Northeast Bank Insurance Group Inc. said it has acquired the Palmer Insurance Agency of Turner, Maine.
Opened in 1991, Palmer Insurance Agency offers complete lines of property-casualty insurance. Palmer has six employees and generated $4 million in gross premiums over the past year.
"We expect a smooth transition; our technology platforms are similar as are our cultures," said Craig Sargent, president of Northeast Bank Insurance. "Palmer is exactly the type of agency we were looking for, with a focus on the community delivering needs-based insurance programs."
The current staff and management will remain with the company, Northeast Bank said.
Northeast Bank is headquartered in Lewiston, Maine. The insurance group will now operate nine insurance offices throughout western and central Maine. With the acquisition the bank said it would embark upon a new marketing strategy that includes delivering one-stop shopping for banking, insurance and investment needs to its clients.
Northeast Bank, a wholly owned subsidiary of Northeast Bancorp, has over $570 million in assets as of Sept. 30. It operates 21 retail locations throughout Maine.
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