Aw Bangor Savings Bank branch on Allen Avenue in Portland is seen in this Jan. 6, 2011, file photo. Credit: Matt Wickenheiser / BDN

Federal regulators have given final approval to Bangor Savings Bank’s proposed merger with a midcoast bank.

Bangor Savings Bank cleared the final regulatory hurdle in its planned merger with Damariscotta Bank and Trust on Tuesday, when the Federal Deposit Insurance Corp. approved the deal.

The merger will leave Bangor Savings Bank with $5.9 billion in assets and more than 60 branches throughout Maine and New Hampshire. It will acquire as part of the deal Damariscotta Bank and Trust locations in Damariscotta, New Harbor, Union and Warren.

“With this final approval, we can now take the necessary and thoughtful steps forward to join with an institution that, like us, is committed to its employees, customers, and communities,” Bangor Savings Bank President and CEO Bob Montgomery-Rice said in a statement. “Together, our two organizations are in an even better position to more fully serve customers throughout MidCoast Maine. We look forward to welcoming these new customers and learning what matters most to them.”

The approval from the Federal Deposit Insurance Corp. comes after the Federal Reserve cleared the banks to go ahead with the merger on Oct. 22 and previous approvals from the Maine Bureau of Financial Institutions and both banks’ boards of directors.

Under the deal, Damariscotta Bank and Trust shareholders will receive $27 a share as part of a $35 million transaction.

Bangor Savings will divest deposit and loan accounts in Waldo County and Damariscotta Bank and Trust’s Belfast location, as required by the Federal Reserve. First National Bank inked a deal with Bangor Savings in September to acquire those accounts and the Belfast branch, which will close Dec. 11.

The merger is expected to be completed on Nov. 30.