Bar Harbor Bank merger with Lake Sunapee Bank approved
Bar Harbor Bankshares, the parent company of Bar Harbor Bank & Trust, is now one step closer in its planned acquisition of New Hampshire-based Lake Sunapee Bank Group after shareholders from both financial institutions approved the agreement.
The Ellsworth American reported that Bar Harbor Bankshares’ shareholders overwhelmingly approved the merger on Oct. 20, when 96% of the shareholders voted for the agreement.
The shareholders of Lake Sunapee Bank Group were also largely in favor of the agreement, with the proposal earning 92% support on Oct. 24, according to the American.
“We have all of our regulatory approvals in hand,” Bar Harbor Bankshares CEO Curtis Simard told the American. “Now we have our shareholder votes. We have more listing application work with the Securities and Exchange Commission to do, but we are on schedule for a close in early January, which we’re very excited about.”
As Mainebiz reported in May when the merger was announced, Bar Harbor Bankshares (NYSE MKT: BHB) signed a definitive merger agreement to acquire Lake Sunapee Bank Group (NASDAQ: LSBG) in an all-stock transaction valued at approximately $143 million, or about $17 per share.
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