Bar Harbor Bankshares completes merger
Bar Harbor Bankshares (NYSE MKT: BHB), the holding company for Bar Harbor Bank & Trust, completed its merger with Lake Sunapee Bank Group, the holding company for Lake Sunapee Bank.
Approved by shareholders in October 2016, Bar Harbor's acquisition of Lake Sunapee grows the company to over $3 billion in assets, making it one of the largest community banks in northern New England, with 49 branches across Maine, New Hampshire and Vermont. It is the only bank headquartered in northern New England with branches in those three states.
As a division of Bar Harbor Bank & Trust, Lake Sunapee Bank branches will continue to operate under the Lake Sunapee Bank name. William J. McIver, former chief operating officer of Lake Sunapee, becomes executive vice president and regional president of the New Hampshire and Vermont markets.
Lake Sunapee Bank's subsidiaries, McCrillis & Eldredge Insurance and Charter Trust Co., 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.
"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," said 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."
Sandler O'Neill & Partners, L.P. served as the financial advisor to Bar Harbor, and Griffin Financial Group LLC served as the financial adviser 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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