Bar Harbor Bankshares Announces Shareholder Approval of Guaranty Bancorp Acquisition
- Expansion of Bar Harbor's presence in New Hampshire market
- Addition of Woodsville Guaranty's locations to Bar Harbor's existing network of 50+ branches
- Enhanced service offerings for Woodsville Guaranty customers
- Geographic diversification across Maine, New Hampshire, and Vermont
- Integration risks and potential challenges in combining operations
- Transaction completion subject to regulatory approvals and conditions
- Potential integration costs and expenses associated with the merger
Insights
Bar Harbor's acquisition of Guaranty Bancorp advances with shareholder approval, strengthening its New Hampshire presence while awaiting regulatory clearance.
Bar Harbor Bankshares (BHB) has cleared a significant milestone in its acquisition of Guaranty Bancorp, securing shareholder approval from Guaranty's investors on June 12, 2025. This transaction represents a strategic expansion for Bar Harbor, which currently operates over 50 locations across Northern New England with
The acquisition of Woodsville Guaranty Savings Bank will specifically strengthen Bar Harbor's competitive position in the New Hampshire market, allowing for geographic consolidation in their existing tri-state footprint of Maine, New Hampshire, and Vermont. This in-footprint acquisition typically offers greater potential for cost synergies and operational efficiencies compared to expansion into entirely new markets.
While shareholder approval represents a crucial step, the deal still requires regulatory approvals before expected completion in summer 2025. Banking regulators will evaluate the combined entity for market concentration concerns, capital adequacy, and community impact before providing final clearance.
For current Guaranty customers, the acquisition promises expanded banking capabilities, including access to Bar Harbor's wealth management services and a broader branch network. From Bar Harbor's perspective, the transaction aligns with the ongoing consolidation trend in regional banking, where scale has become increasingly important for managing regulatory costs and technology investments.
The executives' statements emphasize cultural alignment and enhanced service capabilities rather than specific financial metrics, suggesting the strategic rationale may focus more on market positioning than immediate earnings accretion.
BAR HARBOR, ME / ACCESS Newswire / June 17, 2025 / Bar Harbor Bankshares (NYSE American:BHB; the "Company") announced that Guaranty Bancorp, Inc. ("Guaranty"), the parent company of Woodsville Guaranty Savings Bank, held a shareholder meeting on June 12, 2025 at which Guaranty's shareholders voted to approve the merger of Guaranty with Bar Harbor Bankshares.
Curtis Simard, President and Chief Executive Officer of Bar Harbor Bank & Trust, said, "Shareholder approval is an important step in moving towards completing the merger of Woodsville Guaranty Savings Bank and Bar Harbor Bank & Trust. We are excited to bring our two companies together and look forward to strengthening our New Hampshire presence."
"Working with and meeting more folks from Bar Harbor Bank & Trust since we announced the merger has only strengthened my conviction that this is the right opportunity for both our customers and colleagues. Joining Bar Harbor Bank & Trust will allow us to offer a broader array of services, locations, and support to the communities we serve," said James E. Graham, President & CEO of Woodsville Guaranty Savings Bank.
The merger of Woodsville Guaranty Savings Bank and Bar Harbor Bank & Trust is expected to be completed during summer 2025, subject to receiving regulatory approvals and subject to the satisfaction of closing conditions.
BACKGROUND
Bar Harbor Bankshares (NYSE American:BHB) is the parent company of its wholly owned subsidiary, Bar Harbor Bank & Trust. Operating over 50 locations across Maine, New Hampshire and Vermont, Bar Harbor Bank & Trust is headquartered in Bar Harbor, Maine and has more than
FORWARD LOOKING STATEMENTS
This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding the proposed transaction and other statements that are based on Bar Harbor's beliefs and expectations but are not historical facts. Forward-looking statements are often, but not always, identified by such words as "believe," "expect," "anticipate," "can," "could," "may," "predict," "potential," "intend," "outlook," "estimate," "forecast," "project," "should," "will," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which may change over time.
Although Bar Harbor believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions, actual results or future events could differ, possibly materially, from those indicated in such forward-looking statements as a result of a variety of factors, including, but not limited to, that the expected synergies, cost savings and other financial benefits of the proposed transaction might not be realized within the expected timeframes or might be less than projected; the requisite regulatory approvals for the proposed transaction might not be obtained, and certain other risks and important factors that are identified in the "Risk Factors" section of Bar Harbor's Annual Report on Form 10-K for the year ended December 31, 2024 and in the other reports filed with the Securities and Exchange Commission. Caution should be exercised against placing undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Bar Harbor undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise.
CONTACTS
Bar Harbor Bankshares: Curtis C. Simard, President & CEO
Telephone: 888-853-7100
Guaranty Bancorp, Inc.: James E. Graham, President & CEO
Telephone: 800-564-2735
SOURCE: Bar Harbor Bank & Trust
View the original press release on ACCESS Newswire
FAQ
When will Bar Harbor Bankshares (BHB) complete its acquisition of Guaranty Bancorp?
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What benefits will Woodsville Guaranty customers receive from the merger with Bar Harbor Bank?
When did Guaranty Bancorp shareholders approve the merger with Bar Harbor Bankshares?
