Northeast Bank Announces Share Repurchase Program
24 October 2019 - 12:00AM
Northeast Bank (the “Bank”) (NASDAQ: NBN) announced today that its
Board of Directors has adopted a share repurchase program to
purchase up to 900,000 shares of its common stock, representing
approximately 10.0% of the Bank’s outstanding common stock.
Repurchases under this program may be made in open market
transactions. The timing and actual number of shares
repurchased will depend on a variety of factors including price,
corporate and regulatory requirements, market conditions, and other
corporate liquidity requirements and priorities. The repurchase
program does not obligate the Bank to purchase any particular
number of shares.
The repurchase program may be suspended or terminated at any
time without prior notice, and it will expire October 21, 2020.
About Northeast BankNortheast Bank (NASDAQ:
NBN) is a full-service bank headquartered in Lewiston, Maine. We
offer personal and business banking services to the Maine market
via ten branches. Our Loan Acquisition and Servicing Group
purchases and originates commercial loans on a nationwide basis.
ableBanking, a division of Northeast Bank, offers online savings
products to consumers nationwide. Information regarding Northeast
Bank can be found at www.northeastbank.com.
Forward
Looking StatementsStatements in this press release
that are not historical facts are forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and are intended to be covered by the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Although the Bank believes that these forward-looking statements
are based on reasonable estimates and assumptions, they are not
guarantees of future performance and are subject to known and
unknown risks, uncertainties, and other factors. You should not
place undue reliance on our forward-looking statements. You should
exercise caution in interpreting and relying on forward-looking
statements because they are subject to significant risks,
uncertainties and other factors which are, in some cases, beyond
the Bank’s control. The Bank’s actual results could differ
materially from those projected in the forward-looking statements
as a result of, among other factors, changes in interest rates and
real estate values; competitive pressures from other financial
institutions; the effects of weakness in general economic
conditions on a national basis or in the local markets in which the
Bank operates, including changes which adversely affect borrowers’
ability to service and repay our loans; changes in loan defaults
and charge-off rates; changes in the value of securities and other
assets, adequacy of loan loss reserves, or deposit levels
necessitating increased borrowing to fund loans and investments;
changing government regulation; operational risks including, but
not limited to, cybersecurity, fraud and natural disasters; the
risk that the Bank may not be successful in the implementation of
its business strategy; the risk that intangibles recorded in the
Bank’s financial statements will become impaired; changes in
assumptions used in making such forward-looking statements; and the
other risks and uncertainties detailed in the Bank’s Annual Report
on Form 10-K and updated by our Quarterly Reports on Form 10-Q and
other filings submitted to the Federal Deposit Insurance
Corporation. These statements speak only as of the date of this
release and the Bank does not undertake any obligation to update or
revise any of these forward-looking statements to reflect events or
circumstances occurring after the date of this communication or to
reflect the occurrence of unanticipated events.
For More Information:
Jean-Pierre Lapointe, Chief Financial OfficerNortheast Bank500
Canal Street, Lewiston, ME 04240 207.786.3245 ext.
3220www.northeastbank.com
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