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2 banks in Maine, NH set to merge this month

November 13, 2020 GMT

DAMARISCOTTA, Maine (AP) — Federal regulators have approved the merger of a pair of Maine-based banks.

Bangor Savings Bank and Damariscotta Bank & Trust will have a combined $5.9 billion in assets and more than 60 branch locations in Maine and New Hampshire, a spokesperson for Bangor Savings Bank said. The banks said they received final approval for the merger from the Federal Deposit Insurance Corporation on Nov. 10.

The banks said the transaction is expected to close on Nov. 30. The merger will ultimately give Bangor Savings Bank new locations in Maine’s mid-coast region, the banks said in a statement.