Banknorth Enters Western Massachusetts with Agency Purchase

Banknorth Group will soon provide insurance products and services in western Massachusetts. The bank’s insurance subsidiary has reached a definitive agreement to acquire the Palmer Goodell Insurance Agency of Springfield, Mass.

The agency will become part of Morse, Payson & Noyes Insurance, New England’s largest independent insurance agency, purchased by Banknorth Group in 1997. With an office in Springfield, Palmer Goodell covers much the same market area as the bank in western Massachusetts.

The company has annual revenues of over $75 million as compared to annual premium revenues of over $180 million at Morse, Payson & Noyes. Banknorth Group is an $18.5 billion multi-bank and financial services holding company based in Portland, Maine. The company has subsidiaries in Maine, New Hampshire, Massachusetts, Vermont and New York.