Bank / Credit Union

Bangor Savings Bank and Damariscotta Bank & Trust to merge

Photo provided by iStock

November 13, 2020

Maine-based Bangor Savings Bank and Damariscotta Bank and Trust Company received final approval from the Federal Deposit Insurance Corporation to merge, according to a press release.

"With this final approval, we can now take the necessary and thoughtful steps forward to join with an institution that, like us, is committed to its employees, customers, and communities," Bob Montgomery-Rice, president and CEO, Bangor Savings Bank said in the release. "Together, our two organizations are in an even better position to more fully serve customers throughout MidCoast Maine. We look forward to welcoming these new customers and learning what matters most to them."

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.

The transaction is anticipated to close on Nov. 30, 2020. After completion of the merger, the combined entity is expected to have $5.9 billion in assets and more than 60 branch offices throughout Maine and New Hampshire.