Bar Harbor Bankshares Closes USD 143.9m Acquisition of New Hampshire's Lake Sunapee Bank Group.
M2 EQUITYBITES-January 17, 2017-Bar Harbor Bankshares Closes USD 143.9m Acquisition of New Hampshire's Lake Sunapee Bank Group
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17 January 2017 - Maine, US-based bank holding company Bar Harbor Bankshares (NYSE MKT: BHB) has completed its merger with New Hampshire, US-based Lake Sunapee Bank Group and its Lake Sunapee Bank holding, the company said.
Under the terms of the agreement, Lake Sunapee shareholders were entitled to receive 0.4970 shares of Bar Harbor common stock for each share of Lake Sunapee common stock, equal to USD 17.17 per share, or approximately USD 143.9m in the aggregate, based on the closing price for Bar Harbor common stock on 4 May 2016.
Upon closing, Lake Sunapee shareholders own approximately 41% of stock in the combined company, and Bar Harbor shareholders will own approximately 59%. The transaction is expected to be accretive to both Bar Harbor and Lake Sunapee's earnings per share beginning in the first full year.
The company is now the only community bank headquartered in Northern New England with a market footprint in all three Northern New England states of Maine, New Hampshire and Vermont.
As a division of Bar Harbor Bank and Trust, Lake Sunapee Bank branches will continue to operate under the Lake Sunapee Bank name and William J. McIver, former chief operating officer of Lake Sunapee, will continue with the combined company as executive vice president Regional president, New Hampshire and Vermont Markets.
Lake Sunapee Bank's subsidiaries, McCrillis and Eldredge Insurance and Charter Trust company will operate as subsidiaries of Bar Harbor Bank and Trust. Lake Sunapee directors Steven H. Dimick, Stephen W. Ensign and Stephen R. Theroux have been appointed to Bar Harbor's board of directors.
Approved by shareholders in October, 2016, Bar Harbor's acquisition of Lake Sunapee grows the company to over USD 3bn in assets, making it one of the largest community banks in Northern New England, with 49 branch locations across the three states of Maine, New Hampshire and Vermont.
Sandler O'Neill and Partners, L.P. served as the financial advisor to Bar Harbor, and Griffin Financial Group LLC served as the financial advisor to Lake Sunapee. K/L Gates LLP served as outside counsel to Bar Harbor, while Hogan Lovells US LLP served as outside counsel to Lake Sunapee.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jan 17, 2017|
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