Gorham Savings Bank in Maine and Maine Community Bank in Biddeford have agreed to merge.
The $1.6 billion-asset Gorham Savings and the $1.1 billion-asset Maine Community said in a press release that the combined mutual will be based in Portland, Maine. It will retain the Maine Community brand.
The merger is expected to close in the third quarter. The price wasn’t disclosed.
Steve deCastro, Gorham Savings’ president and CEO, will serve as the combined bank’s CEO, and Jean Hulit, Maine Community’s president and CEO, will serve as president. Hulit plans to retire a year after the deal closes.
The 16-member board will be evenly split between the current banks.
The merger “makes sense across the board and marks an exciting new chapter,” deCastro said in the release. “Our values and mission align very well, underpinning our commitment to meeting the ever-growing needs of our customers, acting as a force for good in the communities we serve, and providing greater opportunities for our employees.”