The First Bancorp Closes on Stock Offering

We successfully closed a $12.5 million SEC-registered common stock offering for our client, The First Bancorp, Inc., a $1.4 billion asset bank holding company headquartered in Damariscotta, Maine. This transaction enabled the client to redeem the remaining outstanding preferred stock it had issued to the U.S. Treasury Department under the TARP program in 2009 and achieve a significantly lower cost of capital.