Northeast Bancorp (NBN) Announces $40M Share Buyback

Northeast Bank (the “Bank”) (NASDAQ: NBN) announced today that its Board of Directors has terminated its existing share repurchase program and approved a new share repurchase program, which allows for the repurchase of 1,000,000 shares of common stock, or up to $40.0 million, representing approximately 13.1% of the Bank’s common stock outstanding.

Repurchases under this program may be made in open market transactions. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The repurchase program does not obligate the Bank to purchase any particular number of shares.

The repurchase program may be suspended or terminated at any time without prior notice, and it will expire April 13, 2023.

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