Lewiston-based Northeast Bancorp yesterday closed its public offering of nearly 7 million shares of common stock. Net proceeds from the sale are expected to be approximately $52.8 million.
The parent of Northeast Bank sold a total of 6,875,917 shares, 943,463 directly to several investors as part of the offering, according to a press release. The company previously said it would sell 4.76 million shares.
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.