PORTLAND (AP) — The parent company of Bar Harbor Bank & Trust has agreed to acquire Border Trust Co. to expand into new markets.
Bar Harbor Bankshares, with 12 branches, will operate all three Border Trust branches in Augusta, South China and Topsham.
Augusta-based Border Trust had about $47 million in assets and $41 million in deposits as of March 31.
Bar Harbor had $1.22 billion in assets and $724.4 million in deposits.
Bar Harbor, founded in 1887, said it will offer permanent positions to as many Border Trust employees as possible. Any employee who cannot get a permanent job will get a severance package.
Bar Harbor CEO Joseph Murphy tells the Portland Press Herald the acquisition is a “logical step” in a strategy to expand south and west.
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