buyinsco8k.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
 
Date of Report:
November 16, 2007
(Date of earliest event reported):
November 14, 2007

 
Commission File No. 1-14588
 
NORTHEAST BANCORP
(Exact name of Registrant as specified in its Charter)
 
Maine
01-0425066
(State or other jurisdiction of incorporation)
(IRS Employer Identification Number)
500 Canal Street
Lewiston, Maine
04240
(Address of principal executive offices)
(Zip Code)

 
Registrant's telephone number, including area code: 207-786-3245
 
Former name or former address, if changed since last Report: N/A
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
       Written communications pursuant to Rule 425 under the Securities Act
 
       Soliciting material pursuant to Rule 14a-12 under the Exchange Act
 
       Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
 
       Pre-commencement to communications pursuant to Rule 13e-4(c) under the Exchange Act
 
Item 1.01  Entry into a Material Definitive Agreement
 
On November 14, 2007, Northeast Bank Insurance Group, Inc., a wholly owned subsidiary of Lewiston-based Northeast Bank, and Spence & Mathews, Inc. issued a press release announcing that they have signed a purchase and sales agreement under which Spence & Mathews will join the Northeast Bank Insurance Group. The purchase price for the acquisition of certain assets of Spence & Matthews will be $4.343 million paid as follows: $500 thousand will be paid over a seven year term with interest at the rate of 6.50%; $800 thousand will also be financed over seven years but will be non-interest bearing; and the $3.043 million balance will be paid in cash. Once the transaction closes on November 30, 2007, Northeast Bank Insurance Group will record goodwill and intangibles of approximately $4.3 million.
 
Item 9.01  Financial Statements and Exhibits
 
(c)
Exhibits
  
 
Exhibits No
Description
 
   99.1
Press Release, dated November 14, 2007 regarding purchase of Spence & Mathews, Inc.

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
Date: November 16, 2007
NORTHEAST BANCORP
By:  /s/ James D. Delamater
            James D. Delamater
            President and Chief Executive Officer