Recovery and Expansion
In 1993, the Peoples management held a retreat to plan strategy for future growth. Bill Ryan proposed a doubling of assets to $5 billion through a maximization of market share in Maine and acquisition of other community banks in the region.
The plan resulted in the following acquisitions during the 1990s:
- Mid-Maine Savings – Auburn, Maine, 1993
- Bankcore, Inc / North Conway Bank – North Conway, New Hampshire, 1995
- Bank of New Hampshire, 1995 – second largest bank in New Hampshire, founded in 1875, with assets of 1.7 billion. The acquisition increased the size of Peoples by 1/3 to $4.2 billion. As well, it established People’s credentials as a commercial bank. Terms of the merger allowed The Bank of New Hampshire to keep its name and management structure.
- Family Bancorp - Haverhill, Massachusetts, 1996
- Atlantic Bancorp — Portland, Maine – 15 branch operation with assets of $470, 1997
- CFX – Keene, New Hampshire, 1997 – originally Cheshire County Savings Bank, 1897. The acquisition doubled People’s assets to $10 billion. NH branches became part of The Bank of New Hampshire, while Massachusetts branches joined Family Bancorp.
- Springfield Institution for Savings (SIS) – 1998 – Springfield, Massachusetts - 1.8 billion in assets – included Glastonbury Bank and Trust Company of Glastonbury, Connecticut
- Banknorth Group of Burlington, Vermont (1870), agreement reached in 1999
Read more about this topic: TD Banknorth
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