Bar Harbor completes purchase of Border Trust
Bar Harbor Bankshares announced on Monday that its principal subsidiary, Bar Harbor Bank & Trust, has completed the acquisition of Augusta-based Border Trust Co., a subsidiary of Border Bancshares Inc.
In a press release announcing the purchase, Bar Harbor reported it has acquired approximately $38.4 million of deposits, $37.4 million in loans and three Boarder Trust branches located in Kennebec and Sagadahoc counties. The Federal Deposit Insurance Co. granted regulatory approval of the purchase in July.
Joseph Murphy, president and CEO of Bar Harbor Bankshares, said the acquisition advanced the bank's "strategy to expand further south and west into markets with attractive demographics, long-term growth potential, and where we have already established significant commercial banking relationships."
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