maine

Maine is a state in the New England region of the northeastern United States, bordered by the Atlantic Ocean to the east and south, New Hampshire to the west, and the Canadian provinces of Quebec to the northwest and New Brunswick to the northeast. Maine is both the northernmost and easternmost...

-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

Lewiston, Maine

Lewiston is a city in Androscoggin County in Maine, and the second-largest city in the state. The population was 41,592 at the 2010 census. It is one of two principal cities of and included within the Lewiston-Auburn, Maine metropolitan New England city and town area and the Lewiston-Auburn, Maine...

 USA, Northeast Bancorp is the 9th largest Maine-based public company

Public company

This is not the same as a Government-owned corporation.A public company or publicly traded company is a limited liability company that offers its securities for sale to the general public, typically through a stock exchange, or through market makers operating in over the counter markets...

. The company has $587 million in assets, employs over 200 people and operates 10 branches and 3 investment centers.

Northeast Bancorp was formed out of the merger of Bethel Savings Bank and Brunswick Federal Savings in 1996.

Lines of Business

Northeast Bank offers banking, insurance, financial planning, and wealth management services. The company embraces a consultatative or "needs-based" sales philosophy requiring that all employees learn about their 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

Retail banking

Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...

 products include checking

Cheque

A cheque is a document/instrument See the negotiable cow—itself a fictional story—for discussions of cheques written on unusual surfaces. that orders a payment of money from a bank account...

, savings, money market

Money market

The money market is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames. Trading in the money markets involves Treasury bills, commercial paper, bankers' acceptances, certificates of deposit,...

 and other deposit account

Deposit account

A deposit account is a current account, savings account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the...

s; as well as mortgage

Mortgage loan

A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...

, equity

Stock

The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...

 and personal loans.

Commercial banking products include checking, savings, cash management

Cash management

In United States banking, cash management, or treasury management, is a marketing term for certain services offered primarily to larger business customers...

 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

Online banking

Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...

 services are offered to both retail and commercial clients.

In Maine

Maine

Maine is a state in the New England region of the northeastern United States, bordered by the Atlantic Ocean to the east and south, New Hampshire to the west, and the Canadian provinces of Quebec to the northwest and New Brunswick to the northeast. Maine is both the northernmost and easternmost...

Auburn

Auburn, Maine

Auburn is a city in and the county seat of Androscoggin County, Maine, United States. The population was 23,055 at the 2010 census. It is one of two principal cities of and included in the Lewiston-Auburn, Maine metropolitan New England city and town area and the Lewiston-Auburn, Maine metropolitan...

, Augusta

Augusta, Maine

Augusta is the capital of the US state of Maine, county seat of Kennebec County, and center of population for Maine. The city's population was 19,136 at the 2010 census, making it the third-smallest state capital after Montpelier, Vermont and Pierre, South Dakota...

, Bethel

Bethel, Maine

Bethel is a town in Oxford County, Maine, United States. The population was 2,411 at the 2000 census. It includes the villages of West Bethel and South Bethel...

, Brunswick

Brunswick, Maine

Brunswick is a town in Cumberland County, Maine, United States. The population was 20,278 at the 2010 census. It is part of the Portland-South Portland-Biddeford metropolitan area. Brunswick is home to Bowdoin College, the Bowdoin College Museum of Art, the Peary-MacMillan Arctic Museum, , and the...

, Buckfield

Buckfield, Maine

Buckfield is a town in Oxford County, Maine, United States. Buckfield is included in the Lewiston-Auburn, Maine metropolitan New England City and Town Area. It is a member of Maine School Administrative District 39 along with nearby Hartford and Sumner...

, Falmouth

Falmouth, Maine

Falmouth is a town in Cumberland County, Maine, United States. The population was 11,185 at the 2010 census. It is part of the Portland–South Portland–Biddeford, Maine metropolitan statistical area....

, Harrison

Harrison, Maine

Harrison is a town in Cumberland County, Maine, United States. The population was 2,315 at the 2000 census. A historic resort area, Harrison straddles Long Lake and Crystal Lake...

, Lewiston

Lewiston, Maine

Lewiston is a city in Androscoggin County in Maine, and the second-largest city in the state. The population was 41,592 at the 2010 census. It is one of two principal cities of and included within the Lewiston-Auburn, Maine metropolitan New England city and town area and the Lewiston-Auburn, Maine...

, Poland

Poland, Maine

Poland is a town in Androscoggin County, Maine, United States. The population was 4,866 at the 2000 census. Home to Range Ponds State Park, Poland is a historic resort area...

, Portland

Portland, Maine

Portland is the largest city in Maine and is the county seat of Cumberland County. The 2010 city population was 66,194, growing 3 percent since the census of 2000...

, Scarborough, South Paris

South Paris, Maine

South Paris is a census-designated place located within the town of Paris in Oxford County, Maine, in the United States. The population was 2,237 at the 2000 census...

.]]

Diversification Philosophy

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

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

Timeline

A timeline of Northeast Bancorp from early 1980s to present.

Notable Firsts

• First Maine savings bank to receive a trust charter in 1983.
• First savings bank holding company in Maine to own and operate an insurance company in 2002.
• First Maine bank to offer health savings account
  Health savings account
  A health savings account is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan . The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account...
  
  s in 2004.
• First State Chartered Bank in Maine to convert to Federal Charter in 1983.

Northeast Bank Predecessors

• Bethel Savings Bank, opened in 1872

• Bethel Bancorp created in 1987

• Brunswick Federal Savings Purchased in 1990

• Cushnoc Bank and Trust of Augusta Purchased in 1997

Northeast Financial Predecessors

• First New England Benefits, purchased in 1993—formed employee benefits division

Northeast Bank Insurance Group, Inc. Predecessors

• Kendall Insurance Agency (purchased in 2002)

• Solon-Anson Insurance agency (purchased in 2004)

• Palmer Insurance Agency; Sturtevant & Ham Insurance Agency (all purchased in 2006)

• Southern Maine Insurance Agency; Hartford Agency; Russell Agency; Spence & Mathews Agency; Hyler Agency (all purchased in 2007)