Northeast Bancorp Declares Fourth Quarter Dividend

LEWISTON, Maine, July 22, 2008 (PRIME NEWSWIRE) -- Northeast Bancorp
(Nasdaq:NBN), the parent company for Northeast Bank (www.northeastbank.com),
today announced that its Board of Directors at its regularly scheduled meeting
on July 18, 2008, declared a dividend of $0.09 per share payable on August 22,
2008 to shareholders of record as of the close of business on August 1, 2008.

Northeast Bancorp has paid a regular cash dividend each quarter since its
inception as a public company. Northeast Bancorp common shares trade on the
NASDAQ Stock Exchange with approximately 2.3 million shares outstanding and, as
of June 30, 2008, had a book value of $17.38.

About Northeast Bancorp:

Northeast Bancorp (Nasdaq:NBN) is the holding company for the independent
Maine-based Northeast Bank, founded in 1872 and headquartered at 500 Canal
Street in Lewiston. Northeast Bank is a leader in delivering one-stop shopping
for financial services. Together with its wholly-owned subsidiary, Northeast
Bank Insurance Group, Inc., the Company operates over 25 retail and insurance
locations in Maine and now in the Seacoast area of New Hampshire, and derives
its income from a combination of traditional banking services and
non-traditional financial products and services, including insurance and
investments. Customers enjoy an objective "needs-based" sales philosophy that
employees engage when recommending product or services.

Management encourages present and prospective shareholders to contact President
and CEO Jim Delamater directly to discuss the Company, its products and
services, and ongoing efforts to develop shareholder value. He can be reached at
jdelamater@northeastbank.com or toll free at 1-800-284-5989. Management also
suggests that any person wishing to utilize the services of Northeast Bancorp or
its subsidiaries or who are interested in learning more about the Company can
access its web site at www.northeastbank.com.

The Northeast Bancorp logo is available at
http://www.primenewswire.com/newsroom/prs/?pkgid=4947

Important information -- Customer access to securities is provided through
Commonwealth Financial Network, Member NASD/SIPC. Securities, annuities, and
insurance products are not deposit products, not FDIC insured, are subject to
investment risk, including the possible loss of principal, and are not an
obligation of or guaranteed by the Bank.

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CONTACT: Northeast Bank
Jim Delamater, President & CEO
1-800-284-5989 ext. 3569
jdelamater@northeastbank.com
www.northeastbank.com
500 Canal Street, Lewiston, ME 04240