Camden National selling branch to The First
The First bank, a subsidiary of Damariscotta-based The First Bancorp Inc., is buying Camden National Bank's branch at 63 Union St. in Rockland and acquiring the deposit accounts there. The First is also buying a building owned by Camden National at 145 Exchange St. in Bangor.
The deal's value is $7.7 million, which includes the two properties and their equipment, plus a premium paid for the Rockland deposits, according to a press release. The Rockland branch is one of 15 that Camden National is acquiring from Bank of America; Camden National is divesting the location to resolve competitive concerns in that market raised by the U.S. Department of Justice's Antitrust Division. The First will also acquire a small volume of loans at the Rockland branch as well. The branch transaction is expected to close in the fourth quarter of this year, if it receives regulatory approval. The First will retain the branch's employees.
Daniel Daigneault, president and CEO of The First, said the deal will give its customers a second Rockland location to use.
In Bangor, The First plans to open a full-service banking center in the first quarter of 2013. Camden National will relocate its Bangor branch to 80 Exchange St., where it's acquiring another Bank of America location.
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