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Bangor Savings Bank
Bangor Savings Bank Further Expands its Footprint in Northern New England
BANGOR, ME and COLEBROOK, N.H.
– Bangor Bancorp, MHC, parent company of Bangor Savings Bank, announced today the successful completion of its previously announced merger with First Colebrook Bancorp, Inc. (OTCQX: FCNH), parent company of Granite Bank. Under the terms of the transaction, shareholders of First Colebrook Bancorp will receive $45.00 in cash in exchange for each outstanding share of First Colebrook Bancorp common stock they own, for a transaction valued in the aggregate at approximately $45 million.
In 2017, Bangor Savings Bank expanded its footprint into New Hampshire by opening a limited service branch in Portsmouth offering mortgage and business/commercial lending, along with payroll and merchant services. The merger with Granite Bank complements Bangor Savings Bank’s long-term vision to provide highly accessible, trusted local financial services to customers across northern New England.
“I am excited about our merger with Granite Bank. The values that Scott Cooper and his team have instilled at Granite are comparable to our own, which will make the cultural integration seamless. As always, our focus will be to deepen the relationships with employees and customers,” said Bob Montgomery-Rice, President and CEO of Bangor Savings Bank. “We are confident that the larger scale and broader presence of our organization will make us competitive in the markets we serve. We look forward to getting to know the people of New Hampshire and are excited about the value that this merger creates for employees, customers and communities across northern New England.”
Effective immediately, Granite Bank President and CEO Scott Cooper will serve as Executive Vice President, Chief New Hampshire Development Officer at Bangor Savings Bank. “The merger will create an optimal experience for our customers, as we combine forces to offer enhanced banking and financial services to key markets throughout northern New England,” said Mr. Cooper. “It will also tremendously benefit our staff who will realize further opportunities for growth and development.”
Bangor Savings Bank is committed to the success of the communities it serves. That commitment will extend to the existing Granite Bank footprint and communities it has served for so long.
Bangor Savings Bank is currently constructing a multimillion-dollar corporate campus on the waterfront in Bangor, Maine, where it was founded more than 165 years ago. The new campus will consolidate several existing sites around the city, position the Bangor Savings Bank for future growth, and house more than 350 Bangor-based employees when completed in January 2019, with capacity for up to 500 employees.
FIG Partners, LLC served as financial advisor to Bangor Bancorp, MHC and Hogan Lovells US LLP served as its legal counsel. Sander O’Neill + Partners, L.P. served as financial advisor to First Colebrook Bancorp, Inc. and provided a fairness opinion to its Board of Directors and Cranmore, FitzGerald & Meaney served as its legal counsel.