| FIRST: | The                name of the corporation is NORTHEAST                BANCORP. |
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| SECOND: | The                name of its Clerk, who must be a Maine resident and the address of                its                registered office shall be: |
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| THIRD: | The                number of directors constituting the initial board of directors of                the                corporation is nine, as follows: |
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| FOURTH: | The                board of directors is authorized to increase or decrease the number                of                directors.  The minimum number shall be nine directors and the                maximum number shall be twelve                directors. |
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| FIFTH: | SHARES                - There shall be 15,000,000 authorized shares of $1.00 par value                Common                Stock, which may be issued by the Corporation from time to time by                vote of                the Board without the approval of the holders of the Common                Stock.  Upon payment of lawful consideration, such shares shall                be deemed fully paid and nonassessable.  Except as the Board                shall have otherwise specified or except as otherwise provided by                law,                voting power shall be vested exclusively in the Common                Stock.  The holders of the Common Stock shall be entitled to one                vote for each share of Common Stock owned.  Dividends, as                declared by the Board out of lawfully available funds, shall be payable                on                the Common Stock subject to any rights or preferences of the Preferred                Stock. |
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|   | a. | The              rate of dividend; |
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|   | b. | Whether                shares may be redeemed and, if so, the redemption price and the terms                and                conditions of redemption; |
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|   | c. | The                amount payable upon shares in event of voluntary and involuntary                liquidation; |
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|   | d. | Sinking                fund provisions, if any, for the redemption or purchase of                shares; |
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|   | e. | The                terms and conditions, if any, on which shares may be converted;                or |
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|   | f. | Voting                rights, if any. |
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|   | The                aggregate par value of all authorized shares (of all classes) having                a par                value is $4,000,000.  The total number of authorized shares (of                all classes) without par value is zero                shares. |
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| SIXTH: | Meetings                of the shareholders may be held outside the State of                Maine. |
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| SEVENTH: | There                are no preemptive rights. |
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| EIGHTH: | INTERNAL                AFFAIRS OF THE CORPORATION |
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|   | a. | Advance                notice of such proposed nomination shall be received by the Secretary                of                the Corporation not less than thirty (30) days nor more than sixty                (60)                days prior to any meeting of the Shareholders called for the election                of                the Directors; provided, however, that if fewer than fourteen (14)                days'                notice of the meeting is given to Shareholders, such written notice                of a                proposed nomination shall be received not later than the close of                the                tenth day following the day on which the notice of the meeting was                mailed                to Shareholders. |
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|   | b. | Each                notice shall set forth (i) the name, age, business address and, if                known,                residence address of each nominee proposed in such notice, (ii) the                principal occupation or employment of each such nominee; and (iii)                the                number of shares of stock of the Corporation which are beneficially                owned                by each such nominee.  In addition, the Shareholder making such                nomination shall promptly provide any other information reasonably                requested by the Corporation. |
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|   | c. | The                nomination made by a Shareholder may only be made in a meeting of                the                Shareholders of the Corporation called for the election of Directors                at                which such Shareholder is present in person or by proxy, and can                only be                made by a Shareholder who has complied with the notice provisions                of (a)                and (b) above. |
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|   | d. | The                Chairman of the meeting may in his discretion determine and declare                to the                meeting that a nomination was not made in accordance with the foregoing                procedures, and if he should so determine, he shall so declare to                the                meeting and the defective nomination shall be                disregarded. |
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|   | (a) | Neither                the Corporation nor any subsidiary of which the Corporation owns                at least                a majority of the equity securities ordinarily entitled to vote for                the                election of Directors ("Subsidiary"), shall be a party to any of                the                transactions specified herein (a "Business Combination") or enter                into any                agreement providing for any Business Combination unless the conditions                specified in (b), (c) and (d) below shall have been                satisfied: |
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|   | (i) | any                merger or consolidation (whether in a single transaction or a series                of                related transaction) other than a merger or consolidation of the                Corporation and any of its subsidiaries or a merger or consolidation                of                any subsidiaries of the Corporation;                or |
