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FDIC approves Northeast Bancorp's corporate reorganization

The Federal Deposit Insurance Corp. approved Lewiston, Maine-based Northeast Bancorp unit Northeast Bank's previously announced corporate reorganization.

Pursuant to the reorganization, Northeast Bancorp will merge into Northeast Bank, with the bank continuing as the surviving entity.

The reorganization is still subject to other closing conditions, including the approval by the holders of the outstanding shares of Northeast Bancorp capital stock entitled to vote on the reorganization, remaining regulatory approvals, and approval for listing the bank's common stock on Nasdaq.