Banknorth Acquires N.Y. Agency
NU Online News Service, May 20, 12:06 p.m. EST?Banknorth Group Inc., Portland, Maine, announced the expansion of its insurance services into New York State with the acquisition of Community Insurance Agencies Inc.
Banknorth said it has signed a letter of intent to acquire Community Insurance, headquartered in South Glens Falls, N.Y.
The financial institution conducts banking operations in upstate New York through the Evergreen Bank division of its banking subsidiary, Banknorth, N.A., based in Glens Falls.
Community Insurance Agencies reported annual premium volume of $24 million and generated $4.2 million in annual revenue in 2001, the bank said. The agency has 57 employees operating out of seven locations primarily in the Adirondacks.
The $21 billion banking and financial services holding company said it expects to complete the acquisition by the end of this year.
The bank's insurance subsidiary, Banknorth Insurance Group, premium volume totaled $400 million in 2001. The insurance group currently operates insurance brokerage firms in Maine, New Hampshire, Massachusetts and Connecticut.
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