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 remain First National Lincoln's president and chief executive officer, and Tony C. McKim, FNB's CEO, would become First National Lincoln's executive vice president and chief operating officer.
FNB would be merged into First National Lincoln. However, the companies did not disclose their plans for their subsidiary banks, which are both more than a century old. First National Lincoln's First National Bank of Damariscotta opened in 1864, and FNB's First National Bank of Bar Harbor opened four years later.
