Bar Harbor Bankshares and Lake Sunapee Bank Group Complete Merger
13 Januar 2017 - 10:33PM
Business Wire
Bar Harbor Bankshares (NYSE MKT: BHB) (or “Bar Harbor”), the
holding company for Bar Harbor Bank & Trust, has successfully
completed its merger with Lake Sunapee Bank Group (or “Lake
Sunapee”), the holding company for Lake Sunapee Bank. The company
is now the only community bank headquartered in Northern New
England with a market footprint in all three Northern New England
states of Maine, New Hampshire and Vermont.
“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. The
very compatible cultures of the two companies make the partnership
a natural fit,” 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.”
As a division of Bar Harbor Bank & Trust, Lake Sunapee Bank
branches will continue to operate under the Lake Sunapee Bank name
and William J. McIver, former Chief Operating Officer of Lake
Sunapee, will continue with the combined company as Executive Vice
President – Regional President, New Hampshire and Vermont Markets.
Lake Sunapee Bank’s subsidiaries, McCrillis & Eldredge
Insurance and Charter Trust Company 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.
“This historic partnership is a milestone for community banking
in Northern New England. Both companies are enthusiastic to
continue as a combined organization and to build on the reputations
previously developed, sharing a focus on community involvement and
outstanding customer service,” said Simard.
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 branch locations across the three states of
Maine, New Hampshire and Vermont.
Sandler O’Neill & Partners, L.P. served as the financial
advisor to Bar Harbor, and Griffin Financial Group LLC served as
the financial advisor 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.
About Bar Harbor Bankshares
Bar Harbor Bankshares (NYSE MKT: BHB) is the parent of Bar
Harbor Bank & Trust. Founded in 1887, Bar Harbor Bank &
Trust is a true community bank serving the financial needs of its
clients for over 125 years. Bar Harbor provides a full range of
financial services through its 49 branch locations in all three
Northern New England states of Maine, New Hampshire and Vermont.
Bar Harbor offers easy-to-understand deposit and loan products for
families, businesses, and non-profit organizations. For more
information, visit www.bhbt.com.
Caution About Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to,
expectations or predictions of future financial or business
performance, conditions relating to Bar Harbor. Forward- looking
statements are typically identified by words such as “believe,”
“expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,”
“positions,” “prospects or “potential,” by future conditional verbs
such as “will,” “would,” “should,” “could” or “may,” or by
variations of such words or by similar expressions. These
forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time. Forward-looking
statements are made only as of the date of this press release, and
Bar Harbor undertakes no obligation to update any forward-looking
statements contained in this press release to reflect events or
conditions after the date hereof. Actual results may differ
materially from those described in any such forward-looking
statements.
In addition to factors previously disclosed in the reports filed
by Bar Harbor and Lake Sunapee with the U.S. Securities and
Exchange Commission (the “SEC”) and those identified elsewhere in
this document, the following factors, among others, could cause
actual results to differ materially from forward looking statements
or historical performance: difficulties and delays in integrating
the business or fully realizing cost savings and other benefits;
changes in asset quality and credit risk; the inability to sustain
revenue and earnings growth; changes in interest rates and capital
markets; inflation; customer acceptance of products and services;
customer borrowing, repayment, investment and deposit practices;
competitive conditions; economic conditions, including downturns in
the local, regional or national economies; the impact, extent and
timing of technological changes; changes in accounting policies or
practices; changes in laws and regulations; and other actions of
the Federal Reserve Board and other legislative and regulatory
actions and reforms.
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version on businesswire.com: http://www.businesswire.com/news/home/20170113005730/en/
Bar Harbor BanksharesCurtis C. Simard, 888-853-7100President
& CEO
Bar Harbor Bankshares (AMEX:BHB)
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