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Article: In Brief: Maine's 1st National Lincoln Buying FNB.(First Lincoln Corp., FNB Bankshares )(Brief Article)
- Article from:
- American Banker
- Article date:
- August 27, 2004
- Author:
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First National Lincoln Corp. of Damariscotta, Maine, plans to buy FNB Bankshares of Bar Harbor for $47.9 million of stock.
The deal, announced Thursday, is expected to close in the first quarter. When that happens First National Lincoln would have 14 branches and $820 million of assets.
F. Stephen Ward, First National Lincoln's chief financial officer, said there is no overlap between the two companies, so no branch closings or significant layoffs are anticipated.
"While we expect some cost savings to accrue over time, the real value of this transaction is the combination of the two franchises," he said.
Daniel R. Daigneault would ...