AUBURN – Northeast Bancorp, parent company of Northeast Bank, F.S.B., announced that its Board of Directors has approved a plan to repurchase up to 200,090 shares of its common stock, or approximately 8 percent of its outstanding common stock. It is anticipated that the repurchase plan will be funded from general working capital and that the plan will terminate no later than Dec. 31, 2004, unless extended by the Board of Directors.

Under the terms of the stock repurchase plan, Northeast Bancorp will repurchase its common stock from time to time in open market transactions at prevailing market prices. Common stock repurchased pursuant to the plan will be classified as authorized but unissued shares of common stock available for future issuance as determined by the Board of Directors from time to time. The repurchase program may be discontinued by Northeast Bancorp at any time.

Northeast Bancorp is a unitary thrift holding company with assets and shareholders’ equity of approximately $497 million and $36 million, respectively. Northeast Bancorp is the holding company of Northeast Bank, F.S.B., founded in 1872, which operates from 13 locations throughout western, central, southern and mid-coastal Maine. It also provides financial planning, investment, and insurance products to its customers through Northeast Financial Services Corporation, a subsidiary of the Bank.

Turner forms new banking group

HARRISON – The H. L. Turner Group Inc. announces the formation of its new banking design group headed up by Alex Vergara of Henniker, N.H.

The group will specialize in bank and credit union branch office design for both new and existing buildings. Formerly the founder of Bank Branch Design Group Inc. and Bank Products Group, Vergara has worked extensively throughout New England in the banking industry, providing planning, design, equipment, products and turnkey project solutions.

Vergara may be reached at 603-228-1122, or [email protected].

The Turner Group provides a full range of architectural, engineering, building science and construction management services to business, industry and government, and is located at 26 Pinewood Lane, Harrison, ME 04040. For information phone (207) 583-4571, or on the Web at www.hlturner.com. The headquarters is located in Concord, N.H.