Title

"Focus on Banking and Finance" piece on the consolidation trend in Maine banking

Authors

Taylor Smith

Source

Mainebiz

Date

12-6-2004

Pages

1, 24-26

Abstract

"Focus on Banking and Finance" piece on the consolidation trend in Maine banking. Over the next few months, Fleet National Bank branches will become Bank of America branches; Portland-based Banknorth Group will sell a majority stake to Toronto-Dominion Bank; and the parent companies of First National Bank of Damariscotta and First National Bank of Bar Harbor might merge. The changes would make Bangor Savings Bank the largest Maine-based bank. Some industry watchers believe the consolidation trend is ebbing and that there will always be room for smaller banks, but national statistics indicate the trend will continue. With details on the Banknorth deal and on the prospects for smaller Maine banks.

Subjects

Banks and banking, TD Banknorth

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