Northeast Bank Expands Insurance Agency Presence in Southern ME
Northeast Bank Insurance Group, Inc. is at it again, announcing today another agency acquisition, their 8th in the past two years. Goodrich Insurance Associates, family-owned and located at 70 Sullivan Street in Berwick, merged with neighboring Spence & Mathews under the Lewiston-based Northeast Bank umbrella.
Berwick and Lewiston, Maine (Vocus/PRWEB ) May 20, 2009 -- Northeast Bank Insurance Group, Inc. is at it again, announcing today another agency acquisition, their 8th in the past two years. Goodrich Insurance Associates, family-owned and located at 70 Sullivan Street in Berwick, merged with neighboring Spence & Mathews under the Lewiston-based Northeast Bank umbrella.
 Started over 60 years ago, Goodrich, today has approximately $1.7 million in premium volumes and operates with three employees who will all continue to work for Northeast, handling property and casualty insurance as well as commercial lines for the Berwick and surrounding markets. Long-time businessmen and community leaders Fred and Rick Goodrich are planning to retire in July.
“The Northeast family of agencies opens up a lot of doors for our customers,” said Fred Goodrich, president Goodrich Insurance Associates. “With the changes in the industry, Northeast has a higher volume and experience with more national carriers, enabling them to provide our customers not only superior service, but the most appropriate coverage at the best prices.”
“My father (Stan) started this business to help families protect their assets through some of the toughest times. My brother (Rick) and I have always tried to do our best for the customers, and we see that Northeast has the depth of resources to carry on with that mission with quality insurance products, as well as traditional banking and investment services. We’re comfortable that we can now retire knowing our customers will be well cared for.”
“The Goodrich-Spence & Mathews marriage makes sense,” said Craig Sargent, President of Northeast Bank Insurance Group, Inc. “Most importantly; all three of their employees will be joining our team.”
The Goodrich agency employees will relocate in September to their new offices at Spence & Mathews, located at 4 Sullivan Square, also in Berwick.
“Goodrich has been a formidable competitor in our market, and the employees seem excited; looking forward to the move,” said Craig Linscott, senior manager/commercial lines underwriter of Northeast Bank Insurance Group. “Like when we joined Northeast, our employees found that their robust employee benefit package, state-of-the-art technology platform and community banking mix offer a greater opportunity for continued growth.”
When asked about the future of Northeast Bank Insurance Group, Jim Delamater, President and CEO of Northeast Bank, noted, “The banking industry is changing daily and thus our continued plan to diversify the company remains a priority. We will continue to invest our resources to provide banking, insurance and investment products seamlessly for the benefit of the customers and for the security of our future.”
Northeast has a long list of acquisitions that they’ve completed in the past couple of years, including Spence & Mathews in Berwick, Palmer Insurance in Turner, Sturtevant & Ham in Livermore Falls, The Hartford Agency in Lewiston, Hyler Agency in Thomaston, Southern Maine Insurance Agency in Scarborough and Russell Agency in Madison. Northeast Bank Insurance Group continues to grow its book of business now operating 14 insurance offices throughout western, central and southern Maine in Anson, Auburn, Augusta, Bethel, Berwick, Jackman Livermore Falls, Mexico, Rangeley, Scarborough, South Paris, Thomaston, and Turner and in New Hampshire in Rochester.
About Northeast Bank Insurance Group, Inc., and Northeast Bank
Northeast Bank Insurance Group, Inc., a wholly owned subsidiary of Northeast Bank, headquartered in Rangeley, Maine, provides comprehensive insurance and financial services with an emphasis on needs-based advice to meet the demands of its consumer and business customers. The full spectrum of insurance services includes personal, business and financial coverage.
Northeast Bank, a leader in delivering one-stop shopping for financial services, is headquartered in Lewiston, Maine and is a wholly-owned subsidiary of Northeast Bancorp (NASDAQ: NBN). The Company has approximately $607 million in assets as of March 31, 2009 and derives its income from a combination of traditional banking services and non-traditional financial products and services including insurance and investments; operating eleven traditional bank branches, fourteen insurance offices and three investment centers that serve seven counties in Maine and two in New Hampshire. Information regarding Northeast Bank Insurance Group, Inc. and Northeast Bank can be found on its website at www.northeastbank.com or by contacting 1-800-284-5989.
This communication contains certain “forward-looking statements”. Although the Company believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors. These statements speak only as of the date of this report and we do not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events. For a more complete discussion of certain risks and uncertainties affecting the Company, please see "Item 1. Business Forward-Looking Statements and Risk Factors" set forth in the Company's Form 10-K for the year ended June 30, 2008
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