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NBN > SEC Filings for NBN > Form 8-K on 1-Jul-2013All Recent SEC Filings

Show all filings for NORTHEAST BANCORP /ME/



Other Events

Item 8.01 Other Events

In connection with the merger of FHB Formation LLC with and into Northeast Bancorp (the "Company") on December 29, 2010, as part of the regulatory approval process, the Company and its wholly-owned subsidiary, Northeast Bank (the "Bank") made certain commitments to the Board of Governors of the Federal Reserve System (the "Federal Reserve"), including a commitment to hold commercial real estate loans (including owner-occupied commercial real estate) to within 300% of total risk-based capital.

On June 28, 2013, the Federal Reserve approved the amendment of that commitment to exclude owner-occupied commercial real estate loans. All other commitments made to the Federal Reserve in connection with the merger remain unchanged.

At March 31, 2013, the Company reported total commercial real estate loans, including owner-occupied, of $226.0 million. This total included $65.7 million of owner-occupied commercial real estate loans.

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