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Bangor Savings Bank and Damariscotta Bank & Trust announce merger

Acquisition allows Bangor Savings to continue expansion in Midcoast region
Nov 16, 2020

Bangor — Bangor Bancorp and Damariscotta Bankshares Inc. announced their final merger approval Nov. 10 from the Federal Deposit Insurance Corporation.

This required approval for the merger, where Damariscotta will combine with Bangor Bancorp, MHC and DB&T, will meld into Bangor Savings Bank.

The merger received approval from the Federal Reserve Oct. 22 and previously was approved by the Maine Bureau of Financial Institutions in June. It was also unanimously approved by the Board of Directors from both bank holding companies and their subsidiary banks.

“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” said Bangor Savings Bank President and CEO Bob Montgomery-Rice.

“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 exchange for each share of Damariscotta common stock for a transaction valued in aggregate, at approximately $35 million.

The transaction is anticipated to close Nov. 30. 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.

“We’re confident our customers are in good hands, and that they will continue to receive the community banking experience they have come to know in banking with us,” said Damariscotta Bank & Trust President and CEO Scott Conant, “Both banks share a lot of the same values, and our customers and employees will benefit.”

The merger will give Bangor Savings Bank new branch locations in Damariscotta, New Harbor, Union and Warren, further expanding the Bank’s position in Maine’s MidCoast region.

As a condition of regulatory approval by the Federal Reserve, Bangor Savings Bank is required to divest some deposit and loan accounts in Waldo County, as well as the DB&T’s Belfast location at 1 Belmont Ave.

First National Bank entered into an agreement with Bangor in September to acquire these accounts and the branch from Bangor Savings Bank, with an anticipated close Dec. 11. The merger with DB&T advances Bangor Savings Bank’s goal of investing where it can serve its customers, and thoroughly serving Midcoast Maine is part of that.

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