What's New at Granite Bank
Granite Bank will be running a slideshow with the images below in all offices during November, beginning on Veteran's Day. We are grateful to our staff who have served or who have relatives that have served or are serving. We appreciate the photos that they were able to share. A special thank you to all the men, women and families who have served or a serving and sacrificed for our freedoms.
Bangor Savings Bank and Granite Bank Announce Agreement to Merge
Bangor Savings Bank further expands its footprint in northern New England
BANGOR, ME and COLEBROOK, N.H. - Bangor Bancorp, MHC, parent company of Bangor Savings Bank and Colebrook, New Hampshire-based First Colebrook Bancorp, Inc. (OTCQX: FCNH), parent company of Granite Bank, today jointly announced plans for Granite Bank to merge into Bangor Savings Bank. The merger agreement was unanimously approved by the Boards of Directors of both bank holding companies and their subsidiary banks on Monday, October 23, 2017.
Under the terms of the transaction, shareholders of First Colebrook Bancorp will receive $45.00 in cash in exchange for each share of First Colebrook Bancorp stock for a transaction valued in aggregate at approximately $45 million. The consideration represents approximately 185 % of First Colebrook Bancorp's tangible book value per share as of June 30, 2017.
Earlier this year, Bangor Savings Bank expanded its footprint into New Hampshire by opening a limited service branch in Portsmouth, New Hampshire, offering mortgage and business/commercial lending, along with payroll and merchant services. The merger with Granite Bank complements the Bank's long-term vision to provide highly accessible and trusted local financial services to even more customers in northern New England.
"We're excited to welcome Granite Bank to the Bangor Savings Bank family," said Bangor Savings President and CEO Bob Montgomery-Rice. "Both banks share a culture of developing real relationships with customers, and making their banking life easier."
"As a mutual bank, we are accountable only to our Board, our employees, our customers, and our communities. Because of that, we've been able to retain the personal approach and local perspective of a smaller bank - with a focus on valuing and listening to customers. At the same time, we've been able to drive growth and improve the customer experience by significantly investing in new branches, technology that makes customers feel safe and secure, and new product and services. We feel that makes us a good fit for a great bank like Granite, and we're happy that they agree," Montgomery-Rice stated.
Scott Cooper, Granite Bank President and CEO, added, "This transaction should be beneficial to the shareholders, customers, and communities served by First Colebrook and Granite Bank. It should also provide attractive opportunities for many employees. Like Granite Bank, Bangor Savings has a long history of serving, and valuing, both rural and urban communities. We are confident that our customers will continue to experience the exceptional level of customer service they have come to know in banking with us, while enjoying access to additional products and services that a larger community bank like Bangor can offer. Bangor Savings is a consistent Best Place to Work in Maine organization that describes their employees as their most valuable asset. We have confidence that our employees, as well as our customers and the communities we serve, will continue to be in good hands."
Pending regulatory and First Colebrook Bancorp, Inc. shareholder approvals, Bangor Savings Bank intends to complete the transaction in the second quarter of 2018. After completion of the merger, the combined entity will have over $4.0 billion in assets and 59 branch offices throughout Maine and New Hampshire.
Bangor Savings Bank is committed to the success of the communities in which they operate. That commitment will extend to the existing Colebrook banking offices and surrounding communities it has served for so long.
Bangor Savings Bank is currently constructing a multi-million-dollar corporate campus on the waterfront of Bangor, Maine, where it was founded more than 165 years ago. The new campus will consolidate several existing sites around the city, position the Bank for future growth, and house more than 350 Bangor-based employees when completed in November of 2018, with capacity for up to 500 employees.
FIG Partners, LLC served as financial advisor to Bangor Bancorp, MHC and Hogan Lovells US LLP served as its legal counsel. Sander O'Neill + Partners served as financial advisor to First Colebrook Bancorp and provided a fairness opinion to its Board of Directors and Cranmore, FitzGerald & Meaney served as its legal counsel.
