PORTLAND, Maine - People's Heritage Financial Group has completed its acquisition of Bankcore Inc., North Conway, N.H., after receiving regulatory approval.

Under the $20.9 million deal, Bankcore subsidiary North Conway bank was merged into People's New Hampshire subsidiary, First National Bank of Portsmouth.

Each of the 10,000 outstanding Bankcore shares will be converted into the right to receive 75.16 shares of People's stock and a five-year debenture of $958.30 per share. Some Bankcore shareholders elected to receive $958.30 in cash in place of the debentures.

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