Machias Bancorp in Machias, Maine, has agreed to buy six branches from Bank of Maine in Portland.
Machias also agreed to acquire the assets at the six banks, including loans and real estate, and about $75 million of deposits, the companies said when they announced the sale in July. The Maine Bureau of Financial Institutions updated an online notice of the pending sale on Wednesday. The sale's terms were not disclosed.
The $971 million-asset Machias said in July that it planned to close three of the branches, which are in northern Maine, and transfer their customers to nearby branches. The company has 14 branches, according to the Federal Deposit Insurance Corp.
"Adding these branches is a natural expansion of our existing footprint, providing us with greater branch density in northern Maine," Larry Barker, Machias' president and chief executive, said in a press release.
Bank of Maine said it is selling the branches to focus on the southern and middle regions of the state. The $785 million-asset bank has 35 branches, according to the FDIC.
The companies expect to complete the transaction in the fourth quarter. The Maine Bureau of Financial Institutions will accept public comment on the merger through Sept. 27.