Northeast Bank in Portland, Maine, bought a large loan portfolio.
The bank said in a press release that it acquired an $805 million portfolio that largely consists of commercial real estate loans. Northeast did not disclose the seller or the price it paid.
Northeast said it plans to fund the loans with brokered deposits and Federal Home Loan Bank advances.
“We are very pleased with this quarter’s purchased loan activity, which represents the second largest quarterly loan purchase volume in the bank’s history,” Rick Wayne, Northeast’s CEO, said in the release.
“We have developed a reputation in the loan purchase market as a strong and reliable counterparty,” Wayne added. “Our experienced, professional, and dedicated team allows us to take advantage of the opportunities that have been and are available to the bank.”