Skowhegan bank to buy 5 branches from Camden Natl.
Skowhegan Savings Bank has agreed to buy five branches from Camden National Bank, a subsidiary of Camden National Corp., which last year purchased 14 branches from Bank of America.
Skowhegan intends to buy Camden branches in Farmington, Kingfield, Phillips, Rangeley and Stratton, according to a joint release from the two banks. Also included in the transaction are deposits of approximately $86.9 million, loans of $43.7 million and real estate and equipment of $600,000. The purchase price represents a 3.5% premium on deposits, par value on the loan portfolio and book value for the real estate, according to the release. The sale is expected to be completed in the fourth quarter of 2013, subject to regulatory approval.
Skowhegan currently has 10 branches covering Somerset, Kennebec and Penobscot counties. The new branches are all in Franklin County.
Camden had previously announced plans to close its branches in Phillips and Stratton on June 28, but under the transfer agreement, those branches will remain open under Skowhegan's banner. Skowhegan Savings plans to retain all employees.
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