BELFAST — On Monday, Dec. 14 First National Bank, a subsidiary of The First Bancorp, Inc. (NASDAQ: FNLC), completed its purchase of 1B Belmont Avenue in Belfast from Bangor Savings Bank, a subsidiary of Bangor Bancorp, MHC. The transaction value per the preliminary closing statement is $25.2 million, consisting of loans, the building, equipment and deposit premium. Prior to completing the transaction, First National Bank obtained all required legal and regulatory approvals.
The 1B Belmont Avenue branch in Belfast was previously operated by Damariscotta Bank and Trust and was purchased from Bangor Savings Bank. It was one of six Maine branches Bangor Savings Bank acquired from Damariscotta Bank and Trust and was divested to resolve concerns in the market raised by the U.S. Department of Justice’s Antitrust Division.
“First National Bank is so pleased to be in Belfast,” stated Tony C. McKim, president and CEO of FNB. “While lobbies remain closed for the time being, we look forward to welcoming customers at the drive-up and through our curbside banking option. We feel fortunate to be part of this vibrant community.”
With this transaction, First National Bank operates 17 branches in Lincoln, Knox, Waldo, Hancock, Washington and Penobscot counties. For more information about First National Bank, call 1-800-564-3195 or visit www.thefirst.com.