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:
Twitter: jcraiganderson
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.