Northeast Bancorp of Lewiston, Maine, announced it is giving its shareholders more time to submit election forms on a proposed acquisition of FHB Formation LLC, an investment entity formed to inject capital into Northeast.
The parent company of Northeast Bank said Tuesday that it would extend the deadline to Oct. 15 for shareholders to submit or change election forms, reducing the time between the election date and effective date of the acquisition. The $622 million-asset Northeast Bancorp expects to close the deal in the fourth quarter, pending regulatory approval.
FHB Formation was created to buy $16.2 million in newly issued common stock and $12.9 million, or 40%, of Northeast's outstanding stock from existing shareholders. Northeast said on July 27 that it had reached the number of common shares required for approval of the deal, at about 75% of outstanding shares.