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Northeast Bank Subsidiary Continues to Acquire Insurance Agencies.

The Hartford Insurance Agency is the 5(th) Agency Acquisition for Northeast Bank Insurance Group in less than a year

LEWISTON, Maine -- Northeast Bank Insurance Group, Inc is at it again, announcing today their 5th agency acquisition in less than a year. The Hartford Insurance Agency, family-owned and headquartered at 10 Falcon Road in Lewiston, is the latest in a string of deals for the insurance subsidiary of Northeast Bank, also headquartered in Lewiston, and is by far the largest; with over $8 million in premiums, approximately 3,700 customers, and 9 employees.

Started in 1935, Hartford sells property and casualty insurance as well as employee health insurance in the Lewiston / Auburn and surrounding markets. Hartford also operates a niche insurance program insuring campgrounds, RV parks, sporting camps and paddle sport operations. This program was not included as part of the agency acquisition.

"With the increased competition in the P&C business, spinning off the agency to a larger player like Northeast Bank Insurance Group made total sense," said Lucas Hartford, President of The Hartford Insurance Agency. "My grandfather [Oscar] and father [Richard] started this business with a mission to really help people through the toughest of times; Northeast has the resources to carry on with that mission. They have more products, a growing lineup of national carriers and a larger footprint in Maine. In addition, this sale allows my family to focus on growing the campground insurance program, which is now one of the largest outdoor recreation insurers in the country - it's a win-win for both of us."

"Acquiring The Hartford Insurance Agency provides mutual benefits for both companies," said Craig Sargent, President of Northeast Bank Insurance Group, Inc. "Hartford's very successful Health First employee health insurance program completes Northeast's product portfolio. And perhaps, most importantly all nine of their employees will be joining our team."

"Our employees are excited; they are looking forward to Northeast's robust employee benefit package, state-of-the-art technology platform and opportunities for continued growth," added Hartford.

Initially, the insurance agency employees will remain at the 10 Falcon Road location to serve their customers. "Northeast has numerous locations in the L/A market area with branches on both sides of the river, and our area insurance hub is located at 232 Center Street in Auburn. Before we make any moves we want to look at all of our options. It is our long-term goal to provide access to insurance sales throughout the area branches," noted Sargent. "Our first priority, however, is to make this transition as easy as possible for both the employees and customers."

When asked about the future of Northeast Bank Insurance Group, Jim Delamater, President and CEO of Northeast Bank, noted, "Our strategic plan calls for the full diversification of our revenue streams, to achieve that end we will continue to take bold steps to grow our insurance division to deliver banking, insurance and investment products seamlessly."

The four previous agency acquisitions Northeast completed this past year included Palmer Insurance in Turner, Sturtevant & Ham in Livermore Falls, Southern Maine Insurance Agency in Scarborough and most recently the Russell Agency in Madison. Northeast Bank Insurance Group continues to grow its book of business now operating 12 insurance offices throughout western, central and southern Maine in Anson, Auburn, Augusta, Bethel, Jackman, Lewiston, Livermore Falls, Mexico, Rangeley, Scarborough, South Paris and Turner.

About Northeast Bank Insurance Group, Inc., and Northeast Bank

Northeast Bank Insurance Group, Inc., a wholly owned subsidiary of Northeast Bank, headquartered in Rangeley, Maine, provides comprehensive insurance and financial services with an emphasis on needs-based advice to meet the demands of its consumer and business customers. The full spectrum of insurance services includes personal, business and financial coverage.

Northeast Bank, a full service financial center, headquartered in Lewiston Maine, is a wholly owned subsidiary of Northeast Bancorp (AMEX: NBN), has over $557 million in assets and operates 24 retail locations throughout western, central and mid-coast Maine, including 11 bank branches, 12 insurance agencies and a financial center. To learn more about Northeast Bank Insurance Group, Inc., and Northeast Bank, call 1-800-284-5989 or visit

This communication contains certain "forward-looking statements". Although the Company believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors. These statements speak only as of the date of this report and we do not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events. For a more complete discussion of certain risks and uncertainties affecting the Company, please see "Item 1. Business Forward-Looking Statements and Risk Factors" set forth in the Company's Form 10-K for the year ended June 30, 2006.
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Publication:Business Wire
Date:Aug 30, 2007
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