NORTHEAST BANK INSURANCE GROUP SELLS RUMFORD, ME-BASED AGENCY

Berwick, ME-based Northeast Bank Insurance Group (NBIG), a unit of Lewiston, ME-based, $604 million-asset Northeast Bancorp, has sold Rumford, ME-based Mexico Agency to Falmouth, ME-based United Insurance. The acquired agency will merge into United Insurance’s Rumford office, bringing with it about $900,000 in annual premiums and one long-time agent. The agency’s other two agents will remain with NBIG and work from NBIG’s offices in Bethel and Livermore, ME. Northeast Bank President and CEO Jim Delamater said, “Our goal is to continue to grow our insurance line of business, though we regularly review market opportunities as well as our ‘bricks and mortar’ strategy to ensure we are maximizing our capital and resources.”