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SAVINGS BANK OF MAINE TO ACQUIRE RIVERGREEN BANK
Expands Maine based, community focused banking from York to Fort Kent
GARDINER and KENNEBUNK, Maine, April 24, 2008 – Savings Bank of Maine, an independent bank headquartered in Gardiner, and Rivergreen Bank, headquartered in Kennebunk, today announced they have reached a definitive agreement for Savings Bank of Maine to acquire Rivergreen Bank in an all-cash merger transaction valued at approximately $13.1 million. The transaction is expected to close in the fourth quarter of 2008 and will create a bank with over $1 billion in assets and a footprint stretching from York to Fort Kent.
Established in 1834, Savings Bank of Maine is the second-oldest savings bank in the state. With assets totaling over $938 million at December 31, 2007, the bank currently serves markets in Central, Mid-Coast, Northern, and Downeast Maine.
“Partnering with Rivergreen Bank is an exceptional opportunity for our Bank to expand our presence to Southern Maine, an important new market area for us,” said Arthur C. Markos, President and Chief Executive Officer of Savings Bank of Maine. “Our focus as a community-oriented bank parallels Rivergreen Bank’s philosophy, and we intend to maintain, and hopefully enhance, that commitment to the communities and customers that Rivergreen Bank serves. We are very pleased to be teaming up with a board and group of employees who have developed an excellent and respected financial institution in the six years since its founding.”
“This expansion significantly increases the Bank’s footprint as we will serve a market area that stretches from York to Fort Kent and Downeast,” said Markos. “Technology makes that possible for us. Ironically the same technology, with its increased dedication to security and regulatory compliance, is leading small banks like ours to join together to compete with the tax-exempt credit unions and mega-banks.”
Rivergreen Bank, headquartered in Kennebunk, was organized in 2002. As of December 31, 2007, Rivergreen Bank had total assets of $107.6 million and shareholders’ equity of $6.0 million. Specializing in serving customers in Southern Maine, Rivergreen Bank operates offices in Kennebunk, York and Saco.
Rivergreen Bank’s President and Chief Executive Officer, Noel B. Graydon, said, “The breadth of Savings Bank of Maine’s product offerings will allow us to maintain, expand and enhance services and products that should be very attractive to our business and retail customers alike. Our combined asset size will also allow us to accommodate businesses with greatly expanded loan limits. This transaction will allow us to strengthen independent, Maine based banking in the communities we serve.”
James M. Faulkner, Rivergreen Bank’s Chairman of the Board, added “In making this decision, our board placed a great deal of value on Savings Bank of Maine’s culture. We believe Savings Bank of Maine truly embraces community banking and will bring a continued dedication to our customers and communities.”
The definitive merger agreement has been approved by the respective boards of directors of Rivergreen Bank and Savings Bank of Maine. It is subject to approval by regulatory authorities and by Rivergreen Bank’s stockholders. Under the terms of the merger agreement, Rivergreen Bank stockholders will be entitled to receive $16.72 in cash for each share of Rivergreen Bank common stock. In addition, holders of Rivergreen Bank preferred stock will be entitled to receive $16.72 in cash for each share of preferred stock.
RP Financial, LC. served as financial advisor to Savings Bank of Maine and Sandler O’Neill & Partners, L. P. served as financial advisor to Rivergreen Bank. Luse Gorman Pomerenk & Schick, PC served as legal advisor to Savings Bank of Maine and Tuggle, Duggins & Meschan and Bernstein, Shur, Sawyer & Nelson, P.A served as legal advisor to Rivergreen Bank.
Additional information about either bank may be found on their respective websites, www.savingsbankofmaine.com or www.rivergreenbank.com.
Background –
In late March, Visa recently notified Savings Bank of Maine that Hannaford Bros Inc. had a network intrusion into its transaction processing data center. This unauthorized entry allowed the intruder to access credit card and debit card information. The affected credit and debit cards were used in transactions at all 165 Hannaford stores, plus 106 Sweetbay stores in Florida and 23 independently owned stores that carry Hannaford products. According to Hannaford Bros, “no personal information, such as names or addresses, was accessed.”
Protecting our Customers –
At Savings Bank of Maine, we take security very seriously. We decided to issue new cards for all Savings Bank of Maine debit and credit cards affected by this network intrusion. To make it more convenient, we also decided to let customers use their existing card until they received their new card. We actively monitored the activity on our customers’ accounts to protect you from fraud during this time, and on April 16, 2008, we began to see an increase in unusual activity. At that time we made the decision to deactivate all debit and credit cards and attempted to contact customers who had not yet received and/or activated their cards to alert them of this change.
What Should You Do?
1. As always, we strongly encourage you to review your account balance and monthly statements carefully and call us immediately if you see any suspicious activity. You may monitor your account balances as often as you want by using Savings Bank of Maine Online Banking or our 24 Hour Customer Service by Phone. These services are available 24 hours a day, 7 days a week, and both are free. Please contact your local branch for additional information and to sign up. As a Visa cardholder, you are protected against financial liability for unauthorized transactions in the rare event that fraud does occur.
2. Activate your new debit or credit card as soon as you receive it. Please note that your new card will have a system-generated PIN, but you may change your PIN easily by visiting any of our 29 offices.
3. Beware of unsolicited phone calls or emails. The announcement of the Hannaford Bros. Inc. data breach creates an opportunity for criminals to attempt to steal your personal information through unsolicited phone calls or emails. These calls may sound official, but you should not give out your personal information. Savings Bank of Maine will not contact you by phone or by email to request your account number, password, or PIN (personal identification number).
In closing we want you to know that your business is very important to us, and we apologize for any inconvenience created by this situation. The data breach is the result of a security failure at the retailer, not at Savings Bank of Maine. Please be assured that Savings Bank of Maine has strict policies and procedures in place to protect the personal information that you entrust to us.
If you have any questions, please feel free to contact your local Savings Bank of Maine branch or our Electronic Services Department at 1-888-424-4184, option 7, or 582-5550, option 7.
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