Business
First National Bank Enters Into Agreement to Purchase Branch Location from Bangor Savings Bank
DAMARISCOTTA, Maine & BANGOR, Maine--(BUSINESS WIRE)-- First National Bank, a subsidiary of The First Bancorp, Inc. (NASDAQ: FNLC), and Bangor Savings Bank,
About this update from First Bancorp, Inc (me)
[{"type":"text","content":" DAMARISCOTTA, Maine & BANGOR, Maine--(BUSINESS WIRE)--\nFirst National Bank, a subsidiary of The First Bancorp, Inc. (NASDAQ: FNLC), and Bangor Savings Bank, a subsidiary of Bangor Bancorp, MHC, jointly announced today that the two banks have signed a definitive agreement for First National Bank to purchase a bank branch located at 1 Belmont Avenue in Belfast, Maine. As part of the transaction, First National Bank will acquire deposit accounts totaling approximately $16.5 million as of August 31, 2020, as well as $23.5 million in loan balances.\n\n\nThe 1 Belmont Avenue branch in Belfast is one of six locations to be acquired by Bangor Savings Bank through its pending merger with Damariscotta Bankshares, Inc., parent of Damariscotta Bank & Trust Company (DB&T). Bangor Savings Bank and DB&T will work with First National Bank to ensure as seamless a transition as possible for the Belfast customers of DB&T. Customers of the existing Bangor Savings Branches in Belfast, located at 7 Belmont Plaza and 106 Main Street, will not be impacted.\n\n\n“We are excited to expand our branch network into the Belfast market,” noted Tony C. McKim, President & Chief Executive Officer of First National Bank. “The Belfast branch at 1 Belmont Avenue will provide an opportunity to serve a new customer base and enhance our ability to serve our existing customers in Waldo County. We intend to retain the existing employees at the branch as they will make the transition as easy as possible for our new customers coming from DB&T. The transaction is expected to be immediately accretive to earnings.”\n\n\n“With the announcement of the sale of this location, we are hopeful that we will receive the remaining necessary regulatory approvals to complete the acquisition of DB&T,” said Bob Montgomery-Rice, President & Chief Executive Officer of Bangor Savings Bank. \"Our team will work closely with First National Bank in the conversion process to support employees, customers, and our community through the transition. We look forward to continuing to serve existing Bangor Savings Bank customers in Belfast.”\n\n\nThe final value of the transaction is estimated to be $24.8 million, which includes the loans, an assignment of a ground lease, leasehold improvements, and furniture and equipment for the Belfast location, plus the premium paid for the deposits. The transact...