The First to purchase two facilities from Camden National
Rockland — The First and Camden National Bank jointly announced that the two banks have signed an agreement for The First to purchase the CNB branch at 63 Union St. in Rockland.
As part of the transaction, The First will acquire deposit accounts in the Rockland location as well as a small volume of loans. In addition, The First has signed an agreement to purchase the 145 Exchange St. building in Bangor, owned by Camden National.
“The branch at 63 Union St. will enhance our ability to serve our existing Rockland customers from a second location,” said Daniel Daigneault, president and CEO of The First, in a news release. “We intend to retain the existing employees at this branch and will make the transition as easy as possible for our new customers.”
The 63 Union St. branch location represents one of 15 Maine branches Camden National is currently acquiring from Bank of America. Camden National is divesting this branch to resolve competitive concerns in that market raised by the U.S. Department of Justice’s Antitrust Division. Customers who bank at the existing Rockland branches of The First and Camden National will not be impacted.
“Our team will work closely with both banks during this transition process,” said Gregory Dufour, president and CEO of Camden National. "We are pleased The First has pledged to retain the Rockland employees and we will all work together to ensure the transition between banks is as smooth as possible.”
In Bangor, The First intends to open a full-service banking center at the 145 Exchange St. location in the first quarter of 2013. Upon completion of the acquisition, the Camden National branch in Bangor will be relocating from the 145 Exchange St. building to the 80 Exchange St. branch they are purchasing from Bank of America.
The total value of the transaction is estimated to be $7.7 million, which includes the premises and equipment for the two locations plus the premium paid for the Rockland deposits. The Rockland branch transaction is subject to regulatory approval, and is expected to close in the fourth quarter of this year. The sale of the 145 Exchange St. building in Bangor will close at the same time. During the next several weeks, the banks will be communicating directly with the Rockland branch customers to guide them through the process and assist with any questions.
Information on the transition will be regularly updated on The First’s website at TheFirst.com.
Courier Publications news staff can be reached by phone at 207-594-4401 or by email at email@example.com.