Northeast Bancorp Generating Revenue Growth from Insurance Services

Northeast Bancorp's aggressive move into the insurance sales business seems to be paying off. The Maine-based bank now ranks 4th in America for generating insurance sales revenue in 2008, amongst bank holding companies with assets between $500 million and $1 billion, according to a new report produced by bank insurance consultancy Michael White Associates.

Over the last two years, Northeast has acquired eight independent agencies throughout Maine and New Hampshire. According to the company, it now derives 40 percent of its revenue from noninterest sources. And the sale of insurance makes up roughly 21 percent of that noninterest income.

“It is important that we continue to focus on our mission of meeting the financial needs of our customers and communities, while bringing the necessary talent and products to the market," Jim Delamater, President and CEO of Northeast Bancorp said in a statement. "We are finding that customers are returning to their trusted community banker for all types of financial advice, including ways to save on insurance and improve coverage.”

Northeast Bank Insurance Group is a wholly-owned subsidiary of Northeast Bank, which is itself a wholly-owned subsidiary of Northeast Bancorp . Northeast Bank Insurance Group is headquartered in Rangeley, Maine.