FIG Has Now Completed 92 M&A Transactions Totaling More Than
$3.8 Billion In Transaction Value To Date
ATLANTA, October 24, 2017 — Bangor Bancorp, MHC and First Colebrook Bancorp, Inc. (OTCQX: FCNH) have agreed to merge their subsidiary banks.
Shareholders of First Colebrook Bancorp will receive $45.00 in cash for each share of stock for a transaction valued in aggregate at approximately $45 million. This represents approximately 185% of First Colebrook Bancorp’s tangible book value per share as of June 30, 2017.
“We’re excited to welcome Granite Bank to the Bangor Savings Bank family,” said Bangor Savings President and CEO Bob Montgomery-Rice. “Both banks share a culture of developing real relationships with customers, and making their banking life easier.”
The transaction is expected to be completed in the second quarter of 2018. Bangor Savings Bank is currently constructing a multi-million-dollar corporate campus in Bangor, Maine, where it was founded more than 165 years ago. The new campus will be completed in November of 2018 and will be home to more than 350 Bangor-based employees.
More information is available here.
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