BIDDEFORD (AP) – Bangor Savings Bank has agreed to acquire the parent of Pepperell Bank & Trust, solidifying Bangor Savings’ position as the state’s largest independent banking organization, the companies announced Monday.

The combined bank, with assets estimated at $2.2 billion, will operate under the Bangor Savings Bank name and be wholly owned by the bank’s mutual holding company parent.

The transaction, which is subject to approval of regulators and shareholders of closely held Pepperell Bancshares Financial Group, is expected to be completed this summer.

Terms of the agreement were not made public.

James Conlon, Bangor Savings president and CEO, said the acquisition is consistent with his bank’s strategic growth plan. In recent decades, he noted, the bank has expanded beyond its eastern Maine core market to all regions of the state.

“We are committed to being an independent Maine bank, and that means seeking opportunities to grow where Maine is growing most by serving more customers in southern Maine,” Conlon said.

George Giovanis, Pepperell chairman and CEO, said the deal provides value for shareholders and a chance to team with up an independent, Maine-based bank capable of providing a full range of services to Pepperell customers.

Bangor Savings, founded in 1852, has more than $2 billion in assets. It has 46 offices throughout Maine.

Biddeford-based Pepperell Bank & Trust was founded in 1907. It has about $100 million in assets and operates five branches in York County.