The Maine-based Banknorth Group announced today it has reached an agreement to purchase the parent company of Cape Cod Bank and Trust. The all-stock deal is valued at approximately $300 million.
The acquisition of CCBT Financial is the latest stage of Banknorth’s Massachusetts expansion. Banknorth says that expansion is being fueled by Bank of America’s pending takeover of FleetBoston Financial.
Banknorth Group is a bank holding company with subsidiaries in Maine, New Hampshire, Massachusetts, Vermont, Connecticut and upstate New York.