Camden National Bank and The Bank of Maine announced Monday that they received the shareholder and regulatory approvals needed for Camden National Bank to purchase The Bank of Maine.

The $135 million deal, announced in March, is expected to close Oct. 16 and will make Camden National Bank the state’s largest locally owned bank.

When the deal closes, the combined bank will have about $3.6 billion in total assets, about $2.4 billion in total loans and about $2.6 billion in total deposits, according to a release from Camden National Bank announcing the approvals.

Gregory Dufour will remain president and chief executive officer of Camden National Bank.

“Obtaining all required regulatory and shareholder approvals are major milestones towards completion of the merger,” Dufour said in the release. “The overwhelming vote for the merger by each company’s investors demonstrates the confidence and belief that as a combined organization the companies are even stronger.”

Four Camden National Bank branches will consolidate into existing The Bank of Maine branches as part of the merger, including two in Augusta and the Camden National Bank branch in downtown Gardiner. After the sale, the bank will have 64 branches and 85 ATMs from York to Calais.

When the sale was announced, Dufour said the reasons for the acquisition include increasing his bank’s footprint in the southern Maine market and allowing it to reach economies of scale that will make it more affordable to invest in technology and handle increasing compliance costs.

John W. Everets, chairman and chief executive officer of The Bank of Maine, said in the release that the companies are pleased to receive the approvals.

“This combination creates a strong platform for serving the state of Maine and provides even greater opportunity to meet the financial needs of our customers and exceptional employees,” Everets said.

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