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Exhibit 99.1
August 31, 2000
FOR IMMEDIATE RELEASE
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For more information, contact:
UNION BANKSHARES COMPANY MID-COAST BANCORP, INC.
Peter A. Blyberg Robert E. Carter, Jr.
800-432-1592-or-207-667-2504 (207) 832-7521
UNION BANKSHARES COMPANY COMPLETES ACQUISITION OF MID-COAST BANCORP,
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INC. EFFECTIVE AT CLOSE OF BUSINESS
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Ellsworth, Maine, August 31, 2000 -- Union Bankshares Company ("Union")
(www.uniontrust.com), the holding company for Union Trust Company ("Union
Trust"), announced today that the merger of Mid-Coast Bancorp, Inc.
("Mid-Coast") (Nasdaq:MCBN) (www.waldoborobank.com) with and into Union was
completed as of the close of business today. Pursuant to the merger agreement,
stockholders of Mid-Coast will receive $15.875 cash for each share of Mid-Coast
common stock they own. The transaction, which received the approval of
stockholders of both Union and Mid-Coast on August 3, 2000, will be accounted
for as a purchase.
The Waldoboro Bank, F.S.B. ("Waldoboro"), the wholly-owned subsidiary of
Mid-Coast will be merged into Union's subsidiary bank, Union Trust and
Waldoboro's four offices, in Waldoboro, Rockland, Belfast and Jefferson, Maine
will operate as branches of Union Trust. Union expects to merge Waldoboro into
Union Trust during this calendar quarter. Until such time, Waldoboro will be
operated as a subsidiary of Union.
Peter A. Blyberg, Chief Executive Officer of Union and Union Trust Company said,
"We are very pleased and look forward to better serving our community as a
result of today's transaction; this represents a significant expansion of our
retail franchise."
Mr. Blyberg continued, "We are very pleased to welcome the customers and
employees of Mid-Coast and Waldoboro. Samuel Cohen and Robert Spear, both former
directors of Mid-Coast and Waldoboro, will also serve as directors of Union. We
are confident that this transaction will
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enhance stockholder value and provide long-term benefits for our customers,
employees and the communities that Waldoboro and Union Trust serve."
Wesley E. Richardson, President and Chief Executive Officer of Mid-Coast said.
"We are very excited about the union of our two companies and the believe that
the merger will provide long-term benefits for our customers and the communities
we serve."
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 fact that 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.
