Northeast Bancorp announced that Peter W. McClean, a Director of Northeast Bancorp, passed away on September 19, 2016. In addition to serving as a Director of the Company since 2010, Mr. McClean served as the Chairman of both the Compensation Committee and the Risk Management Committee and was also a member of the Audit Committee. The Board of Directors of the company has appointed Judith E. Wallingford to the Compensation Committee and Cheryl Lynn Dorsey to the Audit Committee. John C. Orestis shall serve as the Chairman of the Risk Management Committee and Robert R. Glauber shall serve as the Chairman of the Compensation Committee. Judith E. Wallingford will no longer serve as a member of the Governance Committee.
Northeast Bank (the Bank) is a full-service financial institution. The Bank gathers retail deposits through its seven full-service branches in Maine and through its online deposit program, ableBanking; purchase and originate commercial loans, typically secured by real estate, on a nationwide basis through its National Lending Division, and originate loans through the Community Banking Division and Small Business Administration (SBA) National Division. The National Lending Division purchases primarily performing commercial real estate loans, on a nationwide basis, typically at a discount from their unpaid principal balances. The National Lending Division also originates commercial real estate and commercial and industrial loans on a nationwide basis. The SBA National Division originates loans to small businesses to help provide funding opportunities nationally. The Community Banking Division originates loans directly to businesses located in its market area.
NORTHEAST BANK 
