Bar Harbor Bankshares Completes Strategic Acquisition of Border Trust Company
August 13 2012 - 2:09PM
Business Wire
Bar Harbor Bankshares (NYSE MKT: BHB), today announced that
its principal subsidiary, Bar Harbor Bank & Trust (“Bar
Harbor”), has acquired substantially all assets and assumed certain
liabilities of Border Trust Company (“Border Trust”), a subsidiary
of Border Bancshares, Inc. (OTCBB: BBME).
As a result of the transaction, Bar Harbor has acquired
approximately $38.4 million of deposits, $37.4 million in loans,
and three branches located in Kennebec and Sagadahoc Counties.
Joseph M. Murphy, President & CEO of Bar Harbor Bankshares,
remarked, “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. We look forward to bringing a vigorous
community banking alternative to the customers of Border Trust and
the surrounding communities. We are confident that we will add
value to the region’s banking experience through our dedication to
innovative banking products and superior customer service.”
About Bar Harbor Bankshares:
Bar Harbor Bankshares is the parent company of its wholly owned
subsidiary, Bar Harbor Bank & Trust. Bar Harbor Bank &
Trust, founded in 1887, provides full service community banking
with fifteen branch office locations serving downeast, midcoast,
and central Maine. Find us at www.BHBT.com
This press release contains forward-looking statements based on
current expectations that involve a number of risks and
uncertainties. All opinions, forecasts, projections, future plans
or other statements, other than statements of historical fact, are
forward-looking statements and include words or phrases such as
“believes,” “will,” “expects,” “anticipates,” “intends,”
“estimates,” “our view,” “we see,” “would” and words and phrases of
similar import. The forward looking statements in this press
release are also forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”), and Section 21E of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), and involve substantial
risks and uncertainties. We can give no assurance that such
expectations will prove to have been correct. Actual results could
differ materially as a result of a variety of risks and
uncertainties, many of which are outside of the control of
management. These risks and uncertainties include the impact of
economic, competitive and other factors affecting the Company and
its operations, markets, products and services, as well as others
including but not limited to, that the transaction may not be as
advantageous to Bar Harbor Bankshares as expected. Bar Harbor
cautions that the foregoing factors are not exclusive.
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