AUBURN – A subsidiary of Northeast Bank has purchased the Sargent Insurance Agency.

The subsidiary, Northeast Financial Services Co., will acquire all the outstanding shares of Sargent Insurance. Sargent is the second company acquired by the insurance sales arm of Northeast Bank. It purchased the Kendall Insurance Agency in 2002.

“This acquisition fits with our expansion strategy to provide increased access to financial products, and it positions our company for future growth,” Jim Delamater, president and CEO of Northeast Bank, said in a prepared statement.

He said this will increase the bank’s insurance division in gross premiums, add new carriers and provide access to about 21,000 new customers. Delamater said all the Sargent Insurance staff would join Northeast Financial.

The expanded agency will be managed by Craig Sargent. In 1982, he and Sharon Sargent founded the agency, which has its headquarters in Rangeley. Insurance sales offices for Northeast Financial Services will be expanded to include Auburn, Augusta, Anson, Mexico, Rangeley and South Paris, and will continue through its existing offices in Bethel. The agency provides complete personal and business insurance programs.