Northeast Bank

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Northeast Bancorp
Type Public (NASDAQNBN)
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 $595,000,000 on 04-30-2012[3]
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[edit]

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[edit]

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[edit]

Northeast Bank has offices in the following communities:

In Maine[edit]

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

In New Hampshire[edit]

Portsmouth

In Massachusetts[edit]

Boston

Diversification Philosophy[edit]

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[edit]

Notable Firsts[edit]

  • First Maine savings bank to receive a trust charter in 1983. [8]
  • First savings bank holding company in Maine to own and operate an insurance company in 2002.[8]
  • First Maine bank to offer health savings accounts in 2004. [8]
  • First State Chartered Bank in Maine to convert to Federal Charter in 1983. [8]

Northeast Bank Predecessors[edit]

  • 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[8][edit]

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

Northeast Bank Insurance Group, Inc. Predecessors[8][edit]

  • 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)

References[edit]