Northeast acquires another insurance agency

Northeast Bank has scooped up another insurance agency in southern Maine, its 8th acquisition in a little over two years.

The Lewiston-based bank's insurance subsidiary, Northeast Bank Insurance Group, has acquired Goodrich Insurance Associates in Berwick. Goodrich, founded over 60 years ago, has approximately $1.7 million in premiums and three employees, who will continue to work for Northeast, handling property, casualty and commercial lines of insurance. Northeast will merge Goodrich with Spence & Mathews, another insurance agency in Berwick that Northeast acquired in November 2007.

Northeast Bank has acquired eight insurance agencies since November 2006, when the bank acquired Palmer Insurance in Turner. Jim Delamater, Northeast Bank's president, has told Mainebiz that growing the bank's insurance arm is designed to diversify its revenue streams and offer its customers "one-stop shopping."

For more on Northeast Bank's insurance agency acquisitions, read "Calculated bet," from the Nov. 12, 2007, issue of Mainebiz.