-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T140oUO3Hb/8tIuNDa7ors3cKh+oyPy8ovfRdVXsGpeXx6y7aezB0AfWltvpgncW SQT5rJNhUJ/k5l3JJdEiQg== 0000950123-11-001386.txt : 20110107 0000950123-11-001386.hdr.sgml : 20110107 20110107141534 ACCESSION NUMBER: 0000950123-11-001386 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20110107 DATE AS OF CHANGE: 20110107 GROUP MEMBERS: ADAM SHAPIRO GROUP MEMBERS: D PARTNERS MANAGEMENT, LLC GROUP MEMBERS: EREF SPECIAL SITUATIONS, LLC GROUP MEMBERS: GRAHAM DUNCAN GROUP MEMBERS: SHAPIRO PARTNERS MANAGEMENT, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NORTHEAST BANCORP /ME/ CENTRAL INDEX KEY: 0000811831 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 010425066 STATE OF INCORPORATION: ME FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-40682 FILM NUMBER: 11516943 BUSINESS ADDRESS: STREET 1: 500 CANAL ST CITY: LEWISTON STATE: ME ZIP: 04240-6594 BUSINESS PHONE: 2077863245 MAIL ADDRESS: STREET 1: 500 CANAL ST CITY: LEWISTON STATE: ME ZIP: 04240-6594 FORMER COMPANY: FORMER CONFORMED NAME: BETHEL BANCORP DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: East Rock Capital, LLC CENTRAL INDEX KEY: 0001427448 IRS NUMBER: 205451680 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 405 PARK AVENUE STREET 2: 6TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-315-2213 MAIL ADDRESS: STREET 1: 405 PARK AVENUE STREET 2: 6TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13D 1 y88938sc13d.htm SC 13D sc13d
Table of Contents

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No.  )*

Northeast Bancorp
(Name of Issuer)
Voting Common Stock, Par Value $1.00 Per Share
(Title of Class of Securities)
663904100
(CUSIP Number)
East Rock Capital, LLC
10 East 53rd Street, 31st Floor
New York, NY 10022
212-630-5002
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
December 29, 2010
(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 
 

Table of Contents

                         
CUSIP No.
  
663904100 
 13D  Page  
2 
   of   
10 
   pages 

 

           
1.   NAMES OF REPORTING PERSONS

East Rock Capital, LLC
     
     
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a)   o 
  (b)   þ 
     
3.   SEC USE ONLY
   
   
     
4.   SOURCE OF FUNDS*
   
  OO
     
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
   
  o
     
6.   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7.   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8.   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   287,150
       
EACH 9.   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10.   SHARED DISPOSITIVE POWER
     
    287,150
     
11.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  287,150
     
12.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  8.71%(1)
     
14.   TYPE OF REPORTING PERSON
   
  OO, IA
(1) Assumes that there are 3,297,147 shares of voting common stock, par value $1.00 per share, of Northeast Bancorp outstanding, based on information provided by Northeast Bancorp.

Table of Contents

                         
CUSIP No.
  
663904100 
 13D  Page  
3 
   of   
10 
   pages 

 

           
1.   NAMES OF REPORTING PERSONS

EREF Special Situations, LLC
     
     
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a)   o 
  (b)   þ 
     
3.   SEC USE ONLY
   
   
     
4.   SOURCE OF FUNDS*
   
  OO
     
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
   
  o
     
6.   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7.   SOLE VOTING POWER
     
NUMBER OF   251,754
       
SHARES 8.   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   251,754
       
EACH 9.   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   251,754
       
WITH 10.   SHARED DISPOSITIVE POWER
     
    251,754
     
11.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  251,754
     
12.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  7.64%
     
14.   TYPE OF REPORTING PERSON
   
  OO

Table of Contents

                         
CUSIP No.
  
663904100 
 13D  Page  
4 
   of   
10 
   pages 

 

           
1.   NAMES OF REPORTING PERSONS

D Partners Management, LLC
     
     
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a)   o 
  (b)   þ 
     
3.   SEC USE ONLY
   
   
     
4.   SOURCE OF FUNDS*
   
  OO
     
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
   
  o
     
6.   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7.   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8.   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   287,150
       
EACH 9.   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10.   SHARED DISPOSITIVE POWER
     
    287,150
     
11.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  287,150
     
12.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  8.71%
     
14.   TYPE OF REPORTING PERSON
   
  OO

Table of Contents

                         
CUSIP No.
  
