Northeast Bancorp to exit investment brokerage business
Northeast Bancorp, the parent company of Lewiston-based Northeast Bank, announced Tuesday that it plans to phase out its investment brokerage firm, Northeast Financial Services, and transfer its clients to its current partner, Commonwealth Financial Network.
The company reported that it will close its investment brokerage, which was a partnership with Commonwealth Financial Network. Claire Bean, Northeast Bank's CFO and COO, told Mainebiz that investment advisers with Commonwealth will continue to serve those customers outside of Northeast Financial Services.
That transition, the bank said, will take place within the next 60 to 90 days.
Richard Wayne, CEO of Northeast Bancorp, said the move is to allow the bank to focus on "core business lines."
In a May quarterly report, the bank said it plans to grow its purchased loan portfolio, partly through increasing deposits to fund loan acquisition, and focus on community banking services.
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