Guaranty Bancorp Shareholders Approve Merger with Bar Harbor Bankshares: Strengthening Presence in Maine, New Hampshire, and Vermont

Bar Harbor Bankshares has announced that shareholders of Guaranty Bancorp have approved the merger between the two companies. The anticipated completion of the merger is set for summer 2025, pending regulatory approvals and closing conditions.

Guaranty Bancorp is the parent company of Woodsville Guaranty Savings Bank, which operates nine branches in New Hampshire and reported $456 million in net loans and $530 million in deposits as of December 31, 2024. On the other hand, Bar Harbor Bankshares is the parent firm of its subsidiary, Bar Harbor Bank & Trust, which operates more than 50 locations across Maine, New Hampshire, and Vermont, and boasts assets exceeding $4 billion.

Upon completion of the merger, the combined company will operate under the Bar Harbor Bank & Trust name and serve attractive markets throughout a contiguous footprint in Maine, New Hampshire, and Vermont. The combined entity is expected to have around $4.8 billion in assets, $3.9 billion in deposits, and $3.2 billion in assets under administration.

Curtis Simard, president and CEO of Bar Harbor Bank & Trust, expressed his enthusiasm for the merger, stating that "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."

James E. Graham, president & CEO of Woodsville Guaranty Savings Bank, also shared his optimism about the merger, stating that "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."

Bar Harbor shareholders will hold about 92% of the combined company's stock, while Guaranty shareholders will own around 8%. It is important to note that the information provided on this site is for general informational purposes only and should not be relied upon as professional or specialist advice. Always seek professional or specialist advice before taking any action based on the content on our site.