0001248915-14-000147.txt : 20140909 0001248915-14-000147.hdr.sgml : 20140909 20140908181813 ACCESSION NUMBER: 0001248915-14-000147 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20140909 DATE AS OF CHANGE: 20140908 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: 1128 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-40682 FILM NUMBER: 141091964 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: MAGNOLIA CAPITAL FUND, LP CENTRAL INDEX KEY: 0001618333 IRS NUMBER: 464969706 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 15 E 5TH STREET-SUITE 1601 CITY: TULSA STATE: OK ZIP: 74103 BUSINESS PHONE: 918-796-3158 MAIL ADDRESS: STREET 1: 15 E 5TH STREET-SUITE 1601 CITY: TULSA STATE: OK ZIP: 74103 SC 13G 1 sc13g.htm SCHEDULE 13G sc13g.htm
 
 
 
 
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
SCHEDULE 13G
 
Under the Securities Exchange Act of 1934
(Amendment No. __)*

Northeast Bancorp
(Name of Issuer)

Common Stock, par value $1.00 per share
(Title of Class of Securities)

663904209
(CUSIP Number)

August 27, 2014
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

[   ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[   ] Rule 13d-1(d)

*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 the disclosures provided in a prior cover page.
 
The information required in 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 ("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).

 
 
 
SCHEDULE 13G

CUSIP No. 663904209

1
  
NAMES OF REPORTING PERSONS
   
 
Magnolia Capital Fund, LP
2
  
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
   
(a)    [  ] 
   
(b)    [  ] 
3
  
SEC USE ONLY
     
4
  
CITIZENSHIP OR PLACE OF ORGANIZATION
   
 
Oklahoma
 
5
  
SOLE VOTING POWER
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH:
    
 
758,705
6
  
SHARED VOTING POWER
   
 
0
7
  
SOLE DISPOSITIVE POWER
   
 
758,705
8
  
SHARED DISPOSITIVE POWER
     
 
0
9
  
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
 
758,705
10
  
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
 
[  ]
11
  
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
 
8.2%
12
  
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
 
PN
 

 
 
 
SCHEDULE 13G

CUSIP No. 663904209

1
  
NAMES OF REPORTING PERSONS
   
 
The Magnolia Group, LLC
2
  
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
   
(a)    [  ] 
   
(b)    [  ] 
3
  
SEC USE ONLY
     
4
  
CITIZENSHIP OR PLACE OF ORGANIZATION
   
 
Oklahoma
 
5
  
SOLE VOTING POWER
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH:
    
 
758,705
6
  
SHARED VOTING POWER
   
 
0
7
  
SOLE DISPOSITIVE POWER
   
 
758,705
8
  
SHARED DISPOSITIVE POWER
     
 
0
9
  
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
 
758,705
10
  
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
 
[  ]
11
  
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
 
8.2%
12
  
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
 
OO (limited liability company)

 
 
 
 
SCHEDULE 13G

CUSIP No. 663904209

1
  
NAMES OF REPORTING PERSONS
   
 
Adam K. Peterson
2
  
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
   
(a)    [  ] 
   
(b)    [  ] 
3
  
SEC USE ONLY
     
4
  
CITIZENSHIP OR PLACE OF ORGANIZATION
   
 
United States
 
5
  
SOLE VOTING POWER
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH:
    
 
758,705
6
  
SHARED VOTING POWER
   
 
0
7
  
SOLE DISPOSITIVE POWER
   
 
758,705
8
  
SHARED DISPOSITIVE POWER
     
 
0
9
  
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
 
758,705
10
  
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
 
[  ]
11
  
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
 
8.2%
12
  
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
 
IN
 

 
 
 
SCHEDULE 13G

CUSIP No. 663904209


Item 1(a)                      Name of Issuer.

Northeast Bancorp (“Issuer”)

Item 1(b)                      Address of Issuer’s Principal Executive Offices.

500 Canal Street, Lewiston, Maine 04240

Item 2(a)                      Name of Person Filing.

This Schedule 13G is being jointly filed by Magnolia Capital Fund, LP (“MCF”), The Magnolia Group, LLC (“TMG”),  and Adam K. Peterson (each, a “Reporting Person” and, collectively, the “Reporting Persons”) with respect to shares of common stock, par value $1.00 per share of the Issuer (the “Common Stock”) owned directly by MCF.

