Northeast Bank Insurance Group, Inc., a subsidiary of Lewiston, Maine-based Northeast Bancorp, has acquired its second insurance agency in less than a week.
The company announced Thursday that it acquired Sturtevant and Ham Insurance. The firm, located in Livermore Falls, Maine, will now operate under the Northeast Bank Insurance Group, Inc. umbrella. The deal closed Dec. 1.
The company announced Nov. 30 it completed its acquisition of Palmer Insurance Agency. The Turner, Maine insurance agency, which offers property and casualty insurance, has six employees and generated $4 million in gross premiums over the past year.
Sturtevant and Ham, which also offers property and casualty insurance, has three employees and generated close to $2 million in gross premiums over the past year.
With these acquisitions, Northeast Bank Insurance Group has 10 insurance offices throughout western and central Maine including Anson, Auburn, Augusta, Bethel, Jackman, Mexico, Rangeley, South Paris, Turner and Livermore Falls.
Northeast Bancorp had $570 million in assets as of Sept. 30. It has 22 retail locations throughout western, central and mid-coastal Maine including 11 branches, 10 insurance agencies and one financial center.
