LEWISTON and THOMASTON, Maine, Dec. 12, 2007 (PRIME NEWSWIRE) -- Northeast Bank Insurance Group, Inc., a wholly-owned subsidiary of Lewiston-based Northeast Bank, continues to grow its footprint in Maine, this time in Thomaston, with the purchase of Hyler Agency. The Hyler Agency, family-owned and located at 472 Main Street in Thomaston, joined Northeast Bank Insurance Group and represents $2.4 million in premiums, 2700 customers and three employees.
Founded in 1963 by Raymond Pinkham to offer property and casualty insurance to families and businesses, today, the Hyler Agency is owned by Pinkham's daughter and husband, Luann and Edwin "Buddy" Hyler.
"When he began, dad went door-to-door to serve our customers and still today we see many of those same customers and now their families," said Luann Hyler. "While our sales beliefs remain the same, the insurance industry is changing quickly. Our commitment to consistent superior customer service is strengthened by joining Northeast Bank Insurance Group. We now have the opportunity to better serve our clients with increased access to carriers for better pricing, and more importantly, availability of additional services like health & life insurance and financial planning to meet their expectations."
Craig Sargent, President of Northeast Bank Insurance Group, Inc., said, "Luann and Buddy have developed a strong presence in Thomaston and the surrounding marketplace. They will continue to operate the agency under its existing name. In addition, we'll be looking to expand the operation by adding two new positions immediately."
Northeast Bank Insurance Group, Inc. has completed six agency acquisitions in just over a year, most recently Spence & Mathews Insurance in Southern Maine & NH and Hartford Insurance Agency in Lewiston. The Company now operates 14 insurance offices throughout western, central, mid-coastal and southern Maine in Anson, Auburn, Augusta, Bethel, Berwick, Jackman, Livermore Falls, Mexico, Rangeley, Scarborough, South Paris, Turner, and now in Thomaston; and in Rochester, NH.
When asked about the future of Northeast Bank Insurance Group, Jim Delamater, President and CEO of Northeast Bank, noted, "Northeast will continue to entertain opportunities to diversify and acquire well-run and profitable agencies when it is in both parties' best interests. It is our goal to give customers unlimited access to financial services, all from one local company."
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 leader in providing one-stop shopping for financial services, is headquartered in Lewiston Maine and is a wholly-owned subsidiary of Northeast Bancorp (Nasdaq:NBN). Northeast has over $574 million in assets as of September 30, 2007 and operates 26 retail locations throughout western, central, mid-coast and southern Maine, and in seacoast New Hampshire, including 11 bank branches, 14 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 www.northeastbank.com.
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, 2007.