Banknorth to Enter Insurance Agency Business In Western Massachusetts, Announces Agency Purchase.Business Editors PORTLAND, Maine--(BUSINESS WIRE)--June 19, 2000 Banknorth Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BKNG) will soon be providing insurance agency products and services in western Massachusetts. An insurance subsidiary has reached a definitive agreement to acquire the Palmer Goodell Insurance Agency, Inc., headquartered in Springfield, Massachusetts Springfield is a city in Massachusetts, United States. It is the county seat of Hampden County.GR6 In the 2000 census, the city population was 154,082. . Palmer Goodell Insurance Agency will become part of Morse, Payson & Noyes Insurance (MPN MPN Master Promissory Note MPN Most Probable Number MPN Medical Provider Network MPN Mobil Producing Nigeria MPN Manufacturer's Part Number MPN Military Personnel, Navy MPN Mobile Private Network MPN Managed Private Network MPN Mode Partition Noise ), New England's largest independent insurance agency, purchased by Banknorth Group, Inc. in October 1997. "Since October 1997, Morse, Payson & Noyes Insurance has been a major contributor to our noninterest income," said William J. Ryan, chairman, president and chief executive officer of Banknorth. "We expect Palmer Goodell Insurance to continue this success as we offer insurance products to the customers of our Massachusetts banking subsidiary, First Massachusetts Bank, and other customers in the region." With an office in Springfield, Palmer Goodell Insurance Agency covers much the same market area as the bank in western Massachusetts. Palmer Goodell Insurance has annual revenues of over $75 million as compared to annual premium revenues of over $180 million at Morse, Payson & Noyes Insurance. "I think this is a great new partner for our growing presence in the New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. insurance market," said James J. Kilbride, chairman and chief executive officer of MPN. "Bob Carnevale and his firm have an excellent reputation for quality insurance services." Mr. Kilbride added that Palmer Goodell has special expertise in Employee Payroll Deduction Programs, Disability Management Services, and such areas as schools, non-profits, and health and human services Noun 1. Health and Human Services - the United States federal department that administers all federal programs dealing with health and welfare; created in 1979 Department of Health and Human Services, HHS , as well as personal financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against . "I am very pleased to align our insurance agency with MPN and to gain the opportunity to tell the many customers of First Massachusetts Bank how Palmer Goodell Insurance Agency can meet their insurance needs in the most effective manner," said Robert H. Carnevale, chairman and chief executive officer of Palmer Goodell Insurance Agency. "Morse, Payson & Noyes Insurance has brought significant opportunities to the customers of Banknorth in Maine, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , and eastern Massachusetts. We expect to do the same for customers here in western Massachusetts." Mr. Kilbride said that Palmer Goodell will continue to operate under its own name and under the same management. "Customers will be dealing with the same people they always have," he said. "We hope to enhance their product offerings and provide great pricing, especially to clients who are also customers of the bank." David W. Glidden, Regional President of First Massachusetts Bank in the Springfield area, said that the two companies have long been customers of one another and will have "natural business synergies which will work for both companies' existing customers and in offering more services to potential customers." Banknorth Group, Inc. is an $18.5 billion Portland, Maine Portland is the largest city in the U.S. state of Maine, with a 2004 population of 63,882. Portland is Maine's cultural, social and economic capital. Tourists are drawn to Portland's historic Old Port district along Portland Harbor, which is at the mouth of the Fore River and part based multi-bank and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. holding company operating banking subsidiaries in Maine, New Hampshire, Massachusetts, Vermont, and upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. . Financial services offered through the Company and its banking subsidiaries include trust and investment services, leasing, mortgage banking, and insurance brokerages. The Company operates in Massachusetts as First Massachusetts Bank, having previously acquired SIS Bank in Springfield and Family Bank in Haverhill. |
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