Maine company to buy New Hampshire-based community bank
NEWPORT (AP) — A Maine company is buying Lake Sunapee Bank, which has branches in New Hampshire and Vermont.
Bar Harbor Bankshares confirms it will acquire Lake Sunapee Bank and its 35 branches, in a move agreed to by the New Hampshire-based banking group. The Valley News reports that the deal is valued at $143 million.
None of Lake Sunapee's 35 branches are expected to close, but officials of both banks say some employees will be laid off.
Lake Sunapee Bank will retain its name. LSB's chief executive, Steve Theroux, says the merger is attractive because there is no geographic overlap between the bank branches of both companies.
The merger combines two regional financial institutions that are similarly-sized. Bank officials say the deal will result in substantial savings in operating costs.