Northeast Bancorp is the holding company for Northeast Bank, which operates about a dozen branches in western and southern Maine. Founded in 1872, the bank offers standard retail services such as checking and savings accounts, NOW and money market accounts, CDs, and trust services, as well as financial planning and brokerage. Residential mortgages account for about a third of all loans; commercial mortgages and consumer loans each make up about 25%. The bank also writes business and construction loans. Newly created investment entity FHB Formation acquired a 60% stake in Northeast Bancorp in 2010. The deal brought in $16 million in capital. The 2011 sale of insurance agency Varney added another $8.4 million.