LEWISTON — Northeast Bancorp announced Tuesday it has received the approvals necessary to complete a merger with FHB Formation LLC, bringing approximately $16 million of new capital to Northeast.

The transaction is expected to close on or before Dec. 31, with Northeast continuing as the surviving entity, according to a release by the company.

Northeast will retain its headquarters in Lewiston, and Northeast’s management and employees will remain, under the agreement. Northeast’s customer accounts and retail locations will not change as a result of the transaction, according to the release.

Jim Delamater, president and chief executive officer of Northeast said in the statement, “This is an exciting investment for Northeast and for the state of Maine. We believe this transaction will enable us to bring new capital to Northeast, create jobs and offer enhanced products to customers.”

The existing management team of Northeast will continue with the company: Delamater will become president and CEO of the Northeast Community Banking Division, Pender J. Lazenby will remain as the chief risk officer of Northeast, Robert S. Johnson will become chief financial officer of the Northeast Community Banking Division and Marcel C. Blais will become chief operating officer of the Northeast Community Banking Division.

Richard Wayne, the president and CEO of FHB, will become president and chief executive officer of Northeast. Wayne co-founded Capital Crossing Bank in 1988 and served as president and co-chief executive officer from 1991 until its sale in 2007.

Claire S. Bean will become chief financial officer and chief operating officer of Northeast. She has a 25-year track record in financial services, most recently as executive vice president and chief financial officer of Benjamin Franklin Bancorp, which was sold to Independent Bancorp in 2009.

Heather P. Campion will become chief administrative officer of Northeast. She has over 25 years of experience as a leading executive in the public and private sectors, and was the group executive vice president and director of Corporate Affairs at Citizens Financial Group from 1998-2007.