1 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON NOVEMBER 5, 1999 REGISTRATION STATEMENT NOS. 333-88853 AND 333-88853-01 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------------- AMENDMENT NO. 2 TO FORM S-2 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 --------------------- NBN CAPITAL TRUST NORTHEAST BANCORP (Exact Name of Registrants as Specified in Their Charters) DELAWARE 01-6156013 MAINE 65-0624640 (States or Other Jurisdictions of (I.R.S. Employer Incorporation or Organization) Identification Nos.) 232 CENTER STREET AUBURN, MAINE 04210 (207) 777-6411 (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrants' Principal Executive Offices) --------------------- JAMES D. DELAMATER, PRESIDENT NORTHEAST BANCORP 232 CENTER STREET AUBURN, MAINE 04210 (207) 777-6411 (Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service) --------------------- COPIES TO: RICHARD A. DENMON, ESQ. WILLIAM W. BOUTON, III, ESQ. CARLTON, FIELDS, WARD, EMMANUEL, TYLER COOPER & ALCORN, LLP SMITH & CUTLER, P.A. CITY PLACE - 35TH FLOOR 777 SOUTH HARBOUR ISLAND BOULEVARD HARTFORD, CONNECTICUT 06103 TAMPA, FLORIDA 33602 --------------------- APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC: As soon as practicable after this Registration Statement becomes effective. If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. [ ] If the registrant elects to deliver its latest annual report to security holders, or a complete and legible facsimile thereof, pursuant to Item 11(a)(1) of this form, check the following box. [ ] If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. [ ] . If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. [ ] If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. [ ] If delivery of the prospectus is expected to be made pursuant to Rule 434, please check the following box. [ ] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2 THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED. SUBJECT TO COMPLETION PRELIMINARY PROSPECTUS, DATED NOVEMBER 5, 1999 PROSPECTUS $10,500,000 NBN CAPITAL TRUST % PREFERRED SECURITIES FULLY AND UNCONDITIONALLY GUARANTEED AS DESCRIBED IN THIS PROSPECTUS, BY NORTHEAST BANCORP --------------------- NBN Capital Trust is offering preferred securities for sale to the public which Northeast Bancorp will fully and unconditionally guarantee, to the extent described in this prospectus, based on its obligations under a guarantee, a trust agreement, and an indenture. NORTHEAST BANCORP -- - - We are a unitary savings and loan holding corporation that offers a full range of financial and banking services and products to its customers in the state of Maine through our wholly-owned banking subsidiary, Northeast Bank, F.S.B. - - We will purchase all of the common securities of the Trust. THE TRUST -- - - NBN Capital Trust is a Delaware business trust. - - The Trust will sell preferred securities to the public and common securities to Northeast Bancorp. The proceeds will be used to purchase an equal amount of our junior subordinated debentures. THE PREFERRED SECURITIES -- - - The preferred securities represent beneficial interests in the assets of the Trust, which will include the junior subordinated debentures and payments on the junior subordinated debentures. - - Holders of the preferred securities are entitled to receive cumulative cash distributions at an annual rate of % on March 31, June 30, September 30, and December 31 of each year, beginning on December 31, 1999. - - The preferred securities mature on , 2029. - - The Trust may redeem the preferred securities for cash or in exchange for the junior subordinated debentures. - - If we defer interest payments on the junior subordinated debentures, the Trust will defer distributions on the preferred securities. THE JUNIOR SUBORDINATED DEBENTURES -- - - We will sell $ of our % junior subordinated debentures to the Trust. - - The junior subordinated debentures are scheduled to mature on , 2029, but we may shorten this time period. - - We may defer interest payments on the junior subordinated debentures from time to time. The preferred securities have been approved for listing on the American Stock Exchange under the trading symbol "NBN.Pr". --------------------- INVESTING IN THE PREFERRED SECURITIES INVOLVES RISKS. SEE "RISK FACTORS" BEGINNING ON PAGE 13. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. NONE OF THE SECURITIES OFFERED BY THIS PROSPECTUS ARE DEPOSITS OR SAVINGS ACCOUNTS OF A BANK, AND THEY ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. - ---------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------- PER PREFERRED SECURITY TOTAL - ---------------------------------------------------------------------------------------------------------------- Public offering price....................................... $10.00 $10,500,000 - ---------------------------------------------------------------------------------------------------------------- Underwriting fees (to be paid by Northeast Bancorp)......... $ $ - ---------------------------------------------------------------------------------------------------------------- Proceeds to NBN Capital Trust, before expenses.............. $ $ - ---------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------- The underwriter also may purchase up to an additional 157,500 preferred securities at the public offering price within 30 days after the date of this prospectus to cover any over-allotments. The Trust expects the preferred securities to be ready for delivery in book entry only form through the Depository Trust Company on or about , 1999. --------------------- ADVEST, INC. THE DATE OF THIS PROSPECTUS IS NOVEMBER , 1999 3 (NORTHEAST BANCORP MAP) 2 4 TABLE OF CONTENTS PAGE ---- A Note About Forward-Looking Statements..................... 3 Prospectus Summary.......................................... 5 Risk Factors................................................ 13 NBN Capital Trust........................................... 21 Use of Proceeds............................................. 21 Capitalization.............................................. 22 Accounting Treatment........................................ 22 Management's Discussion and Analysis of Financial Condition and Results of Operations................................. 23 Business.................................................... 50 Description of Preferred Securities......................... 59 Description of Junior Subordinated Debentures............... 72 Description of Guarantee.................................... 82 Relationship Among the Preferred Securities, the Junior Subordinated Debentures, and the Guarantee................ 84 Certain Federal Income Tax Consequences..................... 86 Certain ERISA Considerations................................ 90 Supervision and Regulation.................................. 90 Underwriting................................................ 100 Validity of Securities...................................... 101 Experts..................................................... 102 Where Can You Find More Information......................... 102 Documents Incorporated by Reference......................... 102 Index to Financial Statements............................... F-1 A NOTE ABOUT FORWARD-LOOKING STATEMENTS This prospectus contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as statements relating to our financial condition, results of operations, plans, objectives, future performance