BANGOR, Maine (NEWS CENTER) – Bangor Savings Bank and Granite Bank of Colebrook New Hampshire have announced an agreement to Merge.

According to a press release sent out by Bangor Savings, the merger agreement was unanimously approved by the Boards of Directors of both bank holding companies and their subsidiary banks on Monday.

“We’re excited to welcome Granite Bank to the Bangor Savings Bank family,” said Bangor Savings President and CEO Bob Montgomery-Rice. “Both banks share a culture of developing real relationships with customers, and making their banking life easier.”

Scott Cooper, Granite Bank President and CEO added, “This transaction should be beneficial to the shareholders, customers, and communities served by First Colebrook and Granite Bank. It should also provide attractive opportunities for many employees.

Bangor Savings Bank is currently constructing a multi-million-dollar corporate campus on the waterfront of Bangor where it was founded more than 165 years ago. They say the new campus will consolidate several existing sites around the city, position the Bank for future growth, and house more than 350 Bangor-based employees when completed in November of 2018, with capacity for up to 500 employees.

The release also says the deal is pending regulatory and First Colebrook Bancorp, Inc. shareholder approvals, Bangor Savings Bank intends to complete the transaction in the second quarter.