PORTLAND, Maine — Camden National Bank and The Bank of Maine will merge in October, after receiving approval for the $135 million deal from regulators and shareholders.
The merger will make the combined bank the largest headquartered in Maine, with about 10.6 percent of deposits in the state, behind TD Bank and KeyBank, according to documents filed with the U.S. Securities and Exchange Commission.
Camden National Bank’s parent company, Camden National Corp., announced Monday it received regulatory approval to buy Bank of Maine parent SBM Financial Inc., after voting July 22 by its shareholders to approve the merger.
The bank announced that the merger will close Oct. 16, 2015. The combined bank will have $3.6 billion in assets, with total loans of about $2.4 billion and total deposits of about $2.6 billion.
The combined bank will have 64 branches in the state and plans to close some locations where Camden National and Bank of Maine branches are close to one another. Greg Dufour, Camden National’s CEO, said previously that he expects there will be positions for staff affected by the closures at other locations.
The merger will be Camden National’s first move into Cumberland and York counties and give it two new branches in Washington County, in Machias and Calais. The merged banks will operate under the Camden National name.
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The company said Monday that the purchase will be made by converting 80 percent of Bank of Maine’s common stock into Camden National shares and converting another 20 percent to cash, with each share valued at about $206.