BancorpSouth Bank of Tupelo, Miss., and Northeast Bancorp said they are expanding their respective insurance operations.
BancorpSouth Insurance Services Inc. on Friday said it reached an agreement to acquire Insurance Network of Jonesboro, Ark. The deal was expected to close Saturday.
Northeast Bank Insurance Group, unit of Northeast of Lewiston, Maine, announced late Thursday that it made its fifth agency acquisition in less than a year when it bought the Hartford Insurance Agency, a family-owned insurer in Lewiston.
The price of both deals was not disclosed.
Insurance Network will become part of BancorpSouth's Little Rock, Ark., insurance division, Ramsey, Krug, Farrell and Lensing, and continue to serve clients in North Central and Northeast Arkansas. Insurance Network serves clients in aviation, banking, construction, manufacturing and the professional and retail markets. Ramsey, Krug was founded in 1932 and became part of BancorpSouth Insurance Services Inc. in 2003.
Hartford, with over $8 million in premiums and approximately 3,700 customers, sells property and casualty insurance as well as employee health insurance.
BancorpSouth owns two other insurance companies — Wright & Percy, its Louisiana insurance division, and Stewart Sneed Hewes, its Mississippi insurance division.
