Lake Sunapee Bank Group acquired by Bar Harbor Bankshares

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NEWPORT, NH — Bar Harbor Bankshares and Lake Sunapee Bank Group today announced that they have signed a definitive merger agreement in which Bar Harbor Bankshares will acquire Lake Sunapee Bank Group in an all-stock transaction valued at approximately $143 million, or approximately $17 per share.

The market expanding merger is expected to create efficiencies and strategic growth opportunities for both businesses through the leveraging of each other’s platforms and capabilities, and will create the only community bank headquartered in New England with a market footprint in all three Northern New England states of Maine, New Hampshire and Vermont.

logonewcolorsIt is expected that existing Lake Sunapee Bank branches will continue to operate under the Lake Sunapee brand after the merger is completed. Founded in 1868 as Newport Savings Bank, Lake Sunapee operates 35 branches in New Hampshire and Vermont.

“We are excited to welcome Lake Sunapee customers, employees, and their 35 franchise locations to the Bar Harbor family. 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,” said Curtis Simard, President and Chief Executive Officer of Bar Harbor. “We believe together, with our increased scale, expanded geographic footprint and investments in technology, we are well positioned to serve the marketplace and continue to be the bank of choice. Lake Sunapee’s history of strong asset quality and profitability demonstrates to us a culture similar to our own and positions us for further success.”


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