Fleet Plans Sale of 31 Maine Branches to Thrift

Fleet Financial Group in Boston said Friday it would sell part of its Maine branch network to Bangor Savings Bank in Bangor, Maine.

Terms of the deal were not disclosed.

The sale includes about $292.8 million of deposits, $186 million of assets, and 31 branches. Fleet would retain $1.3 billion of deposits and 54 branches in the state.

Bangor Savings Bank, a mutual savings company, said it would hire all 110 Fleet Bank Maine employees affected.

The transaction is to close in July, pending regulatory approval.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER