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....