Northeast Bank Insurance Group Inc., the insurance arm of Northeast Bancorp of Lewiston, Maine, bought the Berwick insurance agency Spence & Mathews Inc. last week.
Spence & Mathews has 16 employees and in Berwick and Rochester, N.H.
The agency represents 14 state and national carriers, has over $10 million of property-casualty premiums, and serves over 6,000 clients.
Northeast Bank Insurance has acquired six agencies in the past year, increasing its insurance offices to 13 in Maine and New Hampshire. It provides insurance and financial services to consumer and business customers.
Northeast Bancorp, which announced its deal for Spence & Mathews last month, had over $574 million of assets as of Sept. 30 and operates 25 offices in Maine, including 11 bank branches, 13 insurance agencies, and a financial center.
