December 18, 2019 — Bangor Bancorp, MHC, has announced an agreement to acquire Damariscotta Bankshares, Inc. (OTC: DMSQ).
Based in Maine, Bangor Bancorp, parent company of Bangor Savings Bank, will merge with Damariscotta Bankshares, Inc. (Damariscotta), parent company of Damariscotta Bank and Trust Company, also based in Maine.
Under terms of the agreement, shareholders of Damariscotta will receive $27.00 in cash in exchange for each share of Damariscotta common stock for a transaction valued in aggregate at approximately $35 million. The consideration represents approximately 185% of Damariscotta’s tangible book value per share as of September 30, 2019.
When finalized, the merger will give Bangor Savings Bank new branch locations in Belfast, Damariscotta, New Harbor, Union, and Warren.
“We’re excited to welcome Damariscotta Bank & Trust to the Bangor Savings Bank family,” said Bangor Savings President and CEO, Bob Montgomery-Rice. “Both banks are deeply committed to their employees, their customers, and the communities they serve. We also share similar values of developing authentic relationships with customers, and being their trusted financial advisor.”
More information is available here.
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