Lewiston-based Northeast Bancorp, parent of Northeast Bank, today announced it has commenced a public offering of 4.76 million shares of its common stock. In addition, a selling shareholder is offering 149,952 shares of common stock.
Northeast expects to use the net proceeds of the offering to boost its capital for general corporate purposes, including leveraging its balance sheet to purchase loans and invest in securities, according to a press release. A portion of the net proceeds may be used for Northeast's general corporate purposes. The shares of common stock are being offered through Sandler O'Neill + Partners L.P. on a firm commitment basis.
The company recently reported a net income of $168,000 for the quarter ended March 31, and a net income of $1.1 million for the nine-month period.