American community lenders Bangor Savings Bank and Damariscotta Bank and Trust Company have agreed to merge their operations to create a combined bank with $4.8bn in assets.
The parent companies of the two lenders, Bangor Bancorp and Damariscotta Bankshares, have signed an agreement to execute the combination.
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As agreed, Damariscotta shareholders will receive $27 in cash for each share valuing the transaction at $35m.
Once complete, Damariscotta Bank & Trust will merge into Bangor Savings Bank. The transaction will significantly boost Bangor Savings’s presence in Maine.
The combined lender will have 60 branches across Maine and New Hampshire.
Bangor Savings President and CEO Bob Montgomery-Rice said: “We’re excited to welcome Damariscotta Bank & Trust to the Bangor Savings Bank family.
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By GlobalData“Both banks are deeply committed to their employees, their customers, and the communities they serve.
“We also share similar values of developing authentic relationships with customers, and being their trusted financial advisor.”
Damariscotta Bank & Trust President and CEO Scott Conant added: “This transaction is beneficial to the shareholders, customers, and communities served by DB&T.”
The merger is slated to close in the second quarter of 2020, subject to regulatory and Damariscotta shareholder approvals.
Founded in 1852, Bangor Savings Bank offers retail banking, small business banking, commercial and corporate banking services. Currently, the bank holds more than $4bn in assets.
