(By Balaseshan) Bar Harbor Bankshares (NYSEAMEX:BHB) said it has completed the strategic acquisition of Border Trust Co., a subsidiary of Border Bancshares Inc. (PINK:BBME).
The company's principal subsidiary Bar Harbor Bank & Trust has acquired substantially all assets and assumed certain liabilities of Border Trust.
As a result of the transaction, Bar Harbor Bank & Trust has purchased about $38.4 million of deposits, $37.4 million in loans, and three branches located in Kennebec and Sagadahoc Counties.
"We are pleased to complete this transaction, which advances our defined strategy to expand further south and west into markets with attractive demographics, long-term growth potential, and where we have already established significant commercial banking relationships," said Joseph Murphy, Chief Executive of Bar Harbor Bankshares.
The company's operating subsidiary, Bar Harbor Bank & Trust, offers a range of deposit, loan, and related banking products, as well as brokerage services provided, through a third-party brokerage arrangement. In addition, the company offers trust and investment management services, through its trust subsidiary, Bar Harbor Trust Services.
BHB is trading down 1.54% at $34.36 on Monday. The stock has been trading between $27.70 and $38.00 for the past 52 weeks.