Northeast Bank Insurance Group Inc. of Rangeley, Maine, has agreed to acquire Spence & Mathews Inc., a Berwick insurance agency.
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Founded in 1935, Spence & Mathews has 16 employees in two offices in Berwick and Rochester. It has about $10 million of premiums and serves over 6,000 clients.
When the acquisition is completed, Northeast Bank Insurance, which is a unit of Northeast Bancorp of Lewiston, would have 13 agency offices in western, central, and southern Maine and New Hampshire.
Northeast Bank, the insurance unit's immediate parent, has over $572 million of assets and 23 branches.
The deal, announced Wednesday, is expected to close Nov. 30.
