DURHAM – Following an executive session with town attorney Jack Conway, selectmen Tuesday night voted 4-0 to approve a confidential settlement submitted by Northeast Bank that will end the controversy over the ownership of a partially completed firetruck.

Selectman Michael VanDerWerf was absent.

It was not clear when the board voted on the settlement whether the town will be getting the firetruck or a sum of money. Fire Chief Bill St. Michel declined to provide details, and would only say, “yes, we have reached a settlement.”

The town contracted with Emergency Vehicles of Maine last year to build the firetruck. It had already paid $111,932 toward the cost of the truck when the firm ran into financial trouble and was put into receivership.

Northeast Bank, the creditor, took possession of the Durham truck and other EVM property, and notified the town its truck would be put up for sale.

The town took legal steps to prevent the truck from being sold in order to negotiate a settlement.

Although details remain confidential, it is known that besides the money already paid, it will take about $50,000 to complete the truck, and legal costs were mounting.

Budget Committee Chairman Allan Purinton, who sat in on the closed-door session, said after the vote “under the circumstances” he felt the town fared “reasonably well.”

Two other towns, Beecher Falls, Vt., and Candia, N.H., that found themselves in the same position as Durham earlier this year also negotiated confidential settlements with the bank to buy back their trucks for undisclosed amounts.