The U.K. Financial Conduct Authority (“FCA”, the regulator of LIBOR) and the ICE Benchmark Administration (“IBA”, the administrator of LIBOR) announced on March 5, 2021, that the IBA will cease publication of the 1-week and 2-month USD LIBOR terms following the publication thereof on December 31, 2021; and cease publication of USD LIBOR for the overnight, 1-month, 3-month, 6-month and 12-month terms immediately following the IBA publication thereof on June 30, 2023. U.S. regulatory agencies (including the Federal Reserve Board, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation) have issued guidance encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021. Therefore, Bangor Savings Bank does not plan to use LIBOR after 2021 for any new transactions, and existing contracts will need to be amended to an alternative rate on or before June 30, 2023. The respective announcements by the FCA, IBA and the U.S. Regulatory Agencies, along with a statement issued by the Alternative Reference Rates Committee (ARRC), are available on the Resources & Insights page for your convenience.