Northeast Bancorp, a bank holding company, owns and operates Northeast Bank, FSB, which has branches located in Auburn, Augusta, Bethel, Brunswick, Buckfield, Harrison, Lewiston (2), Mechanic Falls, Portland, and South Paris, ME. As of June 30, 2006, the company reported total assets of apx. $563 million, total deposits of axp. $395 million, and stockholders' equity of apx. $39 million. Northeast Bank's investment brokerage division has an office in Falmouth, ME, from which loan applications are accepted and investment, insurance and financial planning products and services are offered. Northeast Bank's wholly-owned subsidiary, Northeast Financial Services, Inc. (NFS), has an office in the company's Bethel, ME, branch where its insurance division offers casualty and property insurance products. Northeast Bancorp through its subsidiary, Northeast Bank and its subsidiary Northeast Financial Services, Inc., provides a range of financial services to individuals and companies in western and south-central Maine. Although historically Northeast Bank has been primarily a residential mortgage lender, over the last decade the bank has expanded its commercial loan business, increased its line of financial products and services, and expanded its market area. Northeast Bank is now a general commercial bank and expects to continue to provide corporate and personal banking and other services. In 2004, the company converted its banking charter to the Federal Reserve System, and its wholly-owned subsidiary, Northeast Bank converted to a Maine chartered universal bank.
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