663904100 
 13D  Page  
5 
   of   
10 
   pages 

 

           
1.   NAMES OF REPORTING PERSONS

Graham Duncan
     
     
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a)   o 
  (b)   þ 
     
3.   SEC USE ONLY
   
   
     
4.   SOURCE OF FUNDS*
   
  OO
     
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
   
  o
     
6.   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States of America
       
  7.   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8.   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   287,150
       
EACH 9.   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10.   SHARED DISPOSITIVE POWER
     
    287,150
     
11.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  287,150
     
12.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  8.71%
     
14.   TYPE OF REPORTING PERSON
   
  IN

Table of Contents

                         
CUSIP No.
  
663904100 
 13D  Page  
6 
   of   
10 
   pages 

 

           
1.   NAMES OF REPORTING PERSONS

Shapiro Partners Management, LLC
     
     
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a)   o 
  (b)   þ 
     
3.   SEC USE ONLY
   
   
     
4.   SOURCE OF FUNDS*
   
  OO
     
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
   
  o
     
6.   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7.   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8.   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   287,150
       
EACH 9.   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10.   SHARED DISPOSITIVE POWER
     
    287,150
     
11.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  287,150
     
12.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  8.71%
     
14.   TYPE OF REPORTING PERSON
   
  OO

Table of Contents

                         
CUSIP No.
  
663904100 
 13D  Page  
7 
   of   
10 
   pages 

 

           
1.   NAMES OF REPORTING PERSONS

Adam Shapiro
     
     
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
  (a)   o 
  (b)   þ 
     
3.   SEC USE ONLY
   
   
     
4.   SOURCE OF FUNDS*
   
  OO
     
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)
   
  o
     
6.   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States of America
       
  7.   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8.   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   287,150
       
EACH 9.   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10.   SHARED DISPOSITIVE POWER
     
    287,150
     
11.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  287,150
     
12.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
   
  o
     
13.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  8.71%
     
14.   TYPE OF REPORTING PERSON
   
  IN

TABLE OF CONTENTS

ITEM 1. Security and Issuer.
ITEM 2. Identity and Background.
ITEM 3. Source and Amount of Funds or Other Consideration.
ITEM 4. Purpose of Transaction.
ITEM 5. Interest in Securities of the Issuer.
ITEM 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
ITEM 7. Material to be Filed As Exhibits.
SIGNATURE

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CUSIP No.
  
663904100 
 13D  Page  
8 
   of   
10 
   pages 
ITEM 1. Security and Issuer.
This Schedule 13D relates to the Voting Common Stock, par value $1.00 per share (the “Voting Common Stock”), of Northeast Bancorp (the “Issuer”). The Issuer’s principal executive offices are located at 500 Canal Street, Lewiston, Maine 04240. Information given in response to each item shall be deemed incorporated by reference in all other items, to the extent applicable.
ITEM 2. Identity and Background.
(a) Name of Persons Filing
     East Rock Capital, LLC (“Capital”), EREF Special Situations, LLC (“Special Situations”), D Partners Management, LLC (“D Partners”), Graham Duncan (“Duncan”), Shapiro Partners Management, LLC (“Shapiro Partners”) and Adam Shapiro.
     Capital is the investment manager of East Rock Simco Endowment Fund, LP (“Simco Endowment”) and East Rock Endowment, LP (“Endowment”). Endowment is the Managing Member of Special Situations. Special Situations holds 251,754 shares and Simco Endowment holds 20,821 shares of the Voting Common Stock as reported in this Schedule 13D.
     Duncan and Shapiro jointly manage and control the investment vehicles holding the securities reported on this Schedule 13D, primarily as managing principals and control persons of Capital, East Rock Capital GP, LLC and East Rock Focus Management LLC, which is the investment manager of an account that holds 14,575 shares of the Voting Common Stock reported herein.
(b) Residence or business address
     10 East 53rd Street, 31st Floor, New York, NY 10022
(c) Principal Business
     Investment
(d) During the last five years, none of the persons identified in this Item 2 have been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) During the last five years, none of the persons identified in this Item 2 have been a party to any civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f) Citizenship
     See the responses to Item 6 on the attached cover pages.
ITEM 3. Source and Amount of Funds or Other Consideration.
In connection with the consummation of the transactions contemplated by the Agreement and Plan of Merger dated March 30, 2010 (the “Merger Agreement”) between FHB Formation LLC (“FHB”) and the Issuer, Special Situations, Simco Endowment and the separate account managed by East Rock Focus purchased limited liability company units in FHB for $4,137,385 in the aggregate, which units were immediately exchanged in the merger for 287,150 shares of Voting Common Stock. The source of these funds was available investment capital of Special Situations, Simco Endowment and such separate account.
ITEM 4. Purpose of Transaction.
The shares of Voting Common Stock were acquired primarily for investment purposes. As part of the ongoing evaluation of this investment and investment alternatives, the Reporting Persons and their affiliates may consider any or all of the following: (a) the acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board of directors; (e) any material change in the present capitalization or dividend policy of the Issuer; (f) any other material change in the Issuer’s business or corporate structure; (g) changes in the Issuer’s charter or bylaws or other actions which may impede the acquisition of control of the Issuer by any person; (h) causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) causing a class of equity securities of the Issuer to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act; or (j) any action similar to any of those enumerated above. In connection with the closing of the transactions contemplated by the Merger Agreement, Mr. Adam Shapiro, a managing principal and control person of Capital, has been appointed to the board of directors of the Issuer, and in that position may have influence over the corporate activity of the Issuer, including activity which may relate to transactions described in Items 4(a)-(j) of Schedule 13D. Notwithstanding the foregoing, the Reporting Persons do not have any plans or proposals which relate to, or would result in, any one of more of the matters described in Items 4(a)-(j) of Schedule

