HOULTON, Maine — Machias Savings Bank officials Monday announced a plan to buy out six branches of The Bank of Maine in Aroostook County.
Three of those six branches will be closed as a result of the transaction.
The transaction includes branches located in Caribou, Fort Kent, Houlton, Lincoln, Mars Hill and Presque Isle. The branches in Houlton, Mars Hill and Fort Kent will be closed, with customers transferred to one of the other locations.
As part of the transaction, Machias Savings Bank will assume substantially all of the deposits of the six locations. These deposits totaled approximately $75 million as of June 30, 2013. Also included as part of the transaction are certain business and consumer loans associated with the six branches as well as the sale of the real estate for the branch locations.
The sale of these branches is subject to receipt by The Bank of Maine and Machias Savings Bank of all necessary regulatory approvals. If these approvals are granted, the sale is expected to close in the fourth quarter of 2013.
“The sale of these branches will allow The Bank of Maine to focus on its remaining branches in mid- and southern Maine,” said John Everets, chairman and CEO of The Bank of Maine. “The Bank of Maine’s recent investments in infrastructure, information technology, products and services and its community involvement will enable the bank to continue to deliver to its customers the exceptional customer experience the bank currently provides.”
Machias Savings Bank has 14 locations statewide, including branches in Houlton and Danforth. The Bank of Maine has 33 branches statewide.
“Adding these branches is a natural expansion of our existing footprint, providing us with greater branch density in northern Maine,” said Larry L. Barker, president and CEO of Machias Savings Bank. “I have great confidence customers and employees will experience a smooth transition.”
The remaining branches will continue operating as The Bank of Maine, and there will be no changes to any of The Bank of Maine client accounts until the sale is approved and completed. Upon closing of the sale, the branches will become part of Machias Savings Bank, and customers can immediately do their banking at all Machias Savings Bank locations.
The banks will continue collaborating to ensure a smooth transition for the individuals and businesses they serve, according to the press release. Over the next several weeks, customers will begin receiving communications with additional information to guide them through the process.
About 10 employees of The Bank of Maine will be impacted by the closure.
Editor’s Note: Attempts to reach employees at The Bank of Maine Houlton branch for comments were not successful by presstime.
