This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Northeast Community Bancorp, Inc. Announces Expansion In Massachusetts

Stocks in this article: NECB

Northeast Community Bancorp, Inc. (Nasdaq Global Market: NECB), the holding company for Northeast Community Bank, announced today that it is expanding its lending operations in Massachusetts, where the Bank currently has two branch offices, one of which includes a loan production office.

In light of recent consolidation in the banking industry in Massachusetts and consistent with the Company’s business plan, the Company has expanded its operations in Massachusetts, particularly in and around the I-495 corridor. NorthEast Community Bank recently hired additional staff in Danvers, Massachusetts to support the expansion of its commercial and commercial real estate lending programs. In addition, the Bank intends to begin originating residential one- to four- family mortgages throughout eastern Massachusetts, a loan product that the Bank currently does not offer in any of its lending markets. To support the expansion of its lending operations in Massachusetts, the Bank has hired nine (9) new employees for its operations in Massachusetts, all of whom will be located in Danvers who collectively bring over 160 years of experience in commercial, commercial real estate and residential mortgage lending, and will compliment the experience of the Bank’s existing officers and employees in Massachusetts.

The Bank has also purchased a new office building for its lending operations in Massachusetts which is located in Danvers. The Bank expects to move its loan production services to the additional Danvers office on or about August 1, 2011.

Commenting on the Bank’s expansion of its Massachusetts operations, Kenneth A. Martinek, Chairman, President and Chief Executive Officer of the Company, said “We are very excited about the expansion of our loan products in Massachusetts and are confident in our ability to continue to take advantage of our expertise in commercial, nonresidential real estate lending and residential mortgage lending to expand our customer relationships in the Massachusetts market. Our new Massachusetts employees bring a wealth of experience in lending as well as long term relationships with individuals and businesses in our lending market and are a compliment to our existing banking operations within the Commonwealth.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs