Bay Harbor completes Border Trust Company acquisition
Bar Harbor Bank & Trust, a subsidiary of Bar Harbor Bankshares, has purchased the assets and liabilities of Border Trust Company.
Bar Harbor Bank & Trust has completed the acquisition of Border Trust Company.
In finalising the deal, the US organisation - which is a subsidiary of Bar Harbor Bank & Trust - has obtained around $37.4 million (£23.8 million) in loans and $38.4 million in deposits.
Business negotiation experts may also be interested to note that Maine-based Bar Harbor has attained three Border Trust branches located in the US state.
"We look forward to bringing a vigorous community banking alternative to the customers of Border Trust and the surrounding communities," Bar Harbor Bankshares president and chief executive Joseph Murphy states.
He adds the deal advances Bar Harbor's "defined strategy" to expand into markets that have the potential for long-term growth and where the company already has established commercial banking relationships.
When details of the deal were first announced in May, Border Trust president and chief executive Earle Harvey suggested Bar Harbour's position as a leading financial holding company and its diverse products and services meant the transaction will result in "exciting improvements" for his firm.
Posted by David Gleck
Source: Bay Harbor press release, August 13th