Maine’s Northeast Bank Buys Sargent Agency

October 28, 2004

Northeast Financial Services, Co., Auburn, Maine, a subsidiary of Northeast Bank, recently agreed to acquire Sargent Insurance Agency of Rangeley, Maine.

The expanded insurance agency will be known as Northeast Financial Services, Co. with Craig Sargent managing the entire division. Insurance sales offices for Northeast Financial Services will be expanded to include Auburn, Augusta, Anson, Mexico, Rangeley, and South Paris, while continuing through its existing offices in Bethel.

Sargent is the second company acquired by the insurance sales arm of Northeast Bank, which purchased the Kendall Insurance Agency in 2002.

Sargent Insurance Agency is a full service independent insurance agency established in 1982 by Craig and Sharon Sargent, serving approximately 21,000 customers including individuals, families and businesses in all of western, central and southern Maine.

North Bridge Advisors Inc., a Concord, Mass., consulting firm specializing in bank-insurance agency acquisitions, served as Northeast Financial’s acquisition advisor.

Jerry Vigneron, managing director of North Bridge, said the merger will let the bank’s insurance division grow in size significantly, expand into new markets and bring in new carriers and customers.

Northeast Financial Services, Co., a wholly owned subsidiary of Northeast Bank provides comprehensive insurance financial services with an emphasis on “needs-based” advice to meet the needs of its consumer and business customers. Northeast Bank, headquartered in Auburn, is a wholly owned subsidiary of Northeast Bancorp (AMEX: NBN) operating 12 locations in Maine. On the Web:

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