Bangor Bancorp in Maine has agreed to buy Damariscotta Bankshares in Maine.
The $4.4 billion-asset Bangor said in a press release Tuesday that it will pay $35 million in cash for the $400 million-asset Damariscotta. The deal, which is expected to close in the second quarter, priced Damariscotta at 185% of its tangible book value.
Damariscotta has branches in five Maine communities.
“Both banks are deeply committed to their employees, their customers, and the communities they serve,” Bob Montgomery-Rice, Bangor Bancorp’s president and CEO, said in the release. “We also share similar values of developing authentic relationships with customers and being their trusted financial adviser.”
Janney Montgomery Scott and Hogan Lovells advised Bangor. Sandler O’Neill and Verrill Dana advised Damariscotta.
