April 25, 2008
Acquisition expands bank's reach
Gardiner-based Savings Bank of Maine is expanding its reach into southern Maine with the acquisition of Rivergreen Bank in Kennebunk.
Savings Bank of Maine yesterday said it will acquire Rivergreen Bank in an all-cash merger transaction of approximately $13.1 million, according to a press release. The transaction is expected to close in the fourth quarter of 2008.
The acquisition will give Savings Bank of Maine, formerly Gardiner Savings Institution, more than $1 billion in assets and locations across the state from York to Fort Kent. The bank last year acquired First Citizens Bank of Presque Isle and Calais Federal Savings and Loan Association of Calais.
Savings Bank of Maine yesterday said it will acquire Rivergreen Bank in an all-cash merger transaction of approximately $13.1 million, according to a press release. The transaction is expected to close in the fourth quarter of 2008.
The acquisition will give Savings Bank of Maine, formerly Gardiner Savings Institution, more than $1 billion in assets and locations across the state from York to Fort Kent. The bank last year acquired First Citizens Bank of Presque Isle and Calais Federal Savings and Loan Association of Calais.
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