First National Bank plans to buy Damariscotta B&T branch in Belfast for $25M
Courtesy / DB&T
The Belfast branch of Damariscotta Bank & Trust Co. will be purchased by First National Bank, pending regulatory approval.
Bangor Savings Bank, which is now in the process of acquiring Damariscotta Bank & Trust Co. through a holding company deal, is selling a DB&T branch in Belfast to the First Bancorp Inc. (Nasdaq: FNLC) for $24.8 million.
First Bancorp, the holding company of Damariscotta-based First National Bank, will receive $16.5 million in deposit accounts and $23.5 million in loan balances from the branch at 1 Belmont Ave., under an agreement announced in a news release late Thursday.
Bangor Savings, Maine’s largest bank by assets, already operates two branches in Belfast, one of them just steps away at 7 Belmont Plaza and the other at 106 Main St.
First National has 16 branches in Maine, but the nearest to Belfast is in Camden, 20 miles south.
The DB&T Belfast branch is one of six that Bangor Bancorp MHC is obtaining as part of its acquisition of Damariscotta Bankshares Inc. (OTC: DMSQ) for roughly $35 million, which Mainebiz reported in December. That transaction is expected to close over the coming weeks, followed by completion of the branch sale in the fourth quarter of the year.
Both sales are subject to regulatory approval. In addition to the deposits and loans, the branch acquisition includes assignment of a ground lease, leasehold improvements, furniture and equipment.
The heads of both Bangor Savings and First National pledged to make the change in ownership seamless for customers.
“With the announcement of the sale of this location, we are hopeful that we will receive the remaining necessary regulatory approvals to complete the acquisition of DB&T,” Bob Montgomery-Rice, president and CEO of Bangor Savings Bank, said in the release. "Our team will work closely with First National Bank in the conversion process to support employees, customers and our community through the transition.”
Customers of the two Bangor Savings branches in Belfast will not be affected by the sale, he added.
First National Bank President and CEO Tony C. McKim said in the release, “We are excited to expand our branch network into the Belfast market.
"The Belfast branch at 1 Belmont Ave. will provide an opportunity to serve a new customer base and enhance our ability to serve our existing customers in Waldo County. We intend to retain the existing employees at the branch as they will make the transition as easy as possible for our new customers coming from DB&T.”
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