BAR HARBOR — Bar Harbor Bank & Trust, a subsidiary of Bar Harbor Bankshares, has signed an agreement to buy eight People’s United Bank branches in central Maine.
The branches had approximately $287 million in deposits, $111 million in loans and $284 million of assets under management as of March 31.
“Both banks will be working closely to ensure a seamless transition for customer accounts and associates transferring to BHBT,” according to a press release announcing the acquisition. “The company intends to offer continued employment to the professionals associated with People’s central Maine region, which is anticipated to close in the fourth quarter of 2019.”
The purchase is subject to regulatory approval from the Federal Deposit Insurance Corp. and the state and the satisfaction of customary closing conditions.
The eight branches will increase Bar Harbor Bank & Trust’s total branch count to 56, including 22 in Maine.
“We believe this acquisition provides our existing and new customers enhanced convenience and underscores our commitment to Maine while expanding into contiguous markets in a sensible way,” said President and Chief Executive Officer Curtis C. Simard. “These branches stretch across the central Maine I-95 corridor with four branches in the greater Bangor market and includes all deposits from People’s central Maine territory.”
Founded in 1887, Bar Harbor Bank & Trust provides full-service community banking with office locations in Maine, New Hampshire and Vermont.