The 54-year-old, Presque Isle-based financial services firm Thompson-Hamel LLC said it has reached an agreement to purchase Farrington Financial Group of Bangor, as Farrington’s founder and well-known city businessman Frank Farrington retires.
Terms of the transaction, which was announced on Thursday, were not disclosed.
Both firms have long been affiliated with Lincoln, Neb.-based Ameritas Life Insurance Co. and Ameritas Investment Corp., which provide clients with estate and retirement planning, investment and insurance services. Thompson-Hamel also provides payroll processing services to its clients throughout Maine, according to a news release.
“We are honored Frank Farrington has entrusted Thompson-Hamel with his client base, and we wish Frank well in retirement,” Brian Hamel, managing partner of Thompson-Hamel, said in a statement.
Thompson-Hamel will be opening an office at Farrington’s Bangor headquarters, which will have full-time support staff and an active presence by Hamel and his business partner Bryan Thompson, according to a news release.
“It is extremely important to me that my valued and long-standing clients continue to be serviced by well-trusted, respected and competent professionals,” Farrington said in a statement. “I have known the founder of Thompson-Hamel, Art Thompson, for decades, and I have a great deal of respect for [him] and have been impressed with the succession plan he has put in place with Brian Hamel and Bryan Thompson to carry on the legacy he has created since 1962.”
