As expected, Bangor Savings Bank of Maine completed its merger with Damariscotta Bank and Trust. Shareholders of Damariscotta received $27 in cash for each share of common stock.
The transaction was relatively small in the world of Bank mergers at $35 million but shows the continued consolidation of regional entities. However, the combined entities help to increase the institution to more than $6 billion in assets as of today, December 1.
If there are no future branch consolidations, the bank will have more than 60 branches in Maine and New Hampshire in 2021. It gives Bangor Savings Bank new branch locations in Damariscotta, New Harbor, Union and Warren, Maine.
The CEO of Damariscotta Bank and Trust, Scott Conant, will retire. He stated, “Damariscotta Bank & Trust was started almost 50 years ago to meet the needs of families and small businesses, and we’re proud of what we have been able to accomplish. Because our two institutions share the same commitment and focus on our customers, it gives us peace of mind knowing they’ll be in good hands.”
Bangor Savings Bank is focused primarily on retail banking to consumers, but also has commercial, corporate, payroll administration, merchant services and a variety of services for small businesses. It has been in business for 168 years, according to a press release.
“We are pleased to welcome these new employees and customers and remain committed to the success of the communities throughout MidCoast Maine and beyond," said Bangor Savings Bank President and CEO, Bob Montgomery-Rice. “Our merged organizations provide customers access to a broad network of branch locations and unique products and services, all while delivering the same local service and care. We are looking forward to learning what matters most to our new customers.”
Regional banks played a major role in funding small businesses early in 2020 with government led PPP loans. As many small businesses that used large banks struggled to get access to the loans, regional banks became a trusted partner with several small businesses.
Maine and New Hampshire were not as directly affected by the pandemic as some other parts of the country, but it did affect small businesses in the region.