PORTLAND, Maine - Peoples Heritage Financial Group Inc. said it agreed to acquire Mid Maine Savings Bank for an indicated price of $11.5 million of stock.
If regulators and Mid Maine shareholders approve of the deal, Mid Maine will merge into Peoples Heritage Bank, the largest thrift in Maine. Mid Maine's branch in Hampton, N.H., would become part of Peoples Heritage's First National Bank of Portsmouth.
Peoples Heritage has $2.4 billion of assets, 53 banking offices in Maine, and 10 in New Hampshire. Mid Maine has $184 million of assets and seven offices, including the one in New Hampshire.