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Regulators approve merger of Bangor Savings, DB&T

Nov 13, 2020

Bangor — Bangor Bancorp, MHC, parent company of Bangor Savings Bank, and Maine-based Damariscotta Bankshares Inc., parent company of Damariscotta Bank and Trust Company (DB&T), announced they received final approval Nov. 10 from Federal Deposit Insurance Corp., the final required regulatory approval for the banks' merger.

The merger of DB&T into Bangor Savings Bank received approval from the Federal Reserve Oct. 22 and previously had been approved by the Maine Bureau of Financial Institutions in June and unanimously approved by the Boards of Directors of both bank holding companies and their subsidiary banks.

Under 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 Nov. 30, according to the Nov. 12 announcement. 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.

The merger will give Bangor Savings Bank new branch locations in Damariscotta, New Harbor, Union and Warren. 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 DB&T’s Belfast location at 1 Belmont Ave. in Renys Plaza.

First National Bank entered into an agreement with Bangor in September to acquire those accounts and the branch from Bangor Savings Bank, with an anticipated close Dec. 11.

 

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