GlobalData
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Bar Harbor Bankshares announced that shareholders of Guaranty Bancorp have approved the merger between the two companies.
Guaranty Bancorp is the parent company of Woodsville Guaranty Savings Bank, while Bar Harbor Bankshares is the parent firm of its subsidiary, Bar Harbor Bank & Trust.
The merger is anticipated to be finalised in summer 2025, pending regulatory approvals and closing conditions.
Bar Harbor Bank & Trust president and CEO Curtis Simard expressed his enthusiasm for the merger, stating, "Shareholder approval is an important step in moving towards completing the merger of Woodsville Guaranty Savings Bank and Bar Harbor Bank & Trust. We are excited to bring our two companies together and look forward to strengthening our New Hampshire presence."
Established in 1889, Woodsville Guaranty Savings Bank operates nine branches in New Hampshire and reported $456m in net loans and $530m in deposits as of 31 December 2024.
Upon completion of the merger, the combined company will operate under the Bar Harbor Bank & Trust name serving attractive markets throughout a contiguous footprint in Maine, New Hampshire, and Vermont.
The combined entity is expected to have around $4.8bn in assets, $3.9bn in deposits, and $3.2bn in assets under administration.
Bar Harbor shareholders will hold about 92% of the combined company's stock, while Guaranty shareholders will own around 8%.
Woodsville Guaranty Savings Bank president & CEO James E. Graham also shared his optimism about the merger.
Graham said: "Working with and meeting more folks from Bar Harbor Bank & Trust since we announced the merger has only strengthened my conviction that this is the right opportunity for both our customers and colleagues. Joining Bar Harbor Bank & Trust will allow us to offer a broader array of services, locations, and support to the communities we serve."
Bar Harbor Bankshares, headquartered in Bar Harbor, Maine, operates more than 50 locations across Maine, New Hampshire, and Vermont, and boasts assets exceeding $4bn.
"Guaranty Bancorp shareholders approve merger with Bar Harbor" was originally created and published by Retail Banker International, a GlobalData owned brand.
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