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.

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