Regulators and shareholders have approved Bangor Savings Bank’s previously announced acquisition of Granite Bank of Colebrook, New Hampshire, the companies said Wednesday.
“We’re excited to welcome Granite Bank to the Bangor Savings Bank family,” Bangor Savings President and CEO Bob Montgomery-Rice said in a prepared statement. “Our banks share a culture of developing real relationships with customers, and making their banking life easier.”
Under the terms of the deal, stockholders of Granite Bank holding company First Colebrook Bancorp Inc. will receive $45 in cash for each share of First Colebrook stock, for a transaction valued at roughly $45 million. The transaction is expected to close on April 6.
Established in 1889, Granite Bank has assets of $241 million and operates four banking locations in Colebrook, Concord, Amherst and Portsmouth, New Hampshire.
Founded in 1852, Bangor Savings has more than $3.7 billion in assets with 55 branches throughout Maine.
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