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First National Bank to purchase branch location from Bangor Savings Bank

Christian Fernsby ▼ | September 9, 2020
First National Bank, a subsidiary of The First Bancorp, and Bangor Savings Bank, a subsidiary of Bangor Bancorp, MHC, jointly announced that the two banks have signed a definitive agreement for First National Bank to purchase a bank branch located at 1 Belmont Avenue in Belfast, Maine.
First National
Bank   First National
As part of the transaction, First National Bank will acquire deposit accounts totaling approximately $16.5 million as of August 31, 2020, as well as $23.5 million in loan balances.

Topics: First National Bank Bangor Savings Bank

The 1 Belmont Avenue branch in Belfast is one of six locations to be acquired by Bangor Savings Bank through its pending merger with Damariscotta Bankshares, Inc., parent of Damariscotta Bank and Trust Company (DB and T).

Bangor Savings Bank and DBandT will work with First National Bank to ensure as seamless a transition as possible for the Belfast customers of DB and T.

Customers of the existing Bangor Savings Branches in Belfast, located at 7 Belmont Plaza and 106 Main Street, will not be impacted.


 

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