Bar Harbor Bankshares Expands Presence in New Hampshire through a Merger with Guaranty Bancorp, Inc.
Bar Harbor Bankshares (NYSE MKT:BHB) has announced a definitive merger agreement to acquire Guaranty Bancorp (OTC:GUAA) in an all-stock transaction valued at approximately $41.6 million, or $56.94 per share. The merger will combine two community banks, with Guaranty shareholders receiving 1.85 shares of Bar Harbor common stock for each Guaranty share.
The transaction is expected to be 30% accretive to Bar Harbor's earnings per share. The combined entity will operate under Bar Harbor Bank & Trust name, featuring approximately 60 branches across Maine, New Hampshire, and Vermont, with projected metrics of:
- $4.8 billion in assets
- $3.9 billion in deposits
- $3.2 billion in Assets Under Administration
The merger is targeted for completion in the second half of 2025, subject to regulatory and Guaranty shareholder approvals. Post-merger, Bar Harbor shareholders will own approximately 92% of the combined company, while Guaranty shareholders will hold about 8%.
Bar Harbor Bankshares (NYSE MKT:BHB) ha annunciato un accordo di fusione definitivo per acquisire Guaranty Bancorp (OTC:GUAA) in un'operazione interamente azionaria del valore di circa 41,6 milioni di dollari, ovvero 56,94 dollari per azione. La fusione unirà due banche comunitarie, con gli azionisti di Guaranty che riceveranno 1,85 azioni di Bar Harbor per ogni azione di Guaranty.
Si prevede che l'operazione sarà accrescitiva del 30% sugli utili per azione di Bar Harbor. L'entità combinata opererà sotto il nome di Bar Harbor Bank & Trust, con circa 60 filiali in Maine, New Hampshire e Vermont, con metriche previste di:
- 4,8 miliardi di dollari in attivi
- 3,9 miliardi di dollari in depositi
- 3,2 miliardi di dollari in Attivi sotto Amministrazione
La fusione è prevista per essere completata nella seconda metà del 2025, soggetta ad approvazioni regolatorie e degli azionisti di Guaranty. Dopo la fusione, gli azionisti di Bar Harbor possiederanno circa il 92% della società combinata, mentre gli azionisti di Guaranty deterranno circa l'8%.
Bar Harbor Bankshares (NYSE MKT:BHB) ha anunciado un acuerdo de fusión definitivo para adquirir Guaranty Bancorp (OTC:GUAA) en una transacción totalmente en acciones valorada en aproximadamente 41.6 millones de dólares, o 56.94 dólares por acción. La fusión combinará dos bancos comunitarios, con los accionistas de Guaranty recibiendo 1.85 acciones de Bar Harbor por cada acción de Guaranty.
Se espera que la transacción sea acreativa en un 30% para las ganancias por acción de Bar Harbor. La entidad combinada operará bajo el nombre de Bar Harbor Bank & Trust, con aproximadamente 60 sucursales en Maine, New Hampshire y Vermont, con métricas proyectadas de:
- 4.8 mil millones de dólares en activos
- 3.9 mil millones de dólares en depósitos
- 3.2 mil millones de dólares en Activos Bajo Administración
Se espera que la fusión se complete en la segunda mitad de 2025, sujeta a aprobaciones regulatorias y de los accionistas de Guaranty. Después de la fusión, los accionistas de Bar Harbor poseerán aproximadamente el 92% de la empresa combinada, mientras que los accionistas de Guaranty tendrán alrededor del 8%.
바 하버 뱅크쉐어스 (NYSE MKT:BHB)는 보증 뱅크 (OTC:GUAA)를 인수하기 위한 확정 합병 계약을 발표했습니다. 이 거래는 약 4,160만 달러 또는 주당 56.94달러로 평가되는 전액 주식 거래입니다. 이번 합병은 두 개의 지역 은행을 결합하며, 보증 주주들은 보증 주식 1주당 바 하버 보통주 1.85주를 받게 됩니다.
이번 거래는 바 하버의 주당 순이익에 30% 증가할 것으로 예상됩니다. 결합된 법인은 바 하버 뱅크 앤 트러스트라는 이름으로 운영되며, 메인, 뉴햄프셔, 버몬트에 약 60개의 지점을 두고 있으며, 예상 지표는 다음과 같습니다:
- 48억 달러의 자산
- 39억 달러의 예금
- 32억 달러의 관리 자산
합병은 2025년 하반기에 완료될 예정이며, 규제 및 보증 주주 승인에 따라 달라질 수 있습니다. 합병 후 바 하버 주주들은 결합된 회사의 약 92%를 소유하게 되며, 보증 주주들은 약 8%를 보유하게 됩니다.
Bar Harbor Bankshares (NYSE MKT:BHB) a annoncé un accord de fusion définitif pour acquérir Guaranty Bancorp (OTC:GUAA) dans une transaction entièrement en actions d'une valeur d'environ 41,6 millions de dollars, soit 56,94 dollars par action. La fusion combinera deux banques communautaires, les actionnaires de Guaranty recevant 1,85 action de Bar Harbor pour chaque action de Guaranty.
