trending Market Intelligence /marketintelligence/en/news-insights/trending/2fJrb0ncGPqws9HwXbGAlA2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Maine-based Bangor Bancorp, Damariscotta Bankshares to merge in $35M deal

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Maine-based Bangor Bancorp, Damariscotta Bankshares to merge in $35M deal

Maine-based Bangor Bancorp MHC and Damariscotta Bankshares Inc. agreed to merge in a transaction valued at about $35 million.

Under the terms of the deal, Damariscotta Bank & Trust Co. will merge into Bangor Savings Bank.

Damariscotta Bankshares shareholders will receive $27 in cash for each share of the company's common stock. The consideration represents about 185% of Damariscotta Bankshares' tangible book value per share as of Sept. 30, according to a news release.

On a per-share basis, S&P Global Market Intelligence calculates the deal value to be 187.5% of book and tangible book, and 27.9x earnings. The deal value is also 18.23% of assets and 20.44% of deposits, and the tangible book premium to core deposits ratio is 11.34%.

S&P Global Market Intelligence valuations for bank and thrift targets in the Northeast region between Dec. 17, 2018, and Dec. 17, 2019, averaged 149.51% of book and 157.75% of tangible book and had a median of 17.36x last-12-months earnings, on a per-share basis.

The merger is expected to close in the second quarter of 2020. The combined entity is expected to have $4.8 billion in assets, according to the news release.

Based on S&P Global Market Intelligence data, Bangor Bancorp will enter Lincoln County, Maine, with three branches to be ranked third with a 7.32% share of roughly $1.46 billion in total market deposits and will expand in Knox County, Maine, by two branches to be ranked fourth with a 6.38% share of about $1.71 billion in total market deposits. The company will also expand in Waldo County, Maine, by one branch to be ranked first with a 57.61% share of about $377.9 million in total market deposits.

Bangor Bancorp had total assets of $4.60 billion as of Sept. 30. Damariscotta Bankshares had $193.3 million in assets as of the same date, according to S&P Global Market Intelligence data.

Janney Montgomery Scott served as Bangor Savings Bank's financial adviser, while Hogan Lovells US LLP was its legal counsel. Sandler O'Neill & Partners LP served as financial adviser to Damariscotta Bankshares and provided a fairness opinion to the company's board. Verrill Dana LLP acted as Damariscotta Bankshares' legal counsel.

To use S&P Global Market Intelligence's branch analytics tools to compare market overlap, click here. To create custom maps, click here.

SNL Image