Maine’s Northeast Bank Insurance to Buy Spence & Matthews

November 14, 2007

Northeast Bank Insurance Group, Inc., a wholly owned subsidiary of Lewiston, Me.-based Northeast Bank, has agreed to purchase Spence & Mathews Insurance. The deal is slated to close on November 30, 2007.

Founded in 1935, Spence & Mathews has 16 employees located in two offices, both in Berwick, Me. and Rochester, N.H. The agency represents 14 state and national carriers, has an estimated $10 million in premium and serves more than 6000 clients, accordoing to the firms.

Northeast Bank Insurance Group also recently completed the acquisition of the Hartford Agency in Lewiston. This deal once completed will give bank’s insurance group 13 offices throughout western, central and now southern Maine and New Hampshire.

Source: Northeast Bank Insurance Group, Inc., and Northeast Bank

Topics Mergers Maine

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