(AP) – The plan calls for the combined bank, with assets estimated at 2.2 billion dollars, to operate under the Bangor Savings Bank name and be wholly owned by the bank’s mutual holding company parent.
The transaction is subject to approval of regulators as well as shareholders of closely held Pepperell Bancshares Financial Group.
It’s expected to be completed this summer.
Terms of the agreement were not made public.
Bangor Savings CEO James Conlon says the acquisition is consistent with his bank’s strategic growth plan that has seen it expand beyond its eastern Maine core market to all regions of the state.