NORTHEAST BANCORP (NASDAQ:NBN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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(b) |
Departure of Executive Officer |
On August 21, 2017, the Board of Directors of Northeast Bancorp (the “Company”) accepted the resignation of Brian Shaughnessy from all of his positions at the Company, including as Chief Financial Officer of the Company, effective as of September 15, 2017. Mr. Shaughnessy has indicated that his resignation is not due to any disagreement with the Company on any matter relating to its accounting, operations, policies or practices.
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(c) |
Appointment of Interim Chief Financial Officer |
On August 21, 2017, the Board of Directors of the Corporation appointed Brian Pinheiro as the Company’s Interim Chief Financial Officer, effective as of September 15, 2017, to succeed Mr.Shaughnessy in that position.
Mr.Pinheiro, 35, has been an Executive Officer and the Chief Risk Officer of the Company since March 2015. Prior to joining the Company, Mr. Pinheiro served as a Managing Director at Corporate Finance Group, Inc. (CFGI) from 2011 to 2015, where he provided consulting services to financial institutions and banking clients. Before his position at CFGI, he was an Audit Manager in the Financial Services practice at Deloitte LLP. Mr. Pinheiro received a B.S. and M.S. in Accountancy from the University of Massachusetts at Amherst. He is a Certified Public Accountant licensed in the Commonwealth of Massachusetts.
No Family Relationships or Related Person Transactions. Mr.Pinheiro is not related by blood, marriage or adoption to any of the Company’s directors or other executive officers. There are no related person transactions between the Company, on the one hand, and Mr.Pinheiro or his immediate family members, on the other hand, reportable under Item404(a) of Regulation S-K promulgated under the Exchange Act.
About NORTHEAST BANCORP (NASDAQ:NBN)
Northeast Bancorp is a bank holding company. The Company’s banking subsidiary is Northeast Bank (the Bank). The Company provides a range of banking services to individual and corporate customers throughout south-central and western Maine and conducts loan purchasing and origination activities nationwide through its subsidiary. The Company conducts its loan-related activities through three primary channels: the Community Banking Division, the Loan Acquisition and Servicing Group (LASG), and the Small Business Administration (SBA) Division. It offers various loans, such as commercial and industrial loans, consumer loans, multi-family and other commercial real estate loans, and residential loans. It originates residential mortgage loans secured by one- to four-family properties throughout Maine, southern New Hampshire, and Massachusetts. Its deposit products consist of demand deposit, negotiable order of withdrawal (NOW), money market, savings and certificate of deposit accounts.
