A number of Maine-based banks have been expanding into New Hampshire in recent years. The goal is to broaden markets and serve existing New Hampshire customers, while remaining close to the Maine base.
The deal for Woodsville Guaranty would give Bar Harbor Bank & Trust an additional nine branches in the Granite State, where it now operates 21 branches.
Despite an uncertain economic environment, the company's first-quarter performance reflects the strength of its balance sheet, according to President and CEO Curtis Simard.
Bar Harbor Bankshares (NYSE American: BHB) is the parent company of its subsidiary, Bar Harbor Bank & Trust. Operating over 50 locations across Maine, New Hampshire and Vermont.
Avesta Housing and Evernorth announced plans that will address the affordable housing crisis in different parts of New Hampshire. Two Maine banks are participating in the efforts as well.
The parent of Bar Harbor Bank & Trust posted higher fourth-quarter earnings as the company aimed at reduced funding costs and growing its commercial loan business.
Bar Harbor Bankshares reported $11 million in third-quarter net income and 73 cents in diluted earnings per share, exceeding the consensus estimate of analysts polled by Zacks Investment Research.