PORTLAND, Maine, July 21, 2020 (GLOBE NEWSWIRE) -- Northeast Bank (NASDAQ: NBN) announced today that its Board of Directors has approved a share repurchase program to purchase up to $10.2 million of common stock, or up to 600,000 shares of its common stock, representing approximately 7.3% 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 July 21, 2021.

As of July 21, 2020, the Bank had 46,902 shares available to repurchase under its previously announced share repurchase plan, which will expire on October 21, 2020. The previously announced share repurchase plan allowed for the Bank to repurchase up to 900,000 shares of its voting common stock.

About Northeast Bank

Northeast Bank (NASDAQ: NBN) is a full-service bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via nine 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.