Brief: Northeast Bank To Sell To Loan Source $457.6 Mln Of Loans Originated By Bank In Connection With PPP

Northeast Bank

25/06/2020 23:09

June 25 (Reuters) - Northeast Bank  NBN.O :
    * NORTHEAST BANK -  TO SELL TO LOAN SOURCE $457.6 MILLION OF
LOANS
ORIGINATED BY BANK IN CONNECTION WITH PPP
    * NORTHEAST BANK - WILL REALIZE A PRE-TAX GAIN OF
APPROXIMATELY
$9.8 MILLION IN CURRENT FISCAL QUARTER
    * NORTHEAST BANK - THROUGH JUNE 24, LOAN SOURCE IS IN
CLOSING
PROCESS OF PURCHASING ABOUT $1.27 BILLION IN OUTSTANDING
PRINCIPAL AMOUNT OF PPP LOANS
    * NORTHEAST BANK - LOAN SOURCE'S PURCHASE OF ABOUT $1.27
BILLION
PPP LOANS INCLUDES ABOUT $815.3 MILLION OF PPP LOANS FROM
LENDERS OTHER THAN BANK

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

 ((Reuters.Briefs@thomsonreuters.com;))