Bangor Bancorp, parent company of Bangor Savings Bank, and First Colebrook Bancorp, parent company of Granite Bank, received approval from the Maine Bureau of Financial Institutions, the New Hampshire Banking Department and the FDIC for their previously announced merger transaction. First Colebrook stockholders also approved the transaction, whereby Granite Bank will merge with and into Bangor Savings Bank.
Under the terms of the merger, stockholders of First Colebrook will receive $45.00 in cash in exchange for each share of First Colebrook stock for a transaction valued in aggregate at approximately $45 million. The transaction is expected to close on April 6, 2018.
Scott A. Cooper, president and CEO of First Colebrook and Granite Bank, said, “We are excited about the potential benefits of the merger for our stockholders, customers and the communities we serve as well as for our employees.”
“We’re excited to welcome Granite Bank to the Bangor Savings Bank family,” added Bangor Savings President and CEO Bob Montgomery-Rice. “Our banks share a culture of developing real relationships with customers and making their banking life easier.”
