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Exhibit 99.1
August 7, 2000
FOR IMMEDIATE RELEASE
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For more information, contact:
UNION BANKSHARES COMPANY MID-COAST BANCORP, INC.
Peter A. Blyberg Wesley E. Richardson
800-432-1592-or-207-667-2504 800-540-5363-or-207-832-7521
UNION BANKSHARES COMPANY AND MID-COAST BANCORP, INC. SHAREHOLDERS
APPROVE MERGER
Ellsworth, Maine, August 7, 2000: Shareholders of Union Bankshares Company
("Union") (www.uniontrust.com) and Mid-Coast Bancorp, Inc. (Nasdaq:MCBN)
(www.waldoborobank.com) approved the companies' proposed merger at special
meetings held in Hancock and Rockport, Maine, respectively on August 3, 2000.
Shareholder approval is the latest step toward completion of the merger, which
must still be approved by regulators. The transaction is expected to close
during the third quarter. Under the terms of the merger agreement, The Waldoboro
Bank, F.S.B. ("Waldoboro"), the wholly-owned subsidiary of Mid-Coast will be
merged into Union's subsidiary bank, Union Trust Company ("Union Trust") and
Waldoboro's four offices, in Waldoboro, Rockland, Belfast and Jefferson, Maine
will operate as branches of Union Trust. Upon completion of the merger of
Mid-Coast and Union, shareholders of Mid-Coast will receive $15.875 in cash for
each share of Mid-Coast common stock owned by them.
"We are pleased our shareholders recognize the opportunities presented by the
strategic fit of our two companies," said Peter A. Blyberg, President and Chief
Executive Officer of Union. "The resulting organization will provide for
accelerated growth opportunities in down east and mid-coast Maine, while
allowing us to offer customers premium products with the highest level of
quality customer service."
"Our partnership with Union affirms our commitment to customer service," said
Wesley E. Richardson, President and Chief Executive Officer of Mid-Coast. "We
are excited about the union of our two companies and the opportunities it will
afford our customers and the communities we serve. Together, we will continue to
expand community banking in eastern Maine and deliver personalized customer
service and an ever-expanding range of innovative financial products to our
customers."
Union Bankshares Company is a one-bank holding company, organized under the laws
of the State of Maine, with one subsidiary, Union Trust Company, which was
organized in 1887 and headquartered in Ellsworth, Maine. Union Trust Company
operates 11 banking offices in eastern Maine. Mid-Coast Bancorp, Inc. is the
holding company for The Waldoboro Bank, F.S.B., chartered in 1891. The Waldoboro
Bank, F.S.B. operates 4 banking offices in mid-coast Maine.
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This press release contains forward-looking statements about the proposed merger
of Union and Mid-Coast. These statements include statements regarding the
anticipated closing date of the merger. Forward-looking statements can be
identified by the factthat they do not relate strictly to historical or current
facts. They often include words like "believe," "expect," "anticipate,"
"estimate," and "intend" or future conditional verbs such as "will," "would,"
"should," "could," or "may." Certain factors that could cause actual results to
differ materially from expected include delays in completing the merger,
difficulties in achieving cost savings from the merger or in achieving such cost
savings within the expected time frame, difficulties in integrating, increased
competitive pressures, changes in the interest rate environment, changes in
general economic conditions, legislative and regulatory changes that adversely
affect the business in which Mid-Coast and Union are engaged, and changes in the
securities markets. For more information on factors that could affect
expectations, see Union's Annual Report on Form 10-K for the year ended December
31, 1999 and Mid-Coast's Annual Report on Form 10-KSB for the year ended March
31, 2000.
