November 14, 2007
Northeast Bank buys another insurance co.
Northeast Bank is at it again, announcing today it has acquired another insurance agency, its sixth in the past year.
Northeast Bank Insurance Group, the bank's insurance subsidiary, has signed a purchase and sales agreement with Spence & Mathews Insurance, which has 16 employees in offices in Berwick and Rochester, N.H., and an estimated $10 million in premiums. Pending completion of the legal work, the deal is slated to close on Nov. 30. This is the company's first move into the New Hampshire market.
Northeast Bank has over the past year grown its insurance subsidiary to diversify its revenue streams and to offer its customers "one-stop shopping," Jim Delamater, Northeast Bank's president, recently told Mainebiz.
Northeast Bank Insurance Group, the bank's insurance subsidiary, has signed a purchase and sales agreement with Spence & Mathews Insurance, which has 16 employees in offices in Berwick and Rochester, N.H., and an estimated $10 million in premiums. Pending completion of the legal work, the deal is slated to close on Nov. 30. This is the company's first move into the New Hampshire market.
Northeast Bank has over the past year grown its insurance subsidiary to diversify its revenue streams and to offer its customers "one-stop shopping," Jim Delamater, Northeast Bank's president, recently told Mainebiz.
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