State OKs Machias Savings' purchase of six branches
Machias Savings Bank received state approval to buy six northern Maine branches from The Bank of Maine, three of which it plans to close.
The Maine Bureau of Financial Institutions has approved Machias Savings Bank’s purchase of six Bank of Maine branches, three of which it plans to close in Aroostook County.
In its order approving the sale of five Aroostook County branches and one in Penobscot County, state regulators wrote the deal will make Machias Savings Bank the sixth-largest competitor in Aroostook County, with 13% of the deposit market share, and the seventh-largest competitor in Penobscot County, with 7% of the deposit market share.
Regulators said the transaction to Machias Savings includes approximately $76 million in deposits. As of June, Machias Savings had $970 million in assets and the Bank of Maine had $785 million in assets. That ranking made Machias Savings the seventh-largest bank by asset totals in the state. The Portland-based Bank of Maine ranked 10th.
The order stipulates the transaction, which includes a plan to close bank branches in Fort Kent, Mars Hill and Houlton, is required to take place within one year.
In announcing the sale, Bank of Maine Chairman and CEO John Everets said the bank sought to sell its northern Maine branches in order to focus attention on its locations in the southern and central parts of the state.
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