Bar Harbor Bankshares in Bar Harbor, Maine, has agreed to buy Lake Sunapee Bank Financial in Newport, N.H.
The $1.6 billion-asset Bar Harbor said in a press release Thursday that it will pay $143 million, or $17 a share, in stock for the $1.6 billion-asset Lake Sunapee. The deal is expected to close by the end of the first quarter of 2017.
Bar Harbor said it expects the deal to be accretive to its 2017 earnings per share, excluding one-time transaction costs.
"This combination represents the joining of two high performing community banks that have demonstrated a track record of strong financial success, exceptional customer service, and commitment to the communities we serve," Curtis Simard, Bar Harbor's president and chief executive, said in the release. "We believe together, with our increased scale, expanded geographic footprint and investments in technology, we are well positioned to serve the marketplace and continue to be the bank of choice."
Sandler O'Neill and K&L Gates advised Bar Harbor. Griffin Financial Group and Hogan Lovells advised Lake Sunapee.