Turner Barker, Clark insurance cos. to merge
Portland-based Turner Barker Insurance, owned by Gorham Savings Bank, has signed an agreement to merge with the employee-owned Clark Insurance. The new company will employ more than 100 insurance agents and customer service staff in its Southern Maine and New Hampshire offices, according to a press release.
Turner Barker, a wholly owned subsidiary of Gorham Savings Bank, will retain its name as it begins operating as "a Clark Insurance agency." Clark, which began its employee stock ownership plan in 1993, will remain employee-owned, with Gorham Savings Bank becoming a minority owner of the company.
Turner Barker, which is expected to merge with Clark within 30 to 45 days, was founded in 1908 and purchased by Gorham Savings Bank in 2001. Clark Insurance was founded in 1931. Both companies are headquartered in Portland.
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