Gardiner Savings Institution FSB in Maine has a deal to buy First Citizens Bank in Presque Isle for $20.8 million in cash.
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The deal, announced last week, was first reported by SNL Financial LC of Charlottesville, Va., and is expected to close next quarter.
The $135 million-asset First Citizens, founded in 1990, has five branches in northern Maine's Aroostook and Penobscot counties. Gardiner, founded in 1835, has 20 branches in four coastal and central Maine counties.
Gardiner said it would pay $43.75 for each share of First Citizens stock. First Citizens would retain its name and operate as a division of the $738 million-asset Gardiner.
