July 23, 2013

Bank of Maine sells six branches to Machias Savings

The Associated Press

PORTLAND — The Bank of Maine has reached an agreement to sell six of its branches in the northern part of the state to Machias Savings Bank.

The transaction affects branches in Caribou, Fort Kent, Houlton, Lincoln, Mars Hill and Presque Isle, with a total of $75 million in deposits as of the end of June.

Machias Savings Bank says it will close the branches in Fort Kent, Houlton and Mars Hill.

The sale is subject to the approval of state banking regulators.

Bank of Maine's chief executive says the sale will allow the bank to focus on its remaining branches in central and southern Maine.

Machias Savings Bank's CEO says the sale is a natural expansion of the company's existing footprint.

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