Key Developments: Northeast Bancorp (NBN.W)
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8 Oct 2012
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$9.35
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Latest Key Developments (Source: Significant Developments)
Northeast Bancorp Declares Dividend
Northeast Bancorp announced that the Board of Directors has declared a cash dividend of $0.09 per share, payable on May 24, 2013 to shareholders of record as of May 10, 2013. Full Article
Northeast Bancorp Declares Dividend
Northeast Bancorp announced that its Board of Directors has declared a cash dividend of $0.09 per share, payable on February 26, 2013 to shareholders of record as of February 12, 2013. Full Article
Northeast Bancorp Completes Common Stock Offering
Northeast Bancorp announced the closing of its public offering of 6,875,917 shares of its common stock, including 625,917 shares of common stock issued pursuant to the exercise in part by the underwriter of its over-allotment option, for aggregate gross proceeds of approximately $55.0 million. The net proceeds to Northeast after deducting underwriting discounts and commissions, placement agent fees and estimated offering expenses are expected to be approximately $52.8 million. Sandler O’Neill + Partners, L.P. served as sole underwriter for the public offering of 5,932,454 shares of common stock and as the exclusive placement agent for 943,463 shares of common stock that the Company sold directly to several investors as part of the offering. Full Article
Northeast Bancorp Announces Pricing Of Common Stock Offering
Northeast Bancorp announced that it has priced its public offering of 6,250,000 shares of its common stock at a price to the public of $8.00 per share. The net proceeds to Northeast after deducting underwriting discounts and commissions, placement agent fees and estimated offering expenses are expected to be approximately $48 million. Northeast expects to use the net proceeds of the offering to contribute to the capital of Northeast Bank for general corporate purposes, including leveraging Northeast Bank’s balance sheet to allow for loan purchases, organic loan growth and investment in securities. A portion of the net proceeds may be used for the redemption of some or all of the 4,227 shares of Series A preferred stock issued to the U.S. Department of the Treasury in connection with Northeast’s participation in the TARP Capital Purchase Program. Sandler O’Neill + Partners, L.P. is serving as sole underwriter for the public offering of 5,306,537 shares of common stock and as the exclusive placement agent for 943,463 shares of common stock that the Company has agreed to sell directly to several investors as part of the offering. The Company has granted the underwriter a 30-day option to purchase up to 795,980 additional shares of common stock to cover over-allotments, if any, which would result in additional gross proceeds to the Company of up to approximately $6.3 million. Full Article
Northeast Bancorp Commences Public Offering Of Common Stock Offering
Northeast Bancorp announced that it has commenced a public offering of 4,760,000 shares of its common stock. A selling shareholder is offering an additional 149,952 shares of common stock. The shares of common stock are being offered through Sandler O’Neill + Partners, L.P. on a firm commitment basis. Northeast intends to grant the underwriter an option to purchase up to an additional 15% of the common stock sold to cover over-allotments, if any. Northeast expects to use the net proceeds of the offering to contribute to the capital of Northeast Bank for general corporate purposes, including leveraging Northeast Bank’s balance sheet to allow for loan purchases, organic loan growth and investment in securities. A portion of the net proceeds may be used for Northeast’s general corporate purposes. Full Article
Northeast Bancorp Declares Dividend
Northeast Bancorp announced that its Board of Directors has declared a cash dividend of $0.09 per share, payable on May 29, 2012 to shareholders of record as of May 14, 2012. Full Article
Northeast Bancorp Declares Dividend
Northeast Bancorp announced that the Board of Directors has declared a cash dividend of $0.09 per share, payable on February 24, 2012 to shareholders of record as of February 10, 2012. Full Article
Northeast Bancorp Declares Dividend
Northeast Bancorp announced that its Board of Directors has declared a cash dividend of $0.09 per share, payable on November 28, 2011 to shareholders of record as of November 14, 2011. Full Article
Northeast Bancorp's Northeast Bank Insurance Group Acquired By Maine Agency, And Local Management
Northeast Bancorp announced that its insurance division, Northeast Bank Insurance Group has been acquired by local agencies in two separate transactions, effective September 1, 2011. The Varney Agency, of Bangor, Maine, will purchase the assets of nine Northeast Bank insurance offices which cover southern, central, and western Maine. Brad Scott, currently a member of the Northeast Bank Insurance Group’s senior management team, will acquire the assets of Spence and Mathews Insurance, which operates one insurance office in Berwick, Maine, and serves customers in Southern Maine and Seacoast New Hampshire. Total sale proceeds of $9.7 million will add approximately $8.4 million to the Company’s tangible equity. Full Article
Northeast Bancorp Declares Quarterly Dividend
Northeast Bancorp announced that its Board of Directors has declared a cash dividend of $0.09 per share, payable on August 26, 2011, to shareholders of record as of August 12, 2011. Full Article
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