Bar Harbor Bankshares to merge with Lake Sunapee Bank Group
Bar Harbor Bankshares (NYSE MKT: BHB) has signed a definitive merger agreement to acquire New Hampshire-based Lake Sunapee Bank Group (NASDAQ: LSBG) in an all-stock transaction valued at approximately $143 million, or about $17 per share.
The merger is expected to create efficiencies and strategic growth opportunities for both businesses by leveraging each other’s platforms and capabilities, and will create the only community bank headquartered in New England with a market footprint in Maine, New Hampshire and Vermont, according to a statement about the agreement.
It is expected that existing Lake Sunapee Bank branches will continue to operate under the Lake Sunapee brand following the merger.
“This combination represents the joining of two high-performing community banks that have demonstrated a track record of strong financial success, exceptional customer service and commitment to the communities we serve,” Curtis Simard, Bar Harbor Bankshares’ president and CEO, said in a statement.
The agreement was approved by the boards of directors of both companies in a unanimous vote. The agreement is still subject to the approval of both Bar Harbor’s and Lake Sunapee’s shareholders, as well as state and federal regulatory agencies.
The merger is targeted to be completed in the fourth quarter of 2016 or first quarter of 2017.
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