Peoples Heritage Financial Group of Portland, Maine, and Banknorth Group Inc. of Burlington, Vt., have completed their acquisitions of 18 former Shawmut National Corp. branches in Massachusetts and New Hampshire.
Peoples Heritage bought five branches in southern New Hampshire, with $160 million in deposits and $217 million in loans. The loans include about $179 million in mortgages.
The branches were merged into First National Bank of Portsmouth, the New Hampshire subsidiary of $3.3 billion-asset Peoples.
Banknorth acquired 13 branches in Worcester, Hampshire, and Franklin counties. Those branches will become part of $2.5 billion-asset Banknorth's new subsidiary, First Massachusetts Bank, which received final regulatory approval to open.
The new subsidiary will be the largest bank based in Worcester, with $635 million in assets, including $405 million in loans.