Boston – Global law firm K&L Gates LLP has advised Bar Harbor Bankshares and its banking subsidiary Bar Harbor Bank & Trust (BHBT) on a definitive agreement to acquire eight People’s United Bank branches in central Maine.
Valued at approximately $287 million of deposits, $111 million of loans and $284 million of assets under management, the branches will increase BHBT’s total branch count to 56, with 22 in Maine. Bar Harbor provides community banking services in Maine, New Hampshire, and Vermont.
The K&L Gates team that advised Bar Harbor was led by Boston partners Ragalevsky and Steve Palmer with assistance from Boston associates Rob Tammero, Hillary O’Rourke, and Erin Bruynell.
“Bar Harbor Bank is the premier bank in northern New England,” said Ragalevsky. “We’re pleased to represent them in this acquisition that reflects its continued commitment to that market.”
The transaction is expected to close in Q4 2019, subject to receipt of regulatory approvals and other customary closing conditions.