Midcoast bank approves selling stock to feds
The First Bancorp's shareholders yesterday changed the company's articles of incorporation to authorize the issuance of preferred stock
In November, the Damariscotta-based bank holding company received preliminary approval to receive $25 million from the U.S. Treasury under its Capital Purchase Program. The change made at yesterday's special meeting of shareholders will enable the company, which has 14 offices in Lincoln, Knox, Hancock and Washington counties, to complete the transaction, which is estimated to be finalized in early January.
The Capital Purchase Program was created under the Emergency Economic Stabilization Act and is designed to provide capital to healthy banks to improve financing opportunities for businesses. "While our regulatory capital ratios are strong, the Board of Directors believes that increasing our capital position is especially prudent given the current condition of the United States economy and the Maine economy," Daniel R. Daigneault, The First Bancorp's president and CEO, said in a press release.
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