Bangor Bancorp MHC, parent company of Bangor Savings Bank, and Colebrook, New Hampshire-based First Colebrook Bancorp Inc., parent company of Granite Bank, announced plans Tuesday for Granite Bank to be acquired by Bangor Savings. The acquisition was unanimously approved by the boards of directors of both bank holding companies and their subsidiary banks on Monday.

Under the terms of the sale, shareholders of First Colebrook will receive $45 in cash in exchange for each share of stock in a transaction valued at roughly $45 million. The bank has four offices in New Hampshire, and assets of about $262 million.

Earlier this year, Bangor Savings expanded its footprint into New Hampshire by opening a limited service branch in Portsmouth, offering mortgage and commercial lending, along with payroll and merchant services. Bangor Savings said its purchase of Granite Bank complements the bank’s long-term vision to provide accessible and trusted local financial services to even more customers in northern New England.

“We’re excited to welcome Granite Bank to the Bangor Savings Bank family,” said Bangor Savings President and CEO Bob Montgomery-Rice in a news release. “Both banks share a culture of developing real relationships with customers, and making their banking life easier.”

Pending regulatory and First Colebrook shareholder approvals, Bangor Savings said it intends to complete the transaction in the second quarter of 2018. After the purchase is completed, the combined entity will have over $4 billion in assets and 59 branch offices throughout Maine and New Hampshire.

“This transaction should be beneficial to the shareholders, customers and communities served by First Colebrook and Granite Bank,” Scott Cooper, Granite Bank president and CEO, said in the release. “It should also provide attractive opportunities for many employees. Like Granite Bank, Bangor Savings has a long history of serving, and valuing, both rural and urban communities.”

Bangor Savings is currently constructing a multimillion-dollar corporate campus on the waterfront of Bangor, where it was founded more than 165 years ago. The new campus will consolidate several existing sites around the city, position the bank for future growth and house more than 350 Bangor-based employees when completed in November 2018, with capacity for up to 500 employees.


Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.

filed under: