Northeast Bank Ranked 18th Best-Performing U.S. Community Bank Under $3 Billion in Assets by S&P Global Market Intelligence

Rhea-AI Summary

Northeast Bank (NASDAQ: NBN) has been ranked as the 18th best-performing U.S. community bank among 4,287 banks by S&P Global Market Intelligence. This recognition highlights the Bank's strong performance despite challenges from the COVID-19 pandemic. President Rick Wayne credited the dedicated team for achieving success in national lending and the Paycheck Protection Program (PPP), which enabled financing for tens of thousands of small businesses, generating significant fee income through a partnership with The Loan Source, Inc.

Positive

• Ranked 18th out of 4,287 U.S. community banks by S&P Global Market Intelligence.
• Strong performance in national lending and PPP amid COVID-19 challenges.
• Generated substantial fee income through partnership with The Loan Source, Inc.

Negative

• None.

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PORTLAND, Maine, March 29, 2021 (GLOBE NEWSWIRE) -- Northeast Bank (the “Bank”) (NASDAQ: NBN) announced today that it was ranked the 18^th best-performing U.S. community bank out of 4,287 eligible banks with assets under $3 billion by S&P Global Market Intelligence in its annual ranking.

“This ranking is particularly gratifying given the challenges presented by the COVID-19 pandemic,” said Rick Wayne, President and Chief Executive Officer. “Thanks to our tirelessly working team, most from home, we were able to achieve strong results in both our national lending business and under the Paycheck Protection Program (“PPP”). Under the PPP we have provided financing to tens of thousands of small businesses throughout the country and generated substantial fee income under our correspondent relationship with The Loan Source, Inc.,” Mr. Wayne continued.  

About Northeast Bank
Northeast Bank (NASDAQ: NBN) is a full-service bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via nine branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.

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For More Information: Jean-Pierre Lapointe, Chief Financial Officer Northeast Bank, 27 Pearl Street, Portland, ME 04101 207.786.3245 ext. 3220 www.northeastbank.com

 

FAQ

What was Northeast Bank's ranking among community banks in 2021?

Northeast Bank was ranked the 18th best-performing U.S. community bank out of 4,287 eligible banks.

How did Northeast Bank perform during the COVID-19 pandemic?

Northeast Bank achieved strong results in national lending and the Paycheck Protection Program despite the challenges of the COVID-19 pandemic.

What is the stock symbol for Northeast Bank?

The stock symbol for Northeast Bank is NBN.

How many small businesses did Northeast Bank finance under the PPP?

Northeast Bank provided financing to tens of thousands of small businesses nationwide under the PPP.