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Maine Bank To Enter Insurance Biz in Connecticut
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Business New Haven
10/16/2000
By: BNH
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PORTLAND, Me. - Banknorth Group Inc. (NASDAQ: BKNG) will enter the insurance agency business in Connecticut through the purchase of the Watson Group, based in Wethersfield. Morse, Payson & Noyes Insurance (MPN), New England's largest independent insurance agency, has reached a definitive agreement to purchase Watson. Banknorth has owned MPN since 1997.
Banknorth already provides banking services in north central Connecticut through GBT, a division of First Massachusetts Bank, another Banknorth subsidiary.
Watson has 85 employees and annual premium volume of $120 million. The acquisition, when completed by year-end, will expand annual premium volume at MPN to $375 million.
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