Northeast Bank is headquartered in Portland and is the 8th largest bank in the state of Maine. It is also the 674th largest bank in the nation. It was established in 1872 and as of June of 2022, it had grown to 171 employees at 9 locations. Northeast Bank's money market rates are 9X the national average, and it has a B+ health rating.
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Worst Bank Ever
Applied for a small business loan.
They didn't bother reading my application.
They advertised to finance hotels and rv parks....dont bother. They don't finance any of that.
They were rude during loan application.
Wasted my time.
Steer clear of this bank
Limelights Hair Color Studio Inc.
Terrible! Avoid At All Costs.
Stay away from Northeast Bank. I was approved for a mortgage. Provided the $500 deposit. When the appraisal was ordered, the appraiser completely missed the fact that the house had a basement, which clearly makes a difference in the value of the home. I wanted (and was owed) a valid appraisal. I requested the appraisal be redone to include the basement, with laundry room and bath. They refused, the customer service was terrible and they would not refund my money. I have never been treated so unprofessionally.
In the end, I switched banks, got a valid appraisal and bought the home, but lost a lot of time and energy in the process thanks to Northeast's ineptitude and all around poor (if not suspect) business practices. I will never work with Northeast Bank and suggest you do the same.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 19690 |
| Year Established | 1872 |
| Employees | 171 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.72% |
| Return on Equity - YTD | 17.05% |
| Annual Interest Income | $46.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $1.58B$2.17B |
| Loans | Q2 2022vs Q2 2021 | $1.30B$1.03B |
| Deposits | Q2 2022vs Q2 2021 | $1.30B$1.88B |
| Equity Capital | Q2 2022vs Q2 2021 | $248.3MM$232.4MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $5.0MM$7.3MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $8.9MM$14.7MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$1.6MM |