NEWPORT, N.H. (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 deal is valued at $143 million, The Valley News reported (https://bit.ly/1TNxBbB).
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, said the merger is attractive because there is no geographic overlap between the bank branches of both companies.
Theroux calls Bar Harbor a “true community bank.” Curtis Simard, chief executive of Bar Harbor Bankshares, says Lake Sunapee is “terrific” and has a “culture very much like ours.”
Lake Sunapee Bank was founded in 1868 as Newport Savings Bank. It expanded into Vermont in 2013, when it purchased the Randolph National Bank.
Theroux, 66, said he will retire from his executive role after the sale is completed, likely in the first quarter of 2017, but will have a seat on the board of directors.
The deal requires federal, state and shareholder approval.
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