Lake Sunapee Bank will officially merge with Maine-based Bar Harbor Bank in January, but an undisclosed amount of bank employees were handed pink slips last week. The employment cuts include both upper management, operations, and support staff positions and the layoffs are expected to be permanent.
About 25% of the job cuts will take place in January and the rest will take place in May, but all employees who are impacted will be offered severance packages and outplacement services.
Lake Sunapee Bank was founded in 1868 and currently has 38 branches in both New Hampshire and Vermont. Bar Harbor Bank was founded in 1887 and has 14 branches in Maine.