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September 30, 2004 at 08:00 PM
NU Online News Service, Sept. 30, 2004, 5:12 p.m. EDT
Northeast Bancorp, Auburn, Maine, has agreed to buy Sargent Insurance Agency, Rangeley, Maine.[@@]
The agency is the second local agency acquired by the bank’s Northeast Financial Services subsidiary. In 2002, the unit bought Kendall Insurance Agency.
Sargent sells life insurance, retirement plans and other personal insurance products.
Northeast says the latest acquisition fits its plans to provide its customers with an increased range of financial products. The move also allows the bank to add more insurance carriers to its product lineup and gives it access to about 21,000 new customers.
The bank will hire the entire Sargent Insurance staff immediately upon closing the deal, says James Delamater, Northeast’s president. In addition to having a main office Rangeley, the agency has offices in 5 other communities in Maine: Auburn, Augusta, Anson, Mexico and South Paris.
The agency was cofounded in 1982 by Craig and Sharon Sargent.
The bank’s expanded agency will be known as Northeast Financial Services Company, with Craig Sargent managing the entire division, including the bank’s existing insurance offices in Bethel, Maine, Northeast says.
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