Banknorth Group will soon provide insurance products and services in western Massachusetts. The bank’s insurance subsidiary has reached a definitive agreement to acquire the Palmer Goodell Insurance Agency of Springfield, Mass.
The agency will become part of Morse, Payson & Noyes Insurance, New England’s largest independent insurance agency, purchased by Banknorth Group in 1997. With an office in Springfield, Palmer Goodell covers much the same market area as the bank in western Massachusetts.
The company has annual revenues of over $75 million as compared to annual premium revenues of over $180 million at Morse, Payson & Noyes. Banknorth Group is an $18.5 billion multi-bank and financial services holding company based in Portland, Maine. The company has subsidiaries in Maine, New Hampshire, Massachusetts, Vermont and New York.
Topics Massachusetts
Was this article valuable?
Here are more articles you may enjoy.
Zurich CEO Says Staff Let Go as Regulator Finma Imposes Partial Sales Ban 
Company at Center of Cyclospora Outbreak Complained to White House, Source Says 
FDA Says It’s Investigating Another Cyclospora Parasite Outbreak 
Q2 Global Commercial Insurance Rates Keep Dropping, Except for US Casualty 
