PORTLAND, Maine — Camden National Bank plans to close four of its branches, most around Augusta, as it acquires the Bank of Maine in a $135 million deal.
The bank announced Friday it plans to close two branches in Augusta, one in Gardiner and another in Kennebunk, all of which are within 1 mile or less of one of the bank’s other branches.
“We expect that any staff members impacted by the consolidation of these branches will be accommodated through positions within our overall branch network,” Gregory Dufour, Camden National’s president and CEO, said in a news release.
With the consolidations, the bank would have 64 brick-and-mortar locations and be the largest bank headquartered in the state. It will keep open the Bank of Maine’s current service center in Libby Hill Park in Gardiner.
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The purchase will give the federally chartered Camden National a broader reach into the central and southern portions of the state and two new branches in Washington County, in Machias and Calais.
In disclosures filed with the U.S. Securities and Exchange Administration, Camden National reported the merger would give the bank 10.6 percent of deposits in the state, surpassing Bangor Savings parent Bangor Bancorp to have the third-most deposits in Maine and the most of any bank headquartered here.
The deal is expected to close in October.
The branch consolidations would happen after completion of the merger. The affected branches are as follows:
— The branch at 192 Water St. in Gardiner will merge with a branch next door at 190 Water St.
— The branch at 127 Community Drive in Augusta will merge with another across the street at 130 Community Drive in Augusta.
— The branch at 38 Bangor St. in Augusta will merge with The Bank of Maine branch at 66 Eastern Ave. in Augusta.
— The branch located at 108 Lafayette Center in Kennebunk will merge with The Bank of Maine branch at 36 Portland Road in Kennebunk.