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Northeast Bank Receives Regulatory Approval to Open Portsmouth Office; Hires Leading Mortgage Bankers

PORTSMOUTH, N.H. and LEWISTON, Maine, Dec. 18, 2008 (GLOBE NEWSWIRE) -- Maine-based Northeast Bank, the wholly owned subsidiary of Northeast Bancorp (Nasdaq:NBN) announced today that they have received regulatory approval to open a Loan Production Office at 132 Chapel Street in Portsmouth, New Hampshire offering mortgage, personal and commercial loan services. Demonstrating their proactive approach to tackling the current credit crunch and commitment to the area, the Bank has also hired several prominent local mortgage-lending experts to staff the office.

Heading up the new office is Michael J. Mulhern, one of the top mortgage bankers in the area, as Regional Vice President & Mortgage Sales Manager for York County and the Seacoast New Hampshire area. Joining Mulhern are Terry Dargan and Peter Terkow, as Mortgage Loan Officers for the southern Maine and Coastal New Hampshire markets.

"Northeast is an established name in Maine, and we're starting to see our business grow in areas of the state where we haven't had a big presence before," said Jim Delamater, President and CEO of Northeast Bank. "Our model as a one-stop financial shop is especially attractive in the southern part of Maine, the cross-border region and into southern New Hampshire. We are also seeing growth in our insurance division through the recently acquired Spence & Mathews Agency in Berwick and Rochester, NH, with clients looking for more of our products and services."

The opening of the Loan Production Office will result in the addition of jobs over the next year, as the bank creates a center for consumer, mortgage and commercial loans. Northeast also sees growth in their Insurance division, and is open to adding new positions at the offices of Spence & Mathews as well.

"Loan origination volumes are starting to spike, which signals to us that we're seeing a flight to quality, that is customers returning to community-based banks that have their best interests at heart," said Marcel Blais, SVP and Chief Operating Officer of Northeast Bank. "As the mortgage brokerage industry reshuffles, we have the opportunity to bring on key mortgage bankers like Mike, Terry and Peter, who are well known and highly sought after. They know both the business and this area well, which helps us deliver the professionalism and quality loans customers have come to expect from Northeast."

Mulhern has been a mortgage banker for 24 years, most recently as Founder & President of Northern Capital Mortgage Company. He was also a Regional Vice President for The Boston Five Mortgage Corporation and Citizens Mortgage Corporation and the past chairman of Ethics for the New Hampshire Mortgage Bankers Association. A resident of Durham, New Hampshire with his wife and three children, Mulhern is also active in Junior Achievement of New Hampshire and the Oyster River Youth Association as a soccer coach.

Dargan brings over 10 years in the mortgage industry to Northeast, and will focus on the Coastal New Hampshire market. A resident of Dover, New Hampshire, Dargan is a graduate of both the University of New Hampshire and Granite State College. She is a member of the Strafford County Board of Realtors and an Accredited Instructor with both the Maine and NH Real Estate Commissions. Dargan is also active on the Board of Deacons and as a High School Sunday School Teacher at First Parish Church in Dover, NH. A resident of Dover, New Hampshire she lives with her husband Tim and their three children.

Terkow brings 14 years in the industry to Northeast, and will focus primarily on the southern York county and coastal New Hampshire Market. A resident of Lebanon, Maine, Terkow holds a BS in Business Administration from the Whittemore School of Business and Economics at the University of New Hampshire. A former real estate broker, he is also Past President of the Seacoast Ski Club in Portsmouth.

About Northeast Bank

Founded in 1872, Northeast Bank, together with its wholly-owned subsidiary, Northeast Bank Insurance Group, Inc., is a leader in providing one-stop shopping for financial services and has grown to over $605 million in total assets. The Company derives its income from a diversified combination of traditional banking services and non-traditional financial products and services including insurance and investments; operating eleven traditional bank branches, fourteen insurance offices and three investment centers that serve seven counties in Maine and two in New Hampshire. Northeast Bank is headquartered in Lewiston, Maine and is a wholly-owned subsidiary of Northeast Bancorp (Nasdaq:NBN). Information regarding Northeast Bank can be found on its website at or by contacting 1-800-284-5989.

The Northeast Bank logo is available at

CONTACT: Broadreach Public Relations
         Linda Varrell
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