The First, N.A., a subsidiary of The First Bancorp Inc. (NASDAQ: FNLC), and Camden National Bank, a subsidiary of Camden National Corporation (NASDAQ: CAC), jointly announce the two banks have signed a definitive agreement for The First to purchase the branch at 63 Union St., in Rockland.
As part of the transaction, The First will acquire deposit accounts in the Rockland location as well as a small volume of loans.
In addition, The First has signed a definitive agreement to purchase the 145 Exchange St., building in Bangor, owned by Camden National.
“We are excited about the opportunity this provides for The First,” said Daniel R. Daigneault, president & chief executive officer of The First.
“The branch at 63 Union St., will enhance our ability to serve our existing Rockland customers from a second location. We intend to retain the existing employees at this branch and will make the transition as easy as possible for our new customers.”
The 63 Union St., branch location in Rockland represents one of 15 Maine branches Camden National is currently acquiring from Bank of America.
Camden National is divesting this branch to resolve competitive concerns in that market raised by the U.S. Dept. of Justice’s Antitrust Division.
Customers who bank at the existing Rockland branches of The First and Camden National will not be impacted.
The total value of the transaction is estimated to be $7.7 million, which includes the premises and equipment for the two locations plus the premium paid for the Rockland deposits.
The Rockland branch transaction is subject to regulatory approval, and is expected to close in the fourth quarter of this year.
The sale of the 145 Exchange St., building in Bangor will close at the same time. Over the next several weeks, the banks will be communicating directly with the Rockland branch customers to guide them through the process and assist with any questions. Information on the transition will be regularly updated on The First website at www.TheFirst.com.
