BANGOR, Maine — Bangor Savings Bank, Damariscotta Bank and TrustAnnounce announced an agreement to merge today.
Parent company of Bangor Savings Bank, Bangor Bancorp along with MHC and Maine-based Damariscotta Bankshares, Inc. jointly announced an agreement in which Damariscotta Bankshares, Inc. will be combined with Bangor Bancorp, MHC and Damariscotta Bank & Trust will merge into Bangor Savings Bank.
The merger agreement was unanimously approved by the Boards of Directors of both bank holding companies and their subsidiary banks.
Under the terms of the transaction, shareholders of Damariscotta will receive $27 in cash in exchange for each share of Damariscotta common stock for a transaction valued in aggregate at approximately $35 million. .
When finalized, the merger will give Bangor Savings new branch locations in Belfast, Damariscotta, New Harbor, Union, and Warren, strengthening the Bank’s position in Maine’s midcoast region.
The merge with Damariscotta Bank & Trust is keeping with Bangor Savings Bank’s strategic goal of investing where it can best serve its customers and new communities.
“As a mutual bank, we are accountable to our Board, our employees, our customers, and our communities," Bangor Savings President and CEO, Bob Montgomery-Rice said. "Because of that, we’re able to operate independently and retain the personal approach and local perspective of a smaller bank—with a focus on valuing and listening to customers. At the same time, we’ve been able to drive growth and enhance our customers’ experiences by significantly investing in new, convenient branches, safe and secure technology, and new products and services."
Pending regulatory and Damariscotta shareholder approvals, Bangor Savings Bank intends to complete the transaction in the second quarter of 2020.
The completion of the merger will bring more than 60 branch offices throughout Maine and New Hampshire.