CONCORD, Mass. Stoneham Savings Bank said Tuesday that it has agreed to buy the New England Heritage Insurance Agency.
New England Heritage, of Wakefield, Mass., is to be merged with the Robert F. ONeill Insurance Agency of Stoneham, Mass., said Gerald C. Vigneron, managing director of North Bridge Advisors Inc. The Concord firm advised $244 million-asset Stoneham Savings, which has five branches, in the ONeill and New England Heritage deals.
ONeill and New England Heritage both offer personal and commercial property-casualty insurance and together had premium volume of about $12 million for 2000.
This is part of a long-term strategy we developed for the bank, which was to acquire an anchor agency and then seek other strategic acquisitions, Mr. Vigneron said in an interview.
Combining the agencies gives the premium volume to offer a wider array of products, lets them obtain the best deals from insurance carriers, and broadens the base and depth of their staff, Mr. Vigneron said.
The price of the deal, which is expected to be completed this quarter, was not disclosed.