Bangor, ME and Damariscotta, ME (December 1, 2020): Bangor Bancorp, MHC, parent company of Bangor Savings Bank, and Maine-based Damariscotta Bankshares, Inc. (OTC: DMSQ) (“Damariscotta”), parent company of Damariscotta Bank and Trust Company (“DB&T”), announced today the successful completion of their previously announced merger under which Damariscotta was combined with Bangor Bancorp, MHC and DB&T was merged into Bangor Savings Bank. Under the terms of the transaction, shareholders of Damariscotta received $27.00 in cash in exchange for each share of Damariscotta common stock for a transaction valued in aggregate at approximately $35 million.
“We are pleased to welcome these new employees and customers and remain committed to the success of the communities throughout MidCoast Maine and beyond," said Bangor Savings Bank President and CEO, Bob Montgomery-Rice. “Our merged organizations provide customers access to a broad network of branch locations and unique products and services, all while delivering the same local service and care. We’re looking forward to learning what matters most to our new customers.”
The merger is effective December 1st, bringing the combined entity to $6.0 billion in assets and more than 60 branch offices throughout Maine and New Hampshire. The merger with DB&T advances Bangor Savings Bank’s strategic goal of investing where it can best serve its customers, and more thoroughly serving MidCoast Maine is part of that.
“Damariscotta Bank & Trust was started almost 50 years ago to meet the needs of families and small businesses, and we’re proud of what we have been able to accomplish,” said Scott Conant, Damariscotta Bank & Trust President and CEO who is retiring after 25 years at the institution. “Because our two institutions share the same commitment and focus on our customers, it gives us peace of mind knowing they’ll be in good hands.”
The merger gives Bangor Savings Bank new branch locations in Damariscotta, New Harbor, Union, and Warren, further expanding the Bank’s position in Maine’s MidCoast region. As a condition of regulatory approval by the Federal Reserve, Bangor Savings Bank is required to divest some deposit and loan accounts in Waldo County, as well as DB&T’s Belfast location at 1 Belmont Ave. First National Bank entered into an agreement with Bangor in September to acquire these accounts and branch from Bangor Savings Bank, with an anticipated close on December 11, 2020.