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|Bar Harbor Bankshares and Lake Sunapee Bank Group Complete Merger|
|Published Tuesday, January 17, 2017|
Bar Harbor Bankshares (NYSE MKT: BHB), the holding company for Bar Harbor Bank & Trust in Bar Harbor, completed its merger with Lake Sunapee Bank Group, the holding company for Lake Sunapee Bank in Newport. The company is now the only community bank headquartered in Northern New England with a market footprint in all three Northern New England states of Maine, NH and Vermont.
“The merger creates value for shareholders, customers and employees by creating efficiencies and strategic growth opportunities, allowing the combined organization to draw on various customer service, product, and technological strengths. The very compatible cultures of the two companies make the partnership a natural fit,” says Curtis C. Simard, president and CEO of Bar Harbor Bankshares. “The combined institution brings significant lending capacity and growing product development yet will remain focused on its responsibility to be an active participant in, and advocate for, community growth and prosperity.”
As a division of Bar Harbor Bank & Trust, Lake Sunapee Bank branches will continue to operate under the Lake Sunapee Bank name and William J. McIver, former COO of Lake Sunapee, will continue with the combined company as executive vice president–regional president, NH and Vermont Markets. Lake Sunapee Bank’s subsidiaries, McCrillis & Eldredge Insurance and Charter Trust Company, will operate as subsidiaries of Bar Harbor Bank & Trust. Lake Sunapee directors Steven H. Dimick, Stephen W. Ensign and Stephen R. Theroux have been appointed to Bar Harbor’s board of directors.
“This historic partnership is a milestone for community banking in Northern New England. Both companies are enthusiastic to continue as a combined organization and to build on the reputations previously developed, sharing a focus on community involvement and outstanding customer service,” says Simard.
Approved by shareholders in October 2016, Bar Harbor’s acquisition of Lake Sunapee grows the company to more than $3 billion in assets, with 49 branch locations across the three states.
Sandler O’Neill & Partners, L.P. served as the financial advisor to Bar Harbor, and Griffin Financial Group LLC served as the financial advisor to Lake Sunapee. K&L Gates LLP served as outside counsel to Bar Harbor, while Hogan Lovells US LLP served as outside counsel to Lake Sunapee.
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