Officials with a pair of northern New England banks say the institutions have merged in a transaction valued at about $45 million.
Company officials say the merger of Granite Bank of New Hampshire and Bangor Savings Bank of Maine has been approved by regulators and shareholders. Granite Bank is merging into Bangor Savings Bank under the terms of the deal. The transaction is set to close on April 6.
Granite Bank's parent company is First Colebrook Bancorp Inc. Stockholders of that company will receive $45 in cash in exchange for each share of stock, company officials say. Bangor Savings Bank has more than 50 branches and is a major player in Maine's financial scene.
Granite Bank in much smaller, operating four full service banks in New Hampshire.