Lake Sunapee Bank, with 35 locations in New Hampshire and Vermont, will soon be under new ownership, but will keep the same name. Bar Harbor Bank & Trust of Maine announced late last week that through an all-stock transaction, the group would be acquiring the bank group for around $143 million.
The deal received unanimous approval from the boards of directors for both companies and moving forward, the groups await shareholder approval and clearance from state and federal officials.
The deal is less of a purchase and more of a merger, as the two banking groups are roughly the same size in not only banking activities, but assets as well. These mergers are not unusual, especially in the case of community banks, like some in our region, as national banks and the growing popularity of online and mobile banking have caused the share of community banks to slowly decline over the years.
Lake Sunapee Bank has locations all throughout our region, including Claremont, Hanover, Newport, Enfield, and Grantham.