Shareholders OK sale of Ocean National Bank

KENNEBUNK – Ocean National Bank shareholders have approved the bank’s sale to a Vermont-based bank holding company. Shareholders agreed Wednesday to sell the 147-year-old bank for $53.25 million to Chittenden Corp. of Burlington, Vt., despite attempts by some Ocean National shareholders to derail the takeover.

Opponents said the sale was a bad deal because of hefty capital gains taxes and the challenge of reinvesting in today’s shaky stock market. In the end, the merger was approved by a vote of 78,393 to 55,817. Each vote represents one share of stock.

Ocean National will keep its name, and all 10 of Chittenden’s First Savings Bank of New Hampshire branches will take the Ocean National name, almost doubling the number of branches.

Ocean National customers will have access to the wider network of ATMs at other Chittenden holdings, including Maine Bank & Trust, the Bank of Western Massachusetts, Flagship Bank & Trust and Chittenden Bank.

Chittenden is a publicly traded company that trades on the New York Stock Exchange under the symbol CHZ. Earlier this year it bought Portland-based Maine Bank & Trust for $234 million.