A deal expected to provide a Lewiston-based bank with $16 million in new, outside capital and allow it to take up new lines of business should close by the end of the year, according to the bank.
Northeast Bank has received the last layer of approval it needs to move ahead with a $29 million transaction in which a Boston-based investor group will acquire a 60 percent stake in the institution.
The leader of that investor group, Richard Wayne, will become Northeast’s president and chief executive officer when the deal closes.
The approval from the Federal Reserve, which came Monday, was the last obstacle that stood between Northeast Bank and $16 million in new capital.
“This is an exciting investment for Northeast and for the state of Maine,” Jim Delamater, Northeast’s current president, said in a statement. “We believe this transaction will enable us to bring new capital to Northeast, create jobs and offer enhanced products to customers.”
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