This press release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and this statement is included for purposes of complying with these safe harbor provisions. Readers should not place undue reliance on such forward-looking statements, which speak only as of the date made. These forward-looking statements are based on current plans and expectations, which are subject to a number of risk factors and uncertainties that could cause future results to differ materially from historical performance or future expectations. These differences may be the result of various factors, including, among others: (1) failure of the parties to satisfy the closing conditions in the merger agreement in a timely manner or at all; (2) failure of the shareholders of First Colebrook Bancorp, Inc. to approve the merger agreement; (3) failure to obtain governmental approvals for the merger; (4) disruptions to the parties' businesses as a result of the announcement and pendency of the merger; (5) costs or difficulties related to the integration of the business following the proposed merger; (6) the risk that the anticipated benefits, cost savings and any other savings from the transaction may not be fully realized or may take longer than expected to realize; (7) changes in general business, industry or economic conditions or competition; (8) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (9) adverse changes or conditions in the capital and financial markets; (10) changes in interest rates or credit availability; (11) the inability to realize expected cost savings or achieve other anticipated benefits in connection with the proposed merger; (12) changes in the quality or composition of loan and investment portfolios; (13) adequacy of loan loss reserves and changes in loan default and charge-off rates; (14) increased competition and its effect on pricing, spending, third-party relationships and revenues; (15) loss of certain key officers; (16) continued relationships with major customers; (17) deposit attrition, necessitating increased borrowings to fund loans and investments; (18) rapidly changing technology; (19) unanticipated regulatory or judicial proceedings and liabilities and other costs; (20) changes in the cost of funds, demand for loan products or demand for financial services; and (21) other economic, competitive, governmental or technological factors affecting operations, markets, products , services and prices.
The foregoing list should not be construed as exhaustive, and Bangor Bancorp, MHC and First Colebrook Bancorp, Inc. undertake no obligation to subsequently revise any forward looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Additional Information About the Transaction
In connection with the proposed transaction, First Colebrook Bancorp, Inc. will distribute a proxy statement to its shareholders in connection with a special meeting of shareholders to be called and held for the purposes of voting on approval of the transaction and related matters
BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS REGARDING THE PROPOSED TRANSACTION, FIRST COLEBROOK BANCORP , INC.'s SHAREHOLDERS AND INVESTORS ARE URGED TO READ THE PROXY STATEMENT AND ITS EXHIBITS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST COLEBROOK BANCORP, INC. AND THE PROPOSED TRANSACTION .
Copies of the proxy statement will be mailed to all shareholders prior to the special meeting. Shareholders and investors may obtain additional free copies of the proxy statement when it becomes available by directing a request by telephone or mail to First Colebrook Bancorp, Inc., 132 Main Street, Colebrook, NH 03576, Attention: Avis Brosseau, Senior Vice President and Chief Financial Officer (telephone: 603-237-7016).
First Colebrook Bancorp, Inc. and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders First Colebrook Bancorp, Inc. in connection with the special meeting of shareholders. Information about the directors and executive officers of First Colebrook Bancorp, Inc. is set forth in the proxy statement for First Colebrook Bancorp lnc.'s 2017 annual meeting of shareholders. Additional information regarding the interests of these participants and other persons who may be deemed participants in the proxy solicitation may be obtained by reading the proxy statement for the special meeting of shareholders when it becomes available.
About First Colebrook Bancorp, Inc.
First Colebrook Bancorp, Inc. is a single bank holding company formed in 1984 and headquartered in Colebrook, New Hampshire. Its wholly owned subsidiary, Granite Bank, was established in 1889 and has current assets of $262.4 million. Granite Bank operates four full service banking offices located in Colebrook, Concord, Amherst and Portsmouth, New Hampshire.
About Bangor Savings Bank
Bangor Savings Bank, with more than $3.7 billion in assets, offers retail banking to consumers as well as comprehensive commercial, corporate, payroll administration, merchant services, and small business banking services to businesses. The Bank, founded in 1852, is in its 166th year, with 55 branches and on the Web at www.bangor.com . The Bangor Savings Bank Foundation was created in 1997. In 2016, the Bank and its Foundation invested $1. 7 million into Maine's communities in the form of nonprofit sponsorships, grants and partnership initiatives.
Granite Bank Promotes Angela Ferris to Assistant Vice President, Commercial Loan Officer
Granite Bank is pleased to announce the promotion of Angela Ferris to Assistant Vice President and Commercial Loan Officer at the Portsmouth office.
With over 20 years of industry experience, Angela is a skilled banking professional. Angela’s knowledge and continued growth have made a difference for our customers and for Granite Bank. Her wealth of experience makes her an asset to our Portsmouth team.
