BURLINGTON, Vt. - Chittenden Corp. has agreed to acquire Maine Bank Corp. of Portland for $49.25 million of cash, a move that would extend the multibank holding company's reach into southern Maine.
The $236 million-asset parent of Maine Bank and Trust has 15 branches in the Portland area. Chittenden, with $3.8 billion of assets, has branches in New Hampshire, Vermont, and Massachusetts.
The deal, announced last week, is expected to close in the second quarter. Maine Bank and Trust would operate as a separate unit and retain its name and senior management team, Chittenden said.
The Vermont company said it would offer its asset management, trust, retail brokerage, mortgage, and insurance services through Maine Bank and Trust customers.