Maine Merger Acquisition Lawyers

Bank Merger Acquisition In Maine

Androscoggin Savings Bank, Lewiston, Maine ("ASB") applied to the Superintendent of the Maine Bureau of Financial Institutions ("the Superintendent"), pursuant to Title 9-B M.R.S.A. 355, to purchase certain of the assets and assume certain of the deposit liabilities of the Lisbon Falls branch office of Northeast Bank, Lewiston, Maine ("Northeast"). ASB proposes to consolidate the acquired assets and liabilities with and into its existing branch office in Lisbon Falls.

A Principal Bank Examiner of the Maine Bureau of Financial Institutions conducted an investigation of this transaction. All evidence and pertinent material that were considered by the Examiner were also considered by the Superintendent in reaching his decision.ASB is a $529 million asset universal bank that operates twelve offices in central and mid-coast Maine. Northeast is a $565 million asset universal bank operating twelve offices in western and south-central Maine. Northeast's Lisbon Falls branch has approximately $12 million in deposits.

ASB has the managerial and financial resources to operate the Lisbon Falls branch without adversely affecting its overall condition. The acquisition should contribute to the long-term strength of ASB and to the financial needs and the convenience of the Lisbon Falls area. Generally, there are not significant differences in the products and services offered. Therefore, the application of Androscoggin Savings Bank to acquire the Lisbon Falls branch of Northeast Bank is approved. The applicant has requested a partial waiver of the thirty-day waiting period so that the acquisition may be consummated no later than May 19, 2006, citing operational purposes related to the systems conversion. The Superintendent has determined that these factors constitute extraordinary or unusual conditions and, therefore, the Superintendent agrees to grant the partial waiver in order that the acquisition may be consummated after the close of business on May 19, 2006. The transaction shall be completed within one year of the effective date of this Order, unless a written extension is granted by the Superintendent.

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