Bangor Savings Bank Acquiring Granite Bank of New Hampshire

The Maine-based Bangor Savings Bank, a NEC member, is set to acquire Granite Bank of New Hampshire for approximately $45 million.

When the purchase is finalized, Bangor Savings Bank will hold over $4 billion in assets and operate 59 branches in Maine and New Hampshire. The banks are awaiting the approval of regulators and shareholders of Granite Bank’s parent company, First Colebrook. Under the deal, First Colebrook shareholders will receive $45 cash for every share of stock. Both bank’s board of directors unanimously approved the deal and Bangor Savings Bank aims to complete the acquisition in the second quarter of 2018. In November 2018, Bangor will open their new multimillion-dollar corporate campus in Bangor, ME, that will house as many as 500 employees.

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

The New England Council congratulates Bangor Savings Bank on their expansion and commitment to serving the people of Maine and New Hampshire.  Read more in the Portland Press Herald.

img_side
mask_sidebar
Recently from the Blog

MassDevelopment Issues Bond for New Perkins School Building and Dorm

11/19/2020 | Read Post

South Shore Health Names New Vice Chair of Emergency Medicine and Urgent Care

11/19/2020 | Read Post

In the News

NEC Elects Six Respected Regional Business Leaders to Board of Directors

09/28/2020 | Read Press Release

NEC Announces 2020 New Englanders of the Year

08/25/2020 | Read Press Release