Bangor Savings Bank yesterday seized the assets of a concrete business in Veazie, hoping to recoup $5 million the company owes the bank, the Bangor Daily News reported today.
On Wednesday, the bank filed documents of default in Penobscot County Superior Court against Gagne Precast Concrete Products Inc., which makes manholes and septic tanks, among other products, the paper said. Local police are investigating the company’s possible credit issues.
The company, founded in 1981, once employed at least 50 people but now employs between 15 and 25 people, the paper said.