Lewiston, Maine-based Northeast Bancorp agreed to merge into its subsidiary Northeast Bank.
The restructuring plan has been approved by the boards of Northeast Bancorp and Northeast Bank. Each voting and nonvoting Northeast Bancorp common share will be canceled and be converted into the right to receive one voting and one nonvoting Northeast Bank common share.
Northeast Bank's common shares will be owned by Northeast Bancorp shareholders in proportion to their ownership of the holding company prior to the restructuring.
Northeast Bank's board will not change and Northeast Bancorp's executive officers will hold the same positions following the restructuring.