Machias Savings to buy six Bank of Maine branches
Machias Savings Bank plans to buy six northern Maine branches from The Bank of Maine, three of which it plans to close.
The Bank of Maine has agreed to sell six of its northern Maine branches to Machias Savings Bank for an undisclosed price.
The banks said in a press release that Machias Savings plans to close three of those branches in Aroostook County — in Fort Kent, Houlton and Mars Hill — as it takes on the $75 million in deposits at the six bank locations.
The Bangor Daily News reported the closure will affect less than 10 employees, who will be eligible for positions at Machias Savings Bank’s other Aroostook County branches.
The three banks Machias Savings will keep open are in Caribou, Lincoln and Presque Isle. The bank said customers of those branches will be serviced by its other banks in the area and through electronic banking services.
The Bank of Maine Chairman and CEO John Everets said in a prepared statement that the bank agreed to sell those northern Maine branches because it hopes to focus on its locations in the southern and central parts of the state.
The sale remains dependent on regulatory approval. Renee Smyth, a spokeswoman for The Bank of Maine, told the BDN that the bank expects the sale to close in the fourth quarter of this year.
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