StockNews.AI
NBN
StockNews.AI
1 min

Northeast Bank Announces CFO Transition; Richard Cohen Stepping Down to Pursue New Opportunities, Effective October 31, 2025; Santino Delmolino Appointed CFO, Effective October 31, 2025

1. Richard Cohen will exit as CFO by October 31, 2025. 2. Santino Delmolino will take over the CFO role after Cohen. 3. Cohen played a pivotal role in Northeast's strategic positioning. 4. Delmolino is experienced in finance, previously with Fidelity Investments. 5. Northeast Bank emphasizes long-term value for shareholders.

8m saved
Insight
Article

FAQ

Why Neutral?

Leadership changes in financial institutions can lead to uncertainty, but Delmolino’s credentials mitigate risks. Past transitions often caused stock volatility that later stabilized, reflecting share price recovery over time.

How important is it?

The departure of a longstanding CFO can lead to short-term investor trepidation, despite the new CFO's qualifications. Historical patterns show leadership changes impact stock prices temporarily before stabilizing if new leadership is credible.

Why Short Term?

Initially, there may be market reaction to the leadership change. However, as Delmolino’s competence is acknowledged, stability is expected to return quickly.

Related Companies

FidelityKPMG
PORTLAND, Maine, Sept. 30, 2025 (GLOBE NEWSWIRE) -- Northeast Bank (the “Bank” or “Northeast”) (NASDAQ: NBN), a Maine-based bank, announced that Richard Cohen has informed the Bank that he will step down as Chief Financial Officer to pursue other opportunities. Mr. Cohen will continue in his role through October 31, 2025. Santino Delmolino, who currently serves as the Corporate Controller of the Bank, will assume the role of CFO, effective October 31, 2025. “Richard has been a remarkable leader throughout his tenure at Northeast, helping to position our bank for the future,” said Rick Wayne, President and Chief Executive Officer of the Bank. “Richard has led a very talented finance team that is focused on executing our strategy and delivering long-term value for our shareholders. On behalf of the entire Northeast organization, I thank him for his invaluable contributions. We are fortunate to have Richard’s ongoing support through October 31st and wish him all the best in the next chapter of his career.” “I am exceptionally privileged to have been part of the Northeast leadership team, and my decision to pursue other opportunities was not easy,” said Mr. Cohen. “I am proud of the progress we’ve made against our strategic and financial goals during my time as CFO, and I am confident in the Bank’s ability to continue to successfully execute its strategy. I look forward to working alongside Rick and our dedicated finance and accounting team over my remaining term, and to proudly following Northeast’s long-term success.” Mr. Delmolino is an experienced financial executive with deep knowledge of the Bank’s business and leadership experience at financial services companies and public accounting firms. Prior to joining Northeast in 2024, Mr. Delmolino held the positions of Director and Senior Manager in the accounting department at Fidelity Investments. Prior to that, he progressed within KPMG's audit practice, holding the position of Senior Manager most recently. Mr. Delmolino earned a Bachelor of Science degree in Business Administration and a Master of Science degree in Accounting from Western New England University. He is a certified public accountant, licensed with the Commonwealth of Massachusetts. Mr. Wayne continued, “We are thankful to have a leader of Santino’s caliber step into the CFO role after Richard’s departure.” About Northeast BankNortheast Bank (NASDAQ: NBN) is a bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via seven branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com. Forward-Looking Statements Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Federal Deposit Insurance Corporation (“FDIC”), in our annual reports to our shareholders, in press releases and other written materials, and in oral statements made by our officers, directors, or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Although the Bank believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, contingencies, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties, and other factors which are, in some cases, beyond the Bank’s control. The Bank’s actual results could differ materially from those expressed or implied by such the forward-looking statements as a result of, among other factors, changes in interest rates and real estate values; changes in employment levels, and general business and economic conditions on a national basis and in the local markets in which the Bank operates; changes in customer behavior due to changing business and economic conditions (including the impact of actual or threatened tariffs imposed by the United States and foreign governments, inflation, and concerns about liquidity) or legislative or regulatory initiatives; the possibility that future credit losses are higher than currently expected due to changes in economic assumptions, customer behavior, or adverse economic developments; turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; changes in, and evolving interpretations of, existing and future laws, rules, and regulations; operational risks including, but not limited to, cybersecurity, fraud, natural disasters, climate change, and future pandemics; the risk that the Bank may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Bank’s financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Bank’s Annual Report on Form 10-K, as updated in the Bank’s Quarterly Reports on Form 10-Q and other filings submitted to the FDIC. These statements speak only as of the date of this release and the Bank does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events. For More Information:Richard Cohen, Chief Financial OfficerNortheast Bank, 27 Pearl Street, Portland, Maine 04101 207.786.3245 ext. 3249www.northeastbank.com

Related News