Gardiner Savings completes merger

    Gardiner Savings Institution, FSB, of Gardiner, has announced that it has completed its acquisition of First Citizens Bank, headquartered in Presque Isle.
First Citizens, a Maine-chartered commercial bank, was established in 1989. Stockholders of First Citizens, as of the close of business on January 12, received cash consideration of $43.75 per share held. Total merger consideration was approximately $20.8 million.    
    Gardiner Savings Institution, FSB is the second oldest financial institution in Maine having been established in 1834. The bank has 21 full-service branches throughout the central and mid-coast region of Maine, and as a result of the acquisition, has added five new full-service branches in the Northern Maine counties of Aroostook and Penobscot.
    With the addition of First Citizens’ assets of $121 million, Gardiner Savings Institution, FSB now has over $915 million in total assets.