The parent companies of Bangor Savings Bank and New Hampshire-based Granite Bank have approved a $45 million merger announced last October and expected to close on April 6.
Shareholders of Granite’s parent company, First Colebrook Bancorp Inc., approved the merger on Wednesday. Bangor Bancorp, MHC, the parent company of Bangor Savings, already approved the merger.
The Maine Bureau of Financial Institutions, the New Hampshire Banking Department and the Federal Deposit Insurance Corporation also approved the merger.
Bangor Savings CEO Bob Montgomery-Rice said both banks focus on customer relationships and making banking easier.
“As a mutual bank … we’ve been able to retain the personal approach and local perspective of a smaller bank,” he said. “At the same time, we have the resources to invest in new branches, state-of-the-art technology, and new products and services.”
A mutual bank is owned by its members rather than stockholders.
This is the second foray into the Granite State by the Bangor-based bank, which in 2017 opened a limited service branch in Portsmouth offering mortgage and other lending along with payroll services.
With the merger, Bangor Savings and Camden National Bank are neck-in-neck in terms of being the top Maine banks by assets. Camden National also has been expanding into New Hampshire and Massachusetts.
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