Bangor Savings BankSavings Bank Bangor
The Bank heralded the closure of four branch offices at the beginning of 2016 in autumn 2015. In January 2016, Bangor Savings Bank announces that it is increasing the company-wide pay threshold to $13 per h. The bank has decided to increase the rate of the salary to $13 per year. As a result, it boosted the basic salary for 240 of the company's 740 employees From November 2016, the company's basic salary has risen to 14 dollars per hour. 740 employees have been paid the basic salary since November 2016.
Bank Bangor Savings concludes fusion with Granite Bank
The Bangor Bancorp MHC, holding the Bangor Savings Bank, finalised its amalgamation with a bank in New Hampshire, and added four branches and $241 million in funds. For First Colebrook Bancorp Inc. Granite Bank's holding entity (OTCQX: FCNH) will be closing on Friday. Pursuant to the conditions of the sale, First Colebrook Bancorp stockholders will be paid $45 million in liquid funds for each First Colebrook Bancorp ordinary shares issued for a total of approximately $45 million.
The Granite State office and another office in Portsmouth, N.H. will provide Bangor Savings with 60 bureaus and approximately $4 billion in net worth. Bangor Savings has already been named by the granite state's subsidiaries. Bangor Savings Bank extended its presence in New Hampshire in 2017 by opening a Portsmouth office providing mortgages, loans, payroll and dealerage.
The bank in March heralded the opening of an offices in Portsmouth city centre, Bow St. 8, by the end of the last few summers. We' re looking forward to meeting the New Hampshire community and are delighted with the value this fusion will create for staff, clients and local authorities across North New England," said Bob Montgomery-Rice, Chairman and CEO of Bangor Savings Bank.
Scott Cooper, Chairman and CEO of Granite Bank, will join Bangor Savings Bank as the company's current Senior Manager, CSO. Mr Cooper said the deal will be beneficial to Granite Bank's clients as the combined entities "join their strengths to provide improved bank and finance solutions to the core North New England markets".
Mr. FIG Partners LLC has acted as Bangor Bancorp MHC's and Hogan Lovells US LLP's advisors. Mr. O'Neill + Partners LP. acted as Finance Consultant to First Colebrook Bancorp Inc. and prepared a fairly balanced report for the Management Committee and Cranmore, FitzGerald & Meaney as General Counsel. 3.