Peoples Heritage Financial Group of Portland, Maine, plans to buy the state's largest insurance agency.
The price for Morse, Payson & Noyes was not disclosed.
The agency, with $125 million of policy premiums and 145 employees, operates nine offices in Maine, one in Massachusetts, and one in New Jersey. It offers individual and commercial property and casualty insurance as well as medical, life, disability, and long-term-care policies.
Peoples Heritage is a $5.5 billion banking company with 66 offices in Maine, 50 in New Hampshire, and 18 in Massachusetts.
William J. Ryan, its chairman, president, and chief executive officer, said in a statement that the bank will continue to seek to expand in insurance through acquisition.
Morse, Payson & Noyes would be operated as an independent subsidiary of Peoples' lead bank, Peoples Heritage Bank. Its management team and sales staff would remain in place.