Mass. Agencies Adopt Banknorth Name

October 2, 2003

Three Massachusetts insurance agencies have changed their names to better reflect their affiliation to their parent company, Banknorth Group, Inc. Effective immediately, Palmer-Goodell Insurance Agency in Springfield, Mass., Catalano Insurance Agency in Methuen, and Waters Insurance Agency in Topsfield will be known as Banknorth Insurance Agency, Inc./MA.

Banknorth acquired Catalano and Waters Insurance Agencies in 1998 and Palmer-Goodell in 2000. The firms serve communities throughout Massachusetts.

“Our name will change, but our locations and services will not change,” stated Banknorth Insurance Group CEO Peter Sparta. He indicated that being part of a larger, regional organization like Banknorth Group gives customers an additional level of service and more options to choose from. “It’s really the best of both worlds. We continue to have a strong local presence in the communities we serve, but we also have the backing and the resources of a large insurance company,” he added. “Our new name also better reflects who we are now — and in fact have been for years — the local Massachusetts insurance subsidiary of the $26 billion Banknorth Group, Inc.”

Joseph Fico, a top insurance executive who recently joined the company, will head up the combined Massachusetts agency as Regional President. “We will keep our local presence in each community we serve, as that is the cornerstone of our business and our approach, but we’ll continue to look for ways to become more efficient and improve services for our customers. Merging three agencies into one gives us the ability to combine resources to better serve our Massachusetts customers,” Fico commented.

Banknorth Insurance Agency will continue to offer a full range of personal insurance services, including home and auto, and commercial insurance services, such as risk management, property and casualty, professional liability, employee benefits, and group-sponsored plans.

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