Bangor Bancorp in Maine has agreed to buy First Colebrook Bancorp in Colebrook, N.H.

The $3.7 billion-asset Bangor said in a press release Tuesday that it will pay $45 million in cash for the $262.4 million-asset parent of Granite Bank. The deal, which is expected to close in the second quarter, prices First Colebrook at 185% of its tangible book value.

The acquisition comes months after Bangor opened a limited-service branch in Portsmouth, N.H.

“Both banks share a culture of developing real relationships with customers, and making their banking life easier,” Bob Montgomery-Rice, Bangor’s president and CEO, said in the release.

“As a mutual … we’ve been able to retain the personal approach and local perspective of a smaller bank — with a focus on valuing and listening to customers,” Montgomery-Rice added. “ At the same time, we’ve been able to drive growth and improve the customer experience by significantly investing in new branches, technology that makes customers feel safe and secure, and new product and services.”

FIG Partners and Hogan Lovells US advised Bangor. Sander O’Neill and Cranmore, FitzGerald & Meaney advised First Colebrook.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.