Eight People’s United Bank branches in central Maine are being sold to Bar Harbor Bank Trust.
The deal, expected to close in the fourth quarter of this year, adds the eight branches to Bar Harbor’s existing network of 14 Maine branches. The acquisitions involve three branches in Bangor, and one each in Brewer, Newport, Orono, Pittsfield and Waterville.
The purchase price was not disclosed in a news release announcing the sale.
“We are pleased to welcome our new colleagues, customers and communities to our already deep Maine roots,” Bar Harbor President and CEO Curtis C. Simard said in the release. “We believe this acquisition provides our existing and new customers enhanced convenience and underscores our commitment to Maine while expanding into contiguous markets in a sensible way.
“These branches stretch across the central Maine I-95 corridor with four branches in the greater Bangor market and includes all deposits from People’s central Maine territory.”
The deal brings approximately $287 million in deposits, $111 million in loans and $284 million in assets under management from People’s to Bar Harbor. A publicly traded bank, Bar Harbor has more than $3.6 billion in assets.
In 2017, Bar Harbor acquired Lake Sunapee Bank Group for $143 million, a publicly traded bank based in Newport, New Hampshire, with $1.6 billion in assets. As part of the deal, Bar Harbor acquired 35 branches, 21 in New Hampshire and 14 in Vermont.
Many Maine banks have been expanding into neighboring states through acquisitions recently. At the time of its Lake Sunapee group purchase, Bar Harbor was the only New England-based community bank with operations in Maine, New Hampshire and Vermont. Once its acquisition of the People’s branches is complete, Bar Harbor will have 56 full-service branches.