TMG is the sole Manager of MCF. Mr. Peterson is the sole manager of TMG. TMG and Mr. Peterson may each exercise voting and dispositive power over the Common Stock held by MCF and, as a result, may be deemed to be indirect beneficial owners of shares of Common Stock held by MCF.

Item 2(b)                      Address of Principal Business Office, or, if none, Residence.

The principal business address of each of the Reporting Persons is 15 East 5th Street, Suite 1601, Tulsa, Oklahoma 74103.

Item 2(c)                      Citizenship or Place of Organization.

MCF is an Oklahoma limited partnership. TMG is an Oklahoma limited liability company. Mr. Peterson is a U.S. citizen.

Item 2(d)                      Title of Class of Securities.

Common Stock, par value $1.00 per share

Item 2(e)                      CUSIP Number.

663904209

Item 3                      Reporting Person.

Not applicable; the Reporting Persons are filing pursuant to Rule 13d-1(c).

Item 4                      Ownership.

 
(a)
Amount beneficially owned:

 
The information required by Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated by reference for each such Reporting Person.

 
(b)
Percent of class:

 
The information required by Item 4(b) is set forth in Row 11 of the cover page for each Reporting Person hereto and is incorporated by reference for each such Reporting Person.

 
 
 
SCHEDULE 13G

CUSIP No. 663904209

(c)           Number of shares as to which such person has:

 
(i)
Sole power to vote or to direct the vote

 
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated by reference for each such Reporting Person.

 
(ii)
Shared power to vote or direct the vote

 
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated by reference for each such Reporting Person.

 
(iii)
Sole power to dispose or to direct the disposition of

 
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated by reference for each such Reporting Person.

 
(iv)
Shared power to dispose or to direct the disposition of

 
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated by reference for each such Reporting Person.
 
TMG and Mr. Peterson may each exercise sole voting and sole dispositive power over the all securities owned directly by MCF, including, without limitation, the Common Stock. Neither of TMG nor Mr. Peterson directly owns any shares of the Common Stock. Under Rule 13d-3 of the Exchange Act, TMG and Mr. Peterson may be deemed to beneficially own the shares of Common Stock directly owned by MCF.

Item 5                      Ownership of Five Percent or Less of a Class.

Not applicable.

Item 6                      Ownership of More than Five Percent on Behalf of Another Person.

Not applicable.

Item 7
Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company.

Not applicable.

Item 8                      Identification and Classification of Members of the Group.

Not applicable.

Item 9                      Notice of Dissolution of Group.

Not applicable.


 
 
 
SCHEDULE 13G

CUSIP No. 663904209

Item 10                      Certification.

By signing below the undersigned certify that, to the best of our knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated: September 4, 2014.


Magnolia Capital Fund, LP

By:           The Magnolia Group, LLC, General Partner


By:  /s/ Adam K. Peterson                                                                
Adam K. Peterson, Manager


The Magnolia Group, LLC



By: /s/ Adam K. Peterson                                                                
                            Adam K. Peterson Manager



/s/ Adam K. Peterson                                           
             Adam K. Peterson


 
 
 
SCHEDULE 13G

CUSIP No. 663904209

EXHIBIT INDEX TO SCHEDULE 13G
 
EXHIBIT 1

 
Joint Filing Agreement, dated as of September 4, 2014, by and between Magnolia Capital Fund, LP, The Magnolia Group, LLC, and Adam K. Peterson.

 
 
 
 
SCHEDULE 13G

CUSIP No. 663904209

Exhibit 1

JOINT FILING AGREEMENT

Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the undersigned agree, as of June 30, 2014, that only one statement containing the information required by Schedule 13G, and each amendment thereto, need be filed with respect to the ownership by each of the undersigned of shares of Common Stock of Northeast Bancorp, and such statement to which this Joint Filing Agreement is attached as Exhibit 1 is filed on behalf of each of the undersigned.

Dated: September 4, 2014.

Magnolia Capital Fund, LP

By:           The Magnolia Group, LLC, General Partner


By:  /s/ Adam K. Peterson                                                                
Adam K. Peterson, Manager


The Magnolia Group, LLC



By: /s/ Adam K. Peterson                                                                
                        Adam K. Peterson Manager



/s/ Adam K. Peterson                                           
                Adam K. Peterson