Bar Harbor Bank & Trust (BHBT), a subsidiary of Bar Harbor Bankshares, has signed a definitive agreement to acquire eight branches from People’s United Bank, National Association.

All these eight branches are located in the central Maine region. As of 31 March 2019, these branches had around $287m of deposits, $111m of loans and $284m of assets under management.

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BHBT said that it plans to induct all affected staff of People’s United Bank.

The acquisition will increase BHBT branch count to 22 in Maine and 56 overall.

Bar Harbor Bankshares president and CEO Curtis C. Simard said: “We are pleased to welcome our new colleagues, customers and communities to our already deep Maine roots.

“We look forward to servicing their banking and Wealth Management needs, and to providing our full suite of personal and commercial deposit and loan products.

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“We believe this acquisition provides our existing and new customers enhanced convenience and underscores our commitment to Maine while expanding into contiguous markets in a sensible way.”

Both the banks will now work together to transfer customer accounts and associated operations to BHBT.

The acquisition of United Bank branches is subject to regulatory approvals and customary closing conditions.

Simard added: “We plan to use the acquired deposits to replace certain existing higher cost of borrowings which will result in an immediate accretion to earnings and will support future growth with additional core funding.”

Griffin Financial Group acted as financial advisor to Bar Harbor Bankshares in this transaction, while K&L Gates served as its outside legal counsel.