Northeast Bank Expands Insurance Agency Presence in Maine

May 20, 2009

Northeast Bank Insurance Group has expanded its presence in Southern Maine, adding Goodrich Insurance Associates of Berwick to the list of what is now eight agencies the bank has acquired in the last two years.

In connection with the acquisition, Goodrich has merged with neighboring Spence & Mathews as part of the Lewiston-based Northeast Bank umbrella. Goodrich has approximately $1.7 million in premium volume and operates with three employees who will all continue to work for Northeast, handling property and casualty insurance as well as commercial lines for the Berwick and surrounding markets.

The Goodrich agency employees will relocate in September to their new offices at Spence & Mathews, located at 4 Sullivan Square, also in Berwick.

“The Northeast family of agencies opens up a lot of doors for our customers,” said Fred Goodrich, president Goodrich Insurance Associates. “With the changes in the industry, Northeast has a higher volume and experience with more national carriers, enabling them to provide our customers not only superior service, but the most appropriate coverage at the best prices.”

Fred and his brother, Rick Goodrich, are planning to retire in July.

“The Goodrich-Spence & Mathews marriage makes sense,” said Craig Sargent, President of Northeast Bank Insurance Group. “Most importantly; all three of their employees will be joining our team.”

When asked about the future of Northeast Bank Insurance Group, Jim Delamater, president and chief executive officer of Northeast Bank, said “the banking industry is changing daily and thus our continued plan to diversify the company remains a priority. We will continue to invest our resources to provide banking, insurance and investment products seamlessly for the benefit of the customers and for the security of our future.”

Source: Northeast Insurance Bank Group

Topics Maine

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