SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 3, 1999
NORTHEAST BANCORP
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(Exact Name of Registrant as Specified in its Charter)
Maine 1-14588 01-0425066
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
Incorporation) Identification
Number)
232 Center Street, Auburn, Maine 04210
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (207) 777-6411
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Item 5. Other Events.
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On December 3, 1999, the Board of Directors of Northeast Bancorp approved a
plan to repurchase up to $2,000,000 of its common stock, $1.00 par value per
share. Under the common stock repurchase plan, Northeast Bancorp may purchase
shares of its common stock from time to time in the open market at prevailing
prices. Repurchased shares will be held in treasury and may be used in
connection with employee benefits and other general corporate purposes. The
press release describing the common stock repurchase plan is attached hereto as
Exhibit 99.1.
Item 7. Financial Statements and Exhibits.
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(a) Not Applicable
(b) Not Applicable
(c) Exhibits required by Item 601 of Regulation S-K
Exhibit No. Description
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99.1 Press Release, issued December 3, 1999, regarding the Stock
Repurchase Plan.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NORTHEAST BANCORP
Date: December 3, 1999
By: /s/ James D. Delamater
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James D. Delamater
President and Chief Executive Officer
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release, issued December 3, 1999, regarding the Stock
Repurchase Plan.
NORTHEAST BANCORP
ANNOUNCES ADOPTION OF STOCK REPURCHASE PROGRAM
Auburn, Maine - - Northeast Bancorp, (AMEX: NBN), parent company of Northeast
Bank, F.S.B., announced today that its Board of Directors has approved a plan
to repurchase up to $2 million of its common stock. It is anticipated that the
repurchase plan will be funded from general working capital including funds
raised from the recent sale of its Junior Subordinated Debentures. It is
expected that the plan will be completed within the next twelve months.
Under the terms of the stock repurchase plan, Northeast Bancorp will repurchase
its common stock from time to time in open market transactions at prevailing
market prices and, after acquired, will hold the securities as treasury stock.
Common stock repurchased pursuant to the plan also may be reserved for issuance
in connection with employee benefit plans and general corporate purposes. The
repurchase plan may be discontinued by Northeast Bancorp at any time.
Northeast Bancorp is a unitary thrift holding company with assets and
shareholder's equity of approximately $385 million and $27 million,
respectively, as of September 30, 1999. Northeast Bank, F.S.B. operates from
thirteen locations located throughout western, central and mid-coastal Maine.
It also provides its clients with a wide array of financial products and
services including traditional bank products, investment services, trust
services, retirement plan products and access to all types of insurance
products. Investment and insurance products are offered through Northeast
Financial Services, a subsidiary of the Bank.
Statements in this press release regarding future events constitute forward-
looking statements under the Private Securities Litigation Reform Act of 1995.
The forward-looking statements contained in this press release are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those set forth in such forward-looking statements. These
forward-looking statements represent Northeast Bancorp's judgment as of the
date of this release. Northeast Bancorp disclaims any intent or obligation to
update these forward-looking statements.
