Maine bank insurance division acquired

Posted Sept. 01, 2011, at 11:33 a.m.

LEWISTON, Maine — Northeast Bancorp says its insurance division, Northeast Bank Insurance Group, has been acquired in two separate transactions for a total of $9.7 million.

The Varney Agency of Bangor will purchase the assets of nine Northeast Bank insurance offices covering southern, central and western Maine.

The purchase is effective Thursday.

Brad Scott, currently a member of the Northeast Bank Insurance Group’s senior management team, will acquire the assets of Spence and Mathews Insurance, which operates one insurance office in Berwick and serves customers in southern Maine and New Hampshire’s Seacoast.

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