 

Table of Contents

                         
CUSIP No.
  
663904100 
 13D  Page  
9 
   of   
10 
   pages 
13D. Each Reporting Person does, however, reserve the right to adopt such plans or proposals subject to compliance with applicable regulatory requirements.
ITEM 5. Interest in Securities of the Issuer.
(a) Amount beneficially owned: See the responses to Item 11 on the attached cover pages.
(b) Number of shares as to which each Reporting Person has:
     (i) sole power to vote or direct the vote: See the responses to item 7 on the attached cover page.
     (ii) sole power to dispose or direct the disposition: See the responses to item 9 on the attached cover page.
     (iii) shared power to dispose or direct the disposition: See the responses to item 10 on the attached cover page.
(c) Except pursuant to the consummation of the Merger, no transactions in the Voting Common Stock were effected during the past sixty days by any of the Reporting Persons.
(d) To the knowledge of the Reporting Persons, each shareholder has the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Voting Common Stock owned by such shareholder and reported on this Schedule 13D.
(e) Not Applicable.
ITEM 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
The information set forth in Item 4 hereof is hereby incorporated by reference into this Item 6.
ITEM 7. Material to be Filed As Exhibits.
Not applicable.

 

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CUSIP No.
  
663904100 
 13D  Page  
10 
   of   
10 
   pages 
SIGNATURE
     After reasonable inquiry and to the best of its or his knowledge and belief, each of the undersigned hereby certifies that the information set forth in this statement is true, complete and correct.
DATE: January 7, 2011.
         
  EAST ROCK CAPITAL, LLC
 		  
  By:   D PARTNERS MANAGEMENT, LLC    
    Managing Member   
 
  By:   /s/ GRAHAM DUNCAN    
    Name:   Graham Duncan   
    Title:   Managing Member   
 
  EREF SPECIAL SITUATIONS, LLC
 		  
  By:   EAST ROCK ENDOWMENT FUND, LP    
    Member   
 
  By:   EAST ROCK CAPITAL GP, LLC    
    General Partner   
 
  By:   D PARTNERS MANAGEMENT, LLC    
    Managing Member   
 
  By:   /s/ GRAHAM DUNCAN    
    Name:   Graham Duncan   
    Title:   Managing Member   
 
  D PARTNERS MANAGEMENT, LLC
 		  
  By:   /s/ GRAHAM DUNCAN    
    Name:   Graham Duncan   
    Title:   Managing Member   
 
  /s/ GRAHAM DUNCAN    
  Name:   Graham Duncan   
     
 
  SHAPIRO PARTNERS MANAGEMENT, LLC
 		  
  By:   /s/ ADAM SHAPIRO    
    Name:   Adam Shapiro   
    Title:   Managing Member   
 
  /s/ ADAM SHAPIRO    
  Name:   Adam Shapiro   
     

 

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