Northeast Bancorp (NBN) in Lewiston, Maine, has repurchased the roughly 4,200 preferred shares it issued to the Treasury Department under the Troubled Asset Relief Program.

The $660 million-asset company paid $4.2 million to redeem the shares, including $8,000 in accrued and unpaid dividends, using available cash, Northeast said Wednesday. It expects the repurchase to reduce net income available to common shareholders by roughly $257,000 for the current quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.