LEWISTON and BERWICK, Maine, July 2, 2009 (GLOBE NEWSWIRE) -- Northeast Bank, a subsidiary of Northeast Bancorp (Nasdaq:NBN), announced today that Craig Linscott was promoted to Senior Vice President of the bank's insurance subsidiary, Northeast Bank Insurance Group, and has joined the bank's executive management team.
"Insurance sales are a vital component of the company's business plan," said Jim Delamater, President and CEO of Northeast Bank. "Banking and insurance cultures are very different, though here at Northeast we've developed a collaboration that is benefitting all business lines. Craig has been a major force in being able to capitalize on those synergies."
As the former owner of the very successful Berwick-based Spence & Mathews Insurance, acquired by Northeast Bank Insurance Group in 2008, Linscott built his agency to reflect the needs of the times. He is a 27-year veteran of the insurance industry, working in Southern Maine and New Hampshire as a licensed property and casualty (P&C) agent and was previously a P&C insurance adjuster, underwriter and Marketing Manager. He is a graduate of University of Southern Maine, holds his CIC (Certified Insurance Counselor) designation and resides in North Berwick.
Craig Sargent, President of Northeast Bank Insurance Group, said, "We are making great strides in the area of insurance brokerage growth, most recently being recognized as fifth in the nation amongst our peers for fee income from insurance brokerage sales for 2008.* Craig Linscott brings a level of vision, leadership and teamwork necessary to take our division to the next level."
The company has made a huge push into insurance sales in the past two years, acquiring eight independent agencies. These acquisitions give Northeast a broad market in Maine and New Hampshire. For several years, Northeast has derived over 40 percent or more of its revenue from noninterest sources, and of that, approximately 21 percent is specifically from the sale of insurance.
Delamater continued, "We will continue to focus on diversifying the company's revenue streams. Northeast is positioned as a one-stop shop for financial services and in this economy, customers are returning to their trusted community banker. We're pleased that we can offer the highest level of expertise with a full range of services to help meet their financial needs."
*Michael White-Prudential Bank Insurance Fee Income Report(tm) online at www.bankinsurance.com
About Northeast Bank Insurance Group, Inc.
Northeast Bank Insurance Group, Inc., a wholly owned subsidiary of Northeast Bank, 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 property and casualty for personal and business purposes.
The Northeast Bank Insurance Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4447
About Northeast Bank
Northeast Bank, a leader in delivering one-stop shopping for financial services, is headquartered in Lewiston, Maine and is a wholly-owned subsidiary of Northeast Bancorp (Nasdaq:NBN). The Company has approximately $607 million in assets as of March 31, 2009 and derives its income from a combination of traditional banking services and non-traditional financial products and services including insurance and investments; operating eleven traditional bank branches, fourteen insurance offices and three investment centers that serve seven counties in Maine and two in New Hampshire. Information regarding Northeast Bank can be found on its website at www.northeastbank.com or by contacting 1-800-284-5989.
The Northeast Bank logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5716
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