Bar Harbor Bankshares’ principal subsidiary, Bar Harbor Bank & Trust has purchased substantially all assets and assumed certain liabilities of Border Trust, a subsidiary of Border Bancshares.
Upon the completion of merger agreement, Bar Harbor has acquired nearly $38.4m of deposits, $37.4m in loans, and three branches located in Kennebec and Sagadahoc Counties.
Bar Harbor Bankshares president & CEO Joseph Murphy said the transaction advances its defined strategy to expand further south and west into markets with attractive demographics and long-term growth potential.
"We look forward to bringing a vigorous community banking alternative to the customers of Border Trust and the surrounding communities," Murphy concluded.
Founded in 1887, Bar Harbor Bankshares, the parent company of its wholly owned subsidiary, Bar Harbor Bank & Trust offers full service community banking with fifteen branch office locations serving downeast, midcoast, and central Maine, US.