Bar Harbor Bank acquires 8 bank branches in central Maine

|About: Bar Harbor Bankshares (BHB)|By:, SA News Editor

Bar Harbor Bankshares (NYSEMKT:BHB) subsidiary, Bar Harbor Bank & Trust signed a definitive agreement to acquire eight branches located in central Maine with ~$287M of deposits, $111M of loans and $284M of assets under management (as of March 31, 2019) from People’s United Bank, National Association.

The eight branches will increase BHBT’s total branch count to 56 in its footprint, and 22 in the State of Maine.

At closing Bar Harbor Bankshares will pay a 6.3% premium on average total deposits plus a premium of 1.2 times annualized wealth management revenue and ~$4.4M for the fair value of premises and equipment acquired.

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