Ocean National Corp. bought by Chittenden

BURLINGTON, Vt. – Chittenden Corp. said Friday it was acquiring Maine-based Ocean National Corp. in a cash deal worth $53.25 million.

The deal would close in the first quarter of 2002 if approved by regulators.

“This is a great opportunity for Chittenden, as it strengthens our presence in both the southern Maine and New Hampshire markets,” said Chittenden President and CEO Paul Perrault in a statement.

“This transaction will accelerate our ability to provide a wide range of service to our market, such as asset management and trust, and a variety of business services,” said Ocean National Chairman Chester Homer III.

Headquartered in Kennebunk, Maine, Ocean National had total assets of $258 million as of June 30. The company has nine bank branches in southern Maine, and two offices in Portsmouth, N.H. Ocean National will operate as separate unit of Chittenden Corp. if the deal is approved.

Chittenden Corp., based in Burlington, has total assets of $3.9 billion, as of June 30. Other banks owned by Chittenden include Chittenden Bank, The Bank of Western Massachusetts, Flagship Bank and Trust Co. and Maine Bank & Trust Co.