Northeast Bank Announces New Board Member Bill Mayer

Rhea-AI Summary

Northeast Bank (NASDAQ: NBN) has appointed William Mayer to its Board of Directors to fill the vacancy left by the late Robert R. Glauber, the Bank's Chairman since 2010. Mayer, a retired partner from Goodwin Procter, brings extensive experience in corporate and regulatory counsel for financial institutions. His background includes roles with USAID, the World Bank, and the IMF. Chairman Matthew Botein expressed enthusiasm for Mayer’s appointment, citing his knowledge of legal and business issues, and sensitivity to regulatory conditions, as vital for the Bank's future.

Positive

• William Mayer brings extensive experience in corporate and regulatory counsel, which may enhance the Bank's strategic direction.
• Mayer's background with various financial institutions could provide valuable insights into navigating regulatory challenges.

Negative

• The passing of former Chairman Robert R. Glauber may create initial continuity challenges for the board.

PORTLAND, Maine, March 08, 2021 (GLOBE NEWSWIRE) -- Northeast Bank (the “Bank”) (NASDAQ: NBN) announced today the Board of Directors has elected William Mayer to fill the vacancy on the Bank’s Board of Directors created by the recent passing of Robert R. Glauber, who served as the Bank’s Chairman since 2010.

Mr. Mayer is a retired partner from Goodwin Procter. Mr. Mayer served as corporate and regulatory counsel for financial institutions and financial institution holding companies, ranging from global and larger U.S. banking organizations to regional and community banks. Mr. Mayer also participated in missions for USAID, the World Bank, and the IMF to address financial sector issues in Eastern Europe, the Middle East, and Latin America. A former chair of Goodwin’s Pro Bono Committee for 10 years, Mr. Mayer maintained an active pro bono practice, serving as chairman of the board of KickStart International, a nonprofit devoted to designing and marketing appropriate technology to African farmers, and chairman of the board of RefugePoint, a nonprofit organization founded to protect and develop solutions for refugees worldwide. He was also on the board of The Chocorua Lake (NH) Conservancy. In addition, Mr. Mayer also served as counsel and board advisor to a number of other nonprofit organizations. Mr. Mayer graduated Summa Cum Laude from Dartmouth College, received a Master’s Degree from the University of Dar es Salaam, and a J.D. from Virginia Law School, where he was an editor of the Virginia Law Review.

In commenting on Mr. Mayer, Matthew Botein, Chairman of the Board of Northeast Bank, said, “We are thrilled to have Bill joining the Board. He has a wealth of knowledge and experience from his many years representing banks and other financial institutions. Bill understands both the legal and business issues affecting banks, as well as keen sensitivity to the regulatory climate in which we exist. I cannot imagine a better person to join our bank at this time.”

About Northeast Bank
Northeast Bank (NASDAQ: NBN) is a full-service bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via nine branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.

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For More Information:
Jean-Pierre Lapointe, Chief Financial Officer
Northeast Bank, 27 Pearl Street, Portland, ME 04101
207.786.3245 ext. 3220
www.northeastbank.com

FAQ

Who is the new member of Northeast Bank's Board of Directors?

William Mayer has been elected to Northeast Bank's Board of Directors.

What experience does William Mayer bring to Northeast Bank?

William Mayer brings extensive experience in corporate and regulatory counsel from his time at Goodwin Procter, as well as involvement with financial institutions globally.

Why was there a vacancy on the Board of Northeast Bank?

The vacancy was created by the passing of Robert R. Glauber, who had served as Chairman since 2010.

What is the significance of William Mayer's appointment for Northeast Bank?

Mayer's appointment is seen as beneficial due to his legal expertise and understanding of regulatory issues, which are crucial for the Bank's operations.

What does Northeast Bank offer?

Northeast Bank offers personal and business banking services through its nine branches, as well as national commercial lending and online savings products.