Northeast Bank recognized for insurance sales
Northeast Bank of Lewiston has ranked 10th in a national study for generating income through insurance products. The bank was recognized by Michael White Associates and the American Bankers Association for deriving more than 55% of its noninterest income from insurance, which allows it to rely less on rate-sensitive investments amid the credit crisis, according to a bank press release. Northeast was the only Maine bank to place in the study's top 10.
The rest of the bank's noninterest income comes from investment, brokerage, financial planning and wealth management services, as well as fee and other non-rate income, the release stated. Northeast Bank, a subsidiary of Northeast Bancorp, operates 11 bank branches, 14 insurance offices and three investment centers in Maine and New Hampshire.
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