- Northeast Bank
-
Northeast Bancorp 
Type Public (NASDAQ: NBN) Industry Banking, Investments, Insurance Founded Bethel, Maine, U.S. (1872) Headquarters Lewiston, Maine, U.S. Number of locations 13 Locations (10 branches and 3 investment centers) Area served Maine Key people Robert Glauber[1], Richard Wayne[2] Products Financial Services Services Financial Services Total assets US $587,000,000 on 06-30-2011[3] Employees 204 Website www.northeastbank.com Northeast Bancorp (NASDAQ: NBN) 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 $587 million in assets[5], employs over 200 people and operates 10 branches and 3 investment centers.[6]
Northeast Bancorp was formed out of the merger of Bethel Savings Bank and Brunswick Federal Savings in 1996.[7]
Contents
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 products include checking, savings, money market and other deposit accounts; as well as mortgage, equity and personal loans.
Commercial banking products include checking, savings, cash management 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, Falmouth, Harrison, Lewiston, Poland, Portland, Scarborough, South Paris.]]
Diversification Philosophy
As of June 30, 2008, Northeast generated approximately 43% of its revenue from the nontraditional noninterest sources[8]. In addition, Northeast Bank was rated 10th in the nation by Michael White & Associates for insurance revenues as a percentage of noninterest income.[9]
Northeast Bank Insurance Group acquired 7 independent agencies from November 2006 through June 2008.
History
Timeline
A timeline of Northeast Bancorp from early 1980s to present.
Notable Firsts
- First Maine savings bank to receive a trust charter in 1983.[10]
- First savings bank holding company in Maine to own and operate an insurance company in 2002.[11]
- First Maine bank to offer health savings accounts in 2004.[12]
- First State Chartered Bank in Maine to convert to Federal Charter in 1983.[13]
Predecessor Institutions
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[14]
- First New England Benefits, purchased in 1993—formed employee benefits division
Northeast Bank Insurance Group, Inc. Predecessors[15]
- 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
- ^ Board of Directors; http://www.northeastbank.com/Investor_Relations/Directors_Officers.php
- ^ Board of Directors; http://www.northeastbank.com/Investor_Relations/Directors_Officers.php
- ^ http://www.nasdaq.com/aspxcontent/newsheadlines.aspx?symbol=NBN&selected=NBN; Northeast Bancorp Announces 1st Quarter Earnings 10-20-08
- ^ Maine-based Banks, Mainebiz, pg. 42. Retrieved 10-09-2008
- ^ http://www.nasdaq.com/aspxcontent/newsheadlines.aspx?symbol=NBN&selected=NBN; Northeast Bancorp Announces 1st Quarter Earnings 10-20-08
- ^ Northeast Bank Locations; http://www.northeastbank.com/Locations/index.php
- ^ Northeast Bank History; http://www.northeastbank.com/About/documents/TimelineApril08.pdf timeline
- ^ Northeast Bank 2008 Annual Report
- ^ http://www.bankinsurance.com/about/press-releases/2008-10-02-MWA-ABIA-Report-for-06-30-2008.pdf
- ^ Northeast Bank Timeline; http://www.northeastbank.com/About/documents/TimelineApril08.pdf
- ^ Northeast Bank Timeline; http://www.northeastbank.com/About/documents/TimelineApril08.pdf
- ^ Northeast Bank Timeline; http://www.northeastbank.com/About/documents/TimelineApril08.pdf
- ^ Northeast Bank Timeline; http://www.northeastbank.com/About/documents/TimelineApril08.pdf
- ^ Northeast Bank Timeline; http://www.northeastbank.com/About/documents/TimelineApril08.pdf
- ^ Northeast Bank Timeline; http://www.northeastbank.com/About/documents/TimelineApril08.pdf
Categories:- Banks based in Maine
Wikimedia Foundation. 2010.
