Bangor Bancorp, MHC, parent company of Bangor Savings Bank, announced April 6 the completion of a merger with First Colebrook Bancorp, Inc. (OTCQX: FCNH), parent company of Granite Bank.

Shareholders of First Colebrook Bancorp will receive $45 in cash in exchange for each outstanding share of First Colebrook Bancorp common stock they own, for a transaction valued in the aggregate at approximately $45 million.  

In 2017, Bangor Savings Bank opened a limited service branch in Portsmouth, N.H., offering mortgage and business/commercial lending, along with payroll and merchant services. The merger with Granite Bank complements Bangor Savings Bank’s long-term vision to provide local financial services to customers across northern New England. 

“I am excited about our merger with Granite Bank. The values that Scott Cooper and his team have instilled at Granite are comparable to our own, which will make the cultural integration seamless. As always, our focus will be to deepen the relationships with employees and customers,” said Bob Montgomery-Rice, President and CEO of Bangor Savings Bank, in a news release. “We are confident that the larger scale and broader presence of our organization will make us competitive in the markets we serve. We look forward to getting to know the people of New Hampshire and are excited about the value that this merger creates for employees, customers and communities across northern New England.”

Effective immediately, Granite Bank President and CEO Scott Cooper will serve as Executive Vice President, Chief New Hampshire Development Officer at Bangor Savings Bank. 

Bangor Savings Bank is currently constructing a multimillion-dollar corporate campus on the waterfront in Bangor, where it was founded more than 165 years ago. The new campus will consolidate several existing sites around the city, position the Bangor Savings Bank for future growth, and house more than 350 Bangor-based employees when completed in January 2019, with capacity for up to 500 employees.

FIG Partners, LLC served as financial advisor to Bangor Bancorp, MHC and Hogan Lovells US LLP served as its legal counsel. Sander O’Neill + Partners, L.P. served as financial advisor to First Colebrook Bancorp, Inc. and provided a fairness opinion to its Board of Directors and Cranmore, FitzGerald & Meaney served as its legal counsel.

About Bangor Savings Bank

Bangor Savings Bank, with more than $3.7 billion in assets, offers retail banking to consumers as well as comprehensive commercial, corporate, payroll administration, merchant services, and small business banking services to businesses. The Bank, founded in 1852, is in its 167th year, with 54 branches. The Bangor Savings Bank Foundation was created in 1997.