February 1, 2008
Bank posts year-end gains
Bar Harbor Bankshares, which owns Bar Harbor Bank & Trust, has reported net income of $7.2 million for 2007, an increase of $300,000 over the previous year's net income, according to a press release.
The bank ended the year with total assets of $889 million, representing an increase of $65 million, or 7.8%, compared with December 31, 2006.
Joseph M. Murphy, the bank's president and CEO, said that despite the slowing economy and competition between banks, Bar Harbor Bankshares had a good year. It was helped recently by the Federal Reserve's short-term interest rate cut, he added.
The bank ended the year with total assets of $889 million, representing an increase of $65 million, or 7.8%, compared with December 31, 2006.
Joseph M. Murphy, the bank's president and CEO, said that despite the slowing economy and competition between banks, Bar Harbor Bankshares had a good year. It was helped recently by the Federal Reserve's short-term interest rate cut, he added.
Mainebiz web partners
Most Recent
Most Recent
Comments