Northeast Bank of Lewiston is restructuring to eliminate its parent holding company, known as Northeast Bancorp.

The change, subject to regulatory approval, will not affect customers or employees but will help the bank streamline its operations, Northeast Bank said Monday in a statement.

“We decided to undertake this transaction because we believe that this reorganization is in the best interest of our company,” bank President and CEO Richard Wayne said in a statement. “This transaction will further improve our efficiency by eliminating redundant corporate infrastructure and activities, and eliminating a second level of supervision and oversight that comes with being a registered bank holding company.”

There will be no layoffs as a result of the restructuring, the bank said. Northeast Bank will keep its current board of directors, and the executives of the company will retain the same positions and titles.

J. Craig Anderson can be contacted at 791-6390 or at:

[email protected]

Twitter: jcraiganderson

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