Angela earned her Bachelor of Science in in Accounting at Southern New Hampshire University. She joined Granite Bank eight years ago as an Assistant Branch Manager, was promoted to Branch Manager, advanced to Portfolio Assistant, Portfolio Manager and then to Commercial Loan Officer. Angela resides in Rochester, is a member of the Greater Portsmouth Chamber of Commerce and has been a volunteer with Amy’s Treat, Strawbery Banke Museum and Veterans Count.
Granite Bank Welcomes Kirby Clang to the Concord Branch!
As the Branch Manager, Kirby will oversee the Concord branch staff, customer service and banking operations. He brings with him a variety of banking industry experience. He began his banking career as a Teller; quickly being promoted to Personal Banker and then Teller Manager, where his responsibilities included compliance operations and supervising all tellers. Kirby is a leader in ensuring customer satisfaction, coaching co-workers and team building.
Kirby is committed to helping new and existing customers meet their banking needs with his extensive customer service background.
A New Hampshire native, Kirby is a resident of the Concord area and a graduate of New Hampshire Technical Institution where he is currently pursuing a Certificate in Management. Welcome, Kirby!
Granite Bank Donates to Boys & Girls Club!
Granite Bank is one of two local businesses that recently made monetary donations to the Boys & Girls Club of Souhegan Valley to expand the safety and reliability of its transportation program. The donations will support a new van that will assist in transporting children to the club, recreational activities and sports programs.
The van will create new and positive opportunities for children in the areas of Milford, Amherst, Wilton and Mason. Additionally, the Boys & Girls Clubs of Souhegan Valley Expansion Project includes plans for a new gymnasium and teen room, set to open this winter.
“We are delighted to be a part of the Boys & Girls Club of Souhegan Valley Expansion Project,” said Loyd W. Dollins, president and CEO of Granite Bank. “With additional recreational sport programs and travel teams the van is critical for safely transporting players, and will impact hundreds of children and teens in the Souhegan community for many years to come.”
Pictured left to right: Karen Keating - AVP Granite Bank; Heather Leach - VP Granite Bank; Kevin Salemi - Director of Development and Marketing, SVBGC; Susan Taylor - CEO, SVBGC
Granite Bank is pleased to announce the promotion of Susie Sambito to Loan Administration Supervisor. Susie has been with the Bank since 1997 and has most recently been a Loan Administration Specialist. Susie has been considered the go-to person given her knowledge and experience and is often tasked with taking the lead on projects. Susie is an essential part of the team and will continue to work closely with Mike Gonzales in this role.
Please join us in congratulating Darlene Curley, of our Colebrook office, who has been promoted from Operations Processor I to the position of Operations Processor II. Darlene has worked at Granite Bank since January, 2013.
Granite Bank Announces Employees of the Quarter
Diane Little and Alexis Lamontagne will be sharing the Employee of the Quarter award.
Diane Little has been an integral member of the Colebrook commercial loan team for over twenty years. Her expertise in document preparation is valuable, and she is considered a “go-to” person by employees at all branch locations. Diane has had the opportunity to work with many customers over her years of service, and has developed favorable relationships with them. In addition to managing the daily details of her job, Diane is always willing to share her knowledge with others. She is patient and kind. She also takes on tasks that need attention, such as watering the plants, because it’s something that enhances the work environment. Diane’s willingness to help in all areas is greatly appreciated.
Alexis has been with the bank for almost a year and in that short time she has proven to be an invaluable addition to the Operations Department. She has been quick to learn every job that she has been assigned and is always willing and ready to take on new tasks. Alexis has excellent customer service skills and goes above and beyond to resolve any issues her customers may have. Recently, a customer filed a dispute for a purchase they had made because they had not received the product but had been charged. Alexis took it upon herself to call the merchant who then immediately shipped the item to the customer via 2 day priority mail. This not only made the customer happy but saved the bank from what could have been a potential loss. Alexis’ strong work ethic, positive attitude and upbeat personality makes her a true asset not only to her department but to Granite Bank as a whole.
