The Stoneham Savings Bank will acquire The New England Heritage Insurance Agency in Wakefield, Mass., under an agreement signed April 10. New England Heritage, which offers automobile, homeowners and business insurance, will be merged with The Robert F. O’Neill Insurance Agency in Stoneham, which the bank acquired in 2000.
The acquisition is subject to required regulatory approvals and is expected to be completed in the second quarter of 2001.
Gerald C. Vigneron, managing director of North Bridge Advisors Inc., a Concord, Mass., firm that provided consulting services in both transactions, noted a continuing acceleration in that the trend of banks buying well-run local insurance agencies. He also pointed out that until recently, most deals involved a bank acquiring its first agency whereas today, a number of banks are buying additional agencies, indicating that the banks are pleased with their initial results.
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