"The Company continues to dedicate resources in a number of areas to improve both the product delivery infrastructure and to generate additional fee income. This quarter we completed a year-long project to successfully convert our Teller System for customer transaction processing with new hardware and software throughout our branches, resulting in improved efficiencies. We also began the migration and conversion of the Sargent Insurance Agency and its six offices, acquired in September 2004, onto the Company's network and database. Additionally, we implemented a new service fee structure to provide for increased deposit fees in areas where it made sense," continued Delamater.
Northeast Bancorp is the holding company for the Maine-based and independent Northeast Bank, founded in 1872. Northeast Bank, together with its wholly owned subsidiary, Northeast Financial Services, Inc. and other affiliations, provides retail and business customers with a broad array of financial services. Income is derived from a combination of traditional banking services and non-traditional financial products and services, including trust, investment, and insurance products (life, disability, property and casualty insurance). Employees utilize a "needs-based" consultative selling philosophy focused on understanding customers' financial goals and objectives to find the most appropriate product or service match. – less – More from ZoomInfo »