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|   | (ii) | any                sale, lease, exchange, transfer or distribution of all or substantially                all or a substantial portion of the property or assets of the Corporation                or any of its subsidiaries, including its goodwill;                or |
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|   | (iii) | the                issuance of any securities, or of any rights warrants or options                to                acquire any securities of the Corporation or any of its subsidiaries,                to                any Shareholders other than by stock dividend declared and paid to                all                Shareholders of the Corporation or pursuant to an employee stock                ownership                plan or an employee stock option plan established by the Corporation;                or |
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|   | (iv) | any                reclassification of the stock of the Corporation or any of its                subsidiaries or any recapitalization or other transaction (other                than a                redemption of stock) which has the effect, directly or indirectly,                of                increasing the proportionate share of stock of the Corporation or                any of                its subsidiaries held by any person;                or |
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|   | (v) | the                dissolution of the Corporation or any subsidiary thereof or any partial                or                complete liquidation of the Corporation or any subsidiary                thereof. |
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|   | (b) | The                vote of the holders of at least eighty percent (80%) of the outstanding                shares entitled to vote for the election of Directors shall be required                to                approve or authorize any Business Combination to which the Corporation                or                any Subsidiary is party unless the aggregate of the cash and fair                market value of the consideration to be paid to all the holders of                the                Common Stock of the Corporation in connection with the Business                Combination (when adjusted for stock splits, stock dividends,                reclassification of shares or otherwise) shall be equal to the highest                price per share paid by the other party or parties to the Business                Combination (the "Acquiring Party") in acquiring any of the Corporation's                Common Stock; provided however, that the consideration to be paid                to the                holders of the Common Stock of the Corporation shall be in the same                form                as that paid by the Acquiring Party in acquiring the shares of the                Common                Stock held by it except to the extent that any Stockholder of the                Corporation shall otherwise agree. |
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|   | (c) | Subject                to the provisions in (b) above, the vote of the holders of at least                seventy-five percent (75%) of the outstanding shares entitled to                vote for                the election of Directors shall be required to approve or authorize                any                Business Combination to which the Corporation or any Subsidiary is                a party                unless the Business Combination shall have been approved by at                least two-thirds (2/3) of the Directors of the Corporation who are                not                affiliated with, or Shareholders of, the Acquiring                Party. |
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|   | (d) | In                the event that all of the conditions set forth in (b) and (c) above                are                met, the Corporation or any Subsidiary may enter into any Business                Combination under the terms and conditions specified in the Maine                Business                Corporation Act. |
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|   | (e) | The                affirmative vote of the holders of at least eighty percent (80%)                of all of                the shares of the Corporation entitled to vote for the election of                Directors shall be required to amend or repeal, or to adopt any provisions                in contravention of or inconsistent with this Section 2, notwithstanding                the fact that a lesser percentage may be specified by                law. |
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|   | (i) | The                term "person" shall mean and include any individual, group acting                in                concert, Corporation, partnership, or other organization or entity,                together with its affiliates and associates;                and |
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|   | (ii) | The                term "offer" includes every offer to buy or acquire, solicitation                of an                offer to sell, tender offer for, or request or invitation for tenders                of,                a security (including, without limitation, shares of any class of                capital                stock of the Corporation) or interest in a security for                value. |
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|   | (iii) | The                term "conversion" shall mean the completed process whereby Bethel                Savings,                FSB Bank will be converted from a federally chartered mutual savings                bank                to a federally charted stock savings bank and Bethel Bancorp shall                become                the holding company for Bethel Savings Bank,                FSB. |
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|   | (b) | Exclusion                for Underwriters, Directors, Officers and Employees.  The                restriction contained in this Section 4 shall not apply to any offer                with                a view toward public resale made exclusively to the Corporation or                the                underwriters or a selling group acting on its behalf.  In                addition, the Directors, Officers and employees of the Corporation                or any                subsidiary thereof shall not be deemed to be a group with respect                to their                individual acquisition of equity stock of the                Corporation. |
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|   | a. | the              affirmative vote of two-thirds (2/3) of the Board;              and |
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|   | b. | the                affirmative vote by the holders of at least two-thirds (2/3) of the                outstanding shares entitled to                vote. |
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