This week, host Sarwar Kashmeri speaks with Jim Delameter, president of Northeast Bank. Northeast Bank is a wholly-owned subsidiary of Northeast Bancorp (NASDAQ: NBN), headquartered in Lewiston, Maine. The Company has approximately $615 million in assets and 260 employees as of December 31, 2008 and derives its income from a combination of traditional banking services and non-traditional financial products and services including insurance and investments; operating eleven traditional bank branches, fourteen insurance offices and three investment centers that serve seven counties in Maine and two in New Hampshire.
Delameter says Northeast is “kind of old fashioned” in that it doesn’t lend money to people it knows can’t afford to pay back. Getting word out that not all banks have overextended themselves when it comes to loans has not been easy, he adds, noting that the media, to some degree, is to blame.
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Kash-
Is Mr. Delameter feeling sorry for himself by pushing off “some of the blame to the media”? While the media can certainly be blamed for many things, they are hard to blame for the current mess in the banking, insurance, housing, and auto industries.
While our society seems to need a “villian” (read AIG), the banks have acted recklessly in countless ways for many years. Short term planning, profit taking and return on investments have driven our economy to where we are not the media.
Remind Mr. Delameter that he will join the ranks of the unemployed should his performance be deemed inadequate by his board for bringing in reduced profits, lower investment income and a reduction in assets.
Thanks for letting me vent.
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