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.