Bar Harbor Bankshares announces deal to expand NH presence
File photo / Laurie Schreiber
Bar Harbor Bankshares, the parent company of Bar Harbor Bank & Trust, has signed an agreement to acquire Guaranty Bancorp, the parent company of Woodsville Guaranty Savings Banking in New Hampshire.
Bar Harbor Bankshares (NYSE: BHB) on Tuesday agreed to acquire Guaranty Bancorp Inc. (OTC: GUAA) in New Hampshire.
Bar Harbor Bankshares is the parent company of Bar Harbor Bank & Trust.
Guaranty Bancorp is the parent company of Woodsville Guaranty Savings Banking in New Hampshire.
The acquisition would give Bar Harbor Bank & Trust an additional nine branches, adding to its current roster of 21 Granite State locations. The deal would also include a loan center.
The deal, which is subject to the approval of Guaranty’s shareholders and regulators, would expand Bar Harbor Bank & Trust’s presence in New Hampshire and would increase its value from $4 billion in assets to approximately $5 billion, according to a news release.
“Woodsville operates in markets similar to ours and adjacent to our northwestern New Hampshire and Vermont locations, making this a natural fit,” said Curtis Simard, president and CEO of Bar Harbor Bank & Trust.
Terms
The agreement would allow Bar Harbor to acquire Guaranty in an all-stock transaction valued at $41.6 million, or $56.94 per share.
Under the terms of the agreement, each outstanding share of Guaranty common stock would be exchanged for 1.85 shares of Bar Harbor common stock.
The merger is targeted to be completed in the second half of 2025.
Pending approval, the combined company will operate under the Bar Harbor Bank & Trust name.
The combined entity is expected to have approximately $4.8 billion in assets, $3.9 billion in deposits and $3.2 billion in assets under administration.
Eyes on the Granite State
Bar Harbor Bank already has 20 branches in New Hampshire, so Woodsville Guaranty, with nine branches, would help fill in markets.
Other Maine banks are also expanding their presence there. Maine's two largest banks, Bangor Savings and Camden National, have a New Hampshire presence.
In early January, Camden National closed on its acquisition of Northway Bank.
Last week Machias Savings announced plans to open a branch in Manchester, N.H.
In October 2024, Bangor Savings, which already has a presence in New Hampshire, notified Maine regulators of its intent to open a branch at 46 Crystal St. in Derry, N.H.
Norway Savings informed the Bureau of Financial Institutions in September 2024 of its intent to open a branch at 11 Commercial Drive in Conway, N.H.
Bar Harbor Bank & Trust is the only Maine-based bank with a significant presence in northern New England. For now, it has 53 total branches in Maine, New Hampshire and Vermont.
Longstanding banks
Both Bar Harbor Bank & Trust and Woodsville Guaranty have a long history, dating to the 1880s.
Bar Harbor Bank & Trust operates locations across Maine, New Hampshire and Vermont. It was ranked No. 3 among the largest Maine-based banks in the 2025 Mainebiz Book of Lists, based on assets as of June 30, 2024.
Woodsville operates nine full-service branches and one loan production office. It reported $456 million in net loans and $530 million in deposits as of Dec. 31, 2024.
“Partnering with Bar Harbor Bank & Trust allows us to build on that tradition while gaining access to enhanced resources that will strengthen our ability to serve the region,” said James Graham, president and CEO of Woodsville Guaranty Savings Bank.
Graham will be appointed to Bar Harbor’s board of directors, bringing the total number of directors to 11 at closing.
“Woodsville’s deep customer relationships, strong asset quality, and cultural alignment with our organization make for a winning partnership,” said Simard.
The definitive agreement was approved by unanimous votes of the boards of directors of both companies.
Piper Sandler & Co. in Minneapolis served as the financial advisor to Bar Harbor, while Griffin Financial Group LLC, based in Reading, Pa., served as the financial advisor to Guaranty. Kilpatrick Townsend & Stockton LLP served as legal counsel to Bar Harbor and Goodwin Procter LLP served as legal counsel to Guaranty.
Mainebiz web partners
Most Recent
Most Recent
0 Comments