Loyd W. Dollins to Retire as Granite Bank CEO
Loyd W. Dollins, president and chief executive officer will retire in December 2016 after 17 years with the bank. Dollins’ banking career began in Florida in 1974. He was a member of the organizing group of a community bank in Miami and was its President before moving to New Hampshire in 1991. He served as Vice President of 2 community banks before joining the former First Colebrook Bank in 1999. “Since Loyd was named president and CEO Granite Bank has prospered. Under his effective leadership we continue to realize significant asset growth and earnings,” said Board Chair Judy Dalton.
Scott A. Cooper will succeed Dollins as president and chief executive officer effective January 1, 2017. He will begin his employment on March 28, 2016 as chief operating officer based in the bank’s Colebrook, New Hampshire office.
Cooper served as president and chief executive officer of Vermont-based First Brandon National Bank. More recently he was Chief Risk Management Officer of a community bank in Minnesota. For over three decades Cooper held roles ranging from chief risk officer, chief credit officer, chief operating officer and chief financial officer. Cooper attended New Hampshire College, now Southern New Hampshire University, where he graduated with a Bachelor of Science in accounting. He is also a graduate of the Graduate School of Banking at University of Colorado.
Pictured left to right: Scott Cooper and Loyd Dollins.
Granite Bank is pleased to announce the promotion of Avis Brosseau to Chief Financial Officer.
For over 20 years, Brosseau has served in a variety of roles at Granite Bank, including Senior Vice President/Finance, Commercial Loan Officer, Compliance Officer, Regional Manager and Senior Vice President/Chief Credit Administration Officer.
Brosseau received an MBA from Plymouth State University, and is an active community leader, serving on the Coos Economic Development Corporation Board, the Upper Connecticut Valley Hospital Association Board, and is an Advisory Board Member to the NH SBDC. She is Auditor for the Town of Brunswick Vt., where she resides.
Granite Bank Donates to Booster Club!
We are proud to donate $250 to the Canaan-Pittsburg Booster Club to supplement athletic endeavors. Pictured below are (left to right): Bronson Frizzell, Deborah Lynch, and Meghan Prehemo.
Please welcome Suellen Croteau!
Granite Bank welcomes Suellen Croteau, Portfolio Assistant. After joining the bank with 26 years of financial services experience, Suellen began her career as a supervisor at Fleet Mortgage in Bedford, NH. She has served in customer service, sales, operations and compliance roles throughout her career. Most recently Suellen held the position of Relationship Manager where she worked closely with small businesses and consumers within the Concord community. Suellen earned a Bachelor of Arts in International Relations from University of Maine at Orono and is a resident of Hooksett.
Bob Davis, Senior Vice President/Senior Lender of Granite Bank is pleased to announce the promotion of Angela Ferris to Assistant Vice President/Portfolio Manager.
Angela began her banking career in 1996. She first joined Granite Bank in 2009 as Assistant Branch Manager. She was promoted to Branch Manager and then to Commercial Loan Assistant.
Angela is a 2014 graduate of Southern New Hampshire University where she earned a Bachelor of Science degree in Accounting. Angela resides in Exeter and has been involved in civic activities including Amy’s Treat, Volunteer Income Tax Assistance and the Strafford County Community Emergency Response Team.
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Pamela Bunnell joins Granite Bank as Vice President/Residential Loan Officer!
Granite Bank welcomes Pamela Bunnell, Vice President/Residential Loan Officer in the Colebrook office.
Pamela joins Granite Bank with 39 years of bank industry experience. Most recently, she served as a Vice President/Branch Manager at Citizens Bank where she managed all branch functions, including policy and procedural compliance and operational integrity.
Pamela shares Granite Bank’s vision for ensuring the highest level of customer service is delivered to the bank’s valued customers. She is a strong supporter of the Colebrook community, where she resides. Pamela was trustee and board chairperson for Colebrook Public Library, a Colebrook school board member, and treasurer for both Habitat for Humanity and North Country Community Recreation. She also served as an advisory board member for the Colebrook region Child and Family Services.
Lise Howson transitions to Concord office
Granite Bank announces Lise T. Howson Vice President/Commercial Loan Officer has transitioned to the bank’s Concord office. Lise is available to serve commercial customers with lending services throughout the entire southern New Hampshire region.
Lise joined Granite Bank in November of 2014 and is a southern New Hampshire banking industry veteran with over 25 years of experience. She studied Business Administration at University of New Hampshire Whittemore School of Business and Economics. She has been involved with the Nashua Police Athletic League and the Nashua Boys & Girls Club.