Facing a competing bid, CompassBank announced Wednesday it will seek permission from regulators to acquire up to 24.9% of Sandwich (Mass.) Bancorp's stock.

CompassBank, which two weeks ago announced plans to buy the bank for $110 million in cash, said the move is designed to thwart Hyannis-based Cape Cod Bank & Trust Co.'s $125 million offer, made Tuesday. Sandwich Bancorp said it is reviewing Cape Cod Bank's offer.

"We worked long and hard to get this deal done," said CompassBank president and chief executive officer Kevin G. Champagne. "We are not about to be dissuaded."

CompassBank currently owns 4.9% of Sandwich Bancorp's stock.

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