Brief: Northeast Bancorp To Merge With Its Wholly-Owned Bank Subsidiary Northeast Bank

Northeast Bank

07/01/2019 14:26

Jan 7 (Reuters) - Northeast Bancorp  NBN.O :
    * NORTHEAST BANCORP ANNOUNCES CORPORATE REORGANIZATION
    * NORTHEAST BANCORP - ENTERED INTO AN AGREEMENT AND PLAN OF
MERGER
WITH ITS WHOLLY-OWNED BANK SUBSIDIARY, NORTHEAST BANK
    * NORTHEAST BANCORP - COMPANY WILL MERGE WITH AND INTO BANK
WITH
BANK CONTINUING AS SURVIVING ENTITY.
    * NORTHEAST BANCORP - FOLLOWING REORGANIZATION, EXPECTED
THAT
SURVIVING ENTITY, BANK, WILL BE A PUBLICLY-TRADED COMPANY LISTED
ON NASDAQ GLOBAL MARKET
    * NORTHEAST BANCORP - BANK WILL HAVE SAME BOARD OF DIRECTORS
FOLLOWING REORGANIZATION AS COMPANY HAD IMMEDIATELY PRIOR TO
REORGANIZATION
    * NORTHEAST BANCORP - IF REORGANIZATION IS APPROVED &
EFFECTED,
BANK HOLDING COMPANY STRUCTURE WILL BE ELIMINATED & BANK WILL
BECOME TOP-LEVEL CO
    * NORTHEAST BANCORP - REORGANIZATION HAS BEEN APPROVED BY
BOARDS
OF DIRECTORS OF COMPANY AND BANK
    * NORTHEAST BANCORP - EACH OUTSTANDING SHARE OF COMPANY WILL
BE
CANCELED, CONVERTED INTO RIGHT TO RECEIVE ONE SHARE OF COMMON
STOCK OF BANK
    * NORTHEAST BANCORP - FOLLOWING REORGANIZATION, BANK WILL
FILE
PERIODIC AND CURRENT REPORTS AND OTHER MATERIALS REQUIRED BY
EXCHANGE ACT WITH FDIC
    * NORTHEAST BANCORP - FOLLOWING REORGANIZATION COMPANY WILL
NO
LONGER FILE THESE REPORTS AND MATERIALS WITH SEC

Source text for Eikon:  ID:nGNX1Bp42T 
Further company coverage:  NBN.O 

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