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July 28, 2010

Shareholders OK Northeast Bancorp merger

By The Mainebiz News Staff

Shareholders have approved Northeast Bancorp's merger with investor entity FHB Formation LLC.

At a meeting yesterday, 75% of the company's shareholders approved the merger, according to a press release from Northeast Bancorp, parent of Northeast Bank in Lewiston. In April, the bank announced plans to sell $16.2 million in new shares to several investors through FHB Formation, an entity created for the investment. The investors will also purchase 40% of Northeast's outstanding common shares for $12.9 million. FHB will merge with Northeast and then be dissolved, and the investors will own approximately 60% of Northeast's common stock.

The deal, which still needs regulatory approval, is expected to close in the second half of 2010.

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