Bangor Savings' acquisition of Damariscotta B&T gets final OK

Courtesy / DB&T As part of the Bangor Savings acquisition, the Belfast branch of Damariscotta Bank & Trust Co. is being divested. First National Bank is expected to close on its purchase Dec. 11.

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By Staff

Nearly a year after Bangor Savings Bank announced plans to acquire Damariscotta Bank & Trust Co. for $35 million, the deal has received final approval from regulators.

The Federal Deposit Insurance Corp. green-lighted the transaction Tuesday, according to a news release, following approval last month by the Federal Reserve. The Maine Bureau of Financial Institutions had previously given its OK, as had the boards of the bank holding companies and their subsidiaries.

The deal got underway in December 2019 and is expected to close Nov. 30, creating a company with $5.9 billion in assets and more than 60 bank branches throughout Maine and New Hampshire.

Under terms of the transaction, Damariscotta Bankshares, Inc. (OTC: DMSQ) will be combined with Bangor Bancorp MHC, while Damariscotta Bank & Trust will merge into Bangor Savings Bank. Damariscotta stockholders will receive $27 in cash for each share.

“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.”

Scott Conant, Damariscotta Bank & Trust president and CEO, said, “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 “Both banks share a lot of the same values, and our customers and employees will benefit.”