Rick Wayne: Northeast Bank CEO

Identity and role

Richard Wayne is president, chief executive officer, and director of Northeast Bank. Northeast is a small bank by national standards; its PPP loan volume and fee income were large relative to its size.

Biography / career arc

Wayne led a group of investors that bought a controlling stake in Northeast Bank in December 2010 and has run the bank since, building it around a national commercial-lending and purchased-loan strategy run out of a small Maine deposit base. Before that he spent 16 years as president and co-chief executive of Capital Crossing Bank in Boston.

Pandemic-relief / PPP-EIDL role

Northeast, a bank with $1.26 billion in assets on June 30, 2020, originated $2.84 billion of PPP loans to more than 30,000 borrowers (about 287,000 jobs) in the fiscal year ended June 30, 2021. It also acted as the correspondent for The Loan Source, Inc — the buy-side aggregator that purchased and held PPP loans — facilitating cumulative Loan Source purchases of about $11.2 billion. Northeast sold its own initial PPP book to The Loan Source in June 2020, booking a $9.8 million gain on the first sale. It kept earning correspondent fees on the loans it pledged and serviced, equal to 50% of the net servicing income.

Their own relief

No PPP or EIDL loan to Wayne personally is established in the public record.

Legal status / controversies

No PPP-fraud allegation against Wayne or Northeast Bank is in the public record.

Where they are now (2025–2026)

Wayne remains president and CEO of Northeast Bank.

Rick Wayne