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Investors Buy Citibank Assets in Maine

April 4, 1994

PORTLAND, Maine (AP) _ Atlantic Bancorp, a bank holding company formed by a local investment group, announced Monday it has agreed to purchase the deposits and assets of Citibank (Maine).

Citibank (Maine), a subsidiary of New York-based Citicorp, is headquartered in South Portland and has six offices, principally in York and Cumberland counties. It has $246 million in assets and $216 million in deposits.

The sale price was not disclosed, and the deal remains subject to regulatory approval.

Principal investors in Atlantic Bancorp include industrialist Robert A.G. Monks and Weston L. Bonney, former chief executive of Peoples Heritage Bank.

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