Northeast Bank Acquires Southern Maine Agency

April 2, 2007

Northeast Bank Insurance Group, Inc., a wholly-owned subsidiary of Maine-based Northeast Bank, continues acquiring insurance agencies in Maine. The latest acquisition is Southern Maine Insurance Agency, located in Scarborough.

The 18 year old, Southern Maine Insurance Agency, is Northeast’s third insurance agency acquisition in less than six months and gives Northeast entrance to the Scarborough market. Located at 432 U.S. Route 1, the agency writes approximately $3.6 million in insurance premiums.

George Gould of Windham, a recent hire for Northeast, has been appointed to manage the office. In addition, the agency’s three employees will remain on staff along with former owner Thomas Brown who will be working in a consulting and production capacity.

With the purchase of Southern Maine Insurance Agency, Northeast Bank Insurance Group, Inc., based in Lewiston, now operates 11 insurance offices throughout western, central and southern Maine including Anson, Auburn, Augusta, Bethel, Jackman, Livermore Falls, Mexico, Rangeley, South Paris, Turner and now Scarborough.

Source: Northeast Bank

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