Bangor Savings Bank’s merger with Damariscotta Bank & Trust has been approved by regulators, the parent companies announced in a joint statement.

Bangor Savings Bank acquired DB&T in December 2019. On November 10, the Federal Deposit Insurance Corporation gave the final required regulatory approval for the merger. The transaction is anticipated to close on November 30, at which time the combined entity is expected to have $5.9 billion in assets and roughly 60 branch offices in Maine and New Hampshire.

At the time of the sale last year, the value was estimated at $4.8 billion. Jim Donnelly, executive vice president and chief commercial officer for Bangor Savings Bank, said the change is a combination of natural growth at Bangor Savings, which is typically $300-$400 million per year, along with roughly $175 million in assets from DB&T and $400 million in federal Paycheck Protection Program loans issued by Bangor Savings Bank.

In the midcoast, the merger will give Bangor Savings Bank new branch locations in Damariscotta, New Harbor, Union and Warren.

“We’re really, really excited to be able to serve the people of Lincoln County and Waldo County with some additional branches,” Donnelly said, “and we’re picking up some great employees.”

As a condition of regulatory approval from the Federal Reserve, Bangor Savings Bank is required to divest some deposit and loan accounts in Waldo County, as well as the DB&T branch office in Belfast. The branch shares a parking lot in Renys Plaza with a Bangor Savings Bank branch office.

First National Bank has entered into an agreement to acquire the excess deposit and loan accounts along with the Belfast DB&T branch office. Donnelly said employees of that office received offers from both banks: “They will go to the bank that is purchasing that branch.”