June 19, 2018
Business Latest News | Poll Questions | Susan Collins | Tiny House Surprise | Stephen King

Skowhegan Savings receives OK to acquire Camden National branches

Contributed photo | BDN
Contributed photo | BDN
John Witherspoon
By Whit Richardson, BDN Staff

SKOWHEGAN, Maine — Skowhegan Savings Bank has received final regulatory approval to acquire five bank branches in Franklin County from Camden National Bank.

The bank announced in May its plan to acquire the branches in Farmington, Kingfield, Phillips, Rangeley and Stratton.

With the necessary regulatory approval granted, Skowhegan Savings will close on the sale in early October, when the branches reopen under the Skowhegan Savings banner.

The total purchase price is approximately $3.6 million, including the value of the real estate and fixed assets, as well as a 3.5 percent premium on the branch deposits, John Witherspoon, Skowhegan Savings’ president and CEO, told the Bangor Daily News in May.

Skowhegan Savings, founded in 1869, currently has 10 branches covering Somerset, Kennebec and Penobscot counties. As of June 30, 2012, it had $311.5 million in deposits, making it the 21st largest bank in Maine, according to the Federal Deposit Insurance Corp.

The acquisition of five Franklin County branches will be the bank’s first foray into Franklin County.

“We look forward to welcoming our new customers to the Skowhegan Savings family.” Witherspoon said in a statement. “Skowhegan Savings has been serving Franklin County from our central Maine locations for many years, and as a Franklin County resident, I’m especially excited to expand our branch franchise and bring our brand of community banking to the county.”

Customers who had accounts with Camden National’s branches in Franklin County will receive notifications from Skowhegan Savings over the next several weeks with details of the transition.

Witherspoon in May said Skowhegan Savings would retain all Camden National employees following the acquisition.

Have feedback? Want to know more? Send us ideas for follow-up stories.

You may also like