Northeast Bancorp/ME (NBN)
Interview with: James Delamater, President and CEO
Business News, Financial News, Stocks, Money & Investment Ideas, CEO Interview
and Information on their unique "one stop"
style of banking experience for customers where they have access to a vast array of
financial products and services, including traditional bank products, such as loans and
deposits, investments, insurance, trust services and personal and business financial
planning. |
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Delivering
superior earnings and competitive dividends is a sign that Northeast Bancorp/ME is always
mindful of the needs of their shareholders
Financial
Commercial Banks
(NBN-AMEX)
Northeast Bancorp/ME
James Delamater
President and
Chief Executive Officer
Interview conducted by:
Lynn Fosse
Senior Editor
CEOCFOinterviews.com
October 2003
Northeast Bancorp (AMEX: NBN) is the holding company for Maine-based Northeast Bank,
founded in 1872, which operates 14 retail locations in western, central and mid-coastal
Maine. Northeast Bank provides its business and consumer customers with a comprehensive
array of financial services, offered in concert with several third-party institutions. The
Bank's robust service provides a unique "one stop" style of banking experience
for our customers where they have access to a vast array of financial products and
services, including traditional bank products, such as loans and deposits, investments,
insurance, trust services and personal and business financial planning. At the fiscal year
ended June 30, 2003, NBN had total assets of $468 million, total deposits of $319 million,
and a book value per share of $14.16. “Our number-one strategy
is to serve three main constituents.” Says Mr. James
Delamater, President & CEO of Northeast Bancorp/ME. “Our
employees, our customers, and our shareholders. We work for the shareholders and our
strategy is always to be mindful of their needs and to deliver superior earnings, but more
importantly, to deliver a fair and competitive dividend and at the same time leaving us
sufficient capital to grow the company and support the buy back of our shares.”
When asked if there were any there any services that Northeast Bancorp was not offering
that he would like to put into place, Mr. Delamater
responded, “That is the best news! After 23 years of effort, we
have been able to create the infrastructure that we need to deliver all the products and
services that our customers want. We are much more focused now on growing the company and
growing revenue, than we were in the past. In the past, we spent a great deal of time
building the infrastructure. It is nice to say that we are done building, and we can now
build revenue.” Giving an example of how they go out of their way to meet
customer needs Mr. Delamater tell us, “We
have a commercial loan origination division, which is charged with meeting with commercial
customers and establishing what their capital needs are, and in many cases, we look at
their needs to see what our own bank team can so and let them know if there is a better
choice. We deliver that customer a commitment letter from any of a number of sources. It
could even be another bank.. At the same time, we build wonderful relationships that are
designed to deliver all of our other products. We carry this mission throughout the
organization, even to the point of saying that if a rate is better down the street, that
we will inform the customers so that they can make the right choice. Customers trust us to
do the right thing.” Asked to address potential investors, Mr. Delamater states, “With regard to
investors, we believe our stock is a win-win opportunity. We have been careful to protect
interest rate and credit risk. We work very hard to keep our balance sheet strong as it
protects the integrity of our franchise.”
Today, Northeast Bancorp affiliates Northeast Bank, Northeast Financial Services, Inc. and
Northeast Financial Services Insurance Division (formerly Kendall Insurance) together
offer customers an unprecedented array of sophisticated banking and financial services.
Northeast Financial Services, Inc., a Registered Investment Advisory firm and a wholly
owned subsidiary of Northeast Bank, is the financial services arm of Northeast Bancorp and
offers mutual funds, stocks, bonds, annuities, insurance services and investment analysis.
Their customers are offered access to securities through Commonwealth Financial Network,
Member NASD/SIPC.
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