Bar Harbor Bankshares Sells Insurance Subsidiary
October 11 2017 - 4:15PM
Business Wire
Bar Harbor Bankshares (NYSE American: BHB) announced today a
definitive agreement to sell their insurance subsidiary, McCrillis
& Eldredge Insurance, to Cross Insurance, a family owned and
operated company headquartered in Bangor, Maine. Cross Insurance is
made up of a network of wholly-owned subsidiary insurance agencies
with more than 40 offices located throughout Maine, New Hampshire,
Massachusetts, Connecticut, New York, and Rhode Island.
“After careful analysis, the Board of Directors has made the
decision to sell McCrillis & Eldredge,” said Curtis Simard,
President and CEO of Bar Harbor Bankshares. “This transaction will
provide expanded insurance options and capabilities to the
customers of McCrillis & Eldredge. Additionally, it opens the
door to our colleagues at McCrillis & Eldredge to a leading
employer in the Industry. Simultaneously, this allows us at BHB to
focus our capital and management resources on our core businesses
of accepting deposits, granting loans and managing investments as a
True Community Bank.”
“We could not be more pleased to have Cross Insurance purchasing
McCrillis & Eldredge,” continued Simard. “Cross Insurance is
family owned, locally based and provides quality insurance products
at a competitive price. Their clients consider them a trusted
advisor tailoring solutions to best fit their unique risk
management needs.”
“As a family owned business we are committed to the communities
and customers we serve. We are excited to welcome David McCrillis,
Christopher Eldredge, and the entire staff of McCrillis &
Eldredge to the Cross family,” said Jonathan Cross, COO of Cross
Insurance.
Established in 1954, Cross Insurance has grown to become one of
New England’s largest independent insurance intermediaries and the
nation’s 33rd largest broker of U.S. Business, with over
40 branches and more than 800 employees. Cross Insurance
represents the region’s largest network of carefully selected
suppliers which includes some of the largest national carriers in
the industry, as well as New England’s leading regional insurance
carriers.
Bar Harbor Bankshares (NYSE American: BHB) is the parent of Bar
Harbor Bank & Trust with more than $3 billion in assets.
Founded in 1887, Bar Harbor Bank & Trust is a true community
bank serving the financial needs of its customers for 130 years.
Bar Harbor Bank & Trust provides a full range of financial
services through its 49 branch locations in all three Northern New
England states of Maine, New Hampshire and Vermont. Bar Harbor Bank
& Trust was named one of the 2017 Top 200 Publicly Traded
Community Banks in the nation by American Banker magazine. For more
information call 1-888-853-7100 or go to www.bhbt.com. Member
FDIC
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version on businesswire.com: http://www.businesswire.com/news/home/20171011006245/en/
Bar Harbor Bank & TrustJoseph Schmitt, 207-667-0660
x10980Chief Marketing Officerjschmitt@barharbor.bank
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