La transaction devrait être accroissante de 30% pour le bénéfice par action de Bar Harbor. L'entité combinée fonctionnera sous le nom de Bar Harbor Bank & Trust, avec environ 60 agences à travers le Maine, le New Hampshire et le Vermont, avec des indicateurs projetés de :
- 4,8 milliards de dollars d'actifs
- 3,9 milliards de dollars de dépôts
- 3,2 milliards de dollars d'Actifs Sous Administration
La fusion devrait être finalisée dans la seconde moitié de 2025, sous réserve des approbations réglementaires et des actionnaires de Guaranty. Après la fusion, les actionnaires de Bar Harbor posséderont environ 92 % de l'entreprise combinée, tandis que les actionnaires de Guaranty détiendront environ 8 %.
Bar Harbor Bankshares (NYSE MKT:BHB) hat eine definitive Fusionsvereinbarung zur Übernahme von Guaranty Bancorp (OTC:GUAA) in einer rein aktienbasierten Transaktion im Wert von etwa 41,6 Millionen Dollar, oder 56,94 Dollar pro Aktie, angekündigt. Die Fusion wird zwei Gemeinschaftsbanken zusammenführen, wobei die Guaranty-Aktionäre für jede Guaranty-Aktie 1,85 Aktien von Bar Harbor erhalten.
Die Transaktion wird voraussichtlich 30 % ertragssteigernd für den Gewinn pro Aktie von Bar Harbor sein. Das kombinierte Unternehmen wird unter dem Namen Bar Harbor Bank & Trust agieren und wird etwa 60 Filialen in Maine, New Hampshire und Vermont haben, mit folgenden prognostizierten Kennzahlen:
- 4,8 Milliarden Dollar an Vermögenswerten
- 3,9 Milliarden Dollar an Einlagen
- 3,2 Milliarden Dollar an verwalteten Vermögenswerten
Die Fusion soll in der zweiten Hälfte des Jahres 2025 abgeschlossen werden, vorbehaltlich der Genehmigungen durch die Aufsichtsbehörden und die Guaranty-Aktionäre. Nach der Fusion werden die Bar Harbor-Aktionäre etwa 92 % des kombinierten Unternehmens besitzen, während die Guaranty-Aktionäre etwa 8 % halten werden.
- 30% earnings per share accretion expected
- Expansion to 60 branches across three states
- Combined assets of $4.8 billion strengthens market position
- Complementary geographic footprint in New Hampshire
- Strong asset quality and established customer relationships
- 8% ownership dilution for existing Bar Harbor shareholders
- Integration risks across multiple locations
- Regulatory and shareholder approval requirements could delay closing
Insights
This all-stock acquisition of Guaranty Bancorp represents significant value creation for Bar Harbor shareholders with 30% earnings per share accretion projected - an exceptionally strong figure for a banking merger. At
The merger strengthens Bar Harbor's competitive positioning, increasing total assets to
The all-stock structure preserves BHB's capital position while offering Guaranty shareholders continued upside through their
While specific cost synergy targets aren't disclosed, the substantial EPS accretion implies significant operational efficiencies. This transaction follows the classic playbook of successful in-market banking consolidation: complementary geographies, enhanced scale efficiencies, and meaningful earnings accretion.
This merger substantially strengthens Bar Harbor's Northern New England banking franchise in a period where regional scale has become increasingly critical. By acquiring Guaranty's
The combined 60-branch network creates a more formidable competitor across Maine, New Hampshire, and Vermont - a contiguous tri-state footprint that enables more efficient operations and enhanced cross-selling opportunities. The geographic complementarity is particularly compelling as it fills gaps in Bar Harbor's northwestern New Hampshire presence.
From a competitive standpoint, this consolidation follows the essential trend of mid-sized regional banks seeking scale to address technology investment demands and regulatory cost pressures. The expanded deposit base provides additional stable funding for loan growth while the combined institution can leverage technology investments across a larger customer base.
With unanimous board approval and culturally aligned community banking models dating back to the 1880s, this merger appears positioned for successful integration. Regulatory approval appears likely given the complementary market footprints and the transaction's structure as a standard in-market banking consolidation.
BAR HARBOR, ME AND WOODSVILLE, NH / ACCESS Newswire / March 11, 2025 / Bar Harbor Bankshares (NYSE MKT:BHB) (or "Bar Harbor") and Guaranty Bancorp, Inc. (OTC:GUAA) (or "Guaranty") today announced that they have signed a definitive merger agreement pursuant to which Bar Harbor will acquire Guaranty in an all-stock transaction valued at approximately
Under the terms of the merger agreement, each outstanding share of Guaranty common stock will be exchanged for 1.85 shares of Bar Harbor common stock. The merger is expected to be approximately
This transaction will unite two high-quality, culturally aligned community banks with complementary geographies. Founded in 1889, Woodsville Guaranty Savings Bank operates 9 branches in New Hampshire and reported
"We are excited to welcome the customers, employees, and communities of Woodsville Guaranty Savings Bank to the Bar Harbor family. Woodsville operates in markets similar to ours and adjacent to our Northwestern New Hampshire and Vermont locations, making this a natural fit," said Curtis Simard, President and Chief Executive Officer of Bar Harbor Bank & Trust. "Woodsville's deep customer relationships, strong asset quality, and cultural alignment with our organization make for a winning partnership. Together, we look forward to enhancing our presence in Northern New England and providing convenient service to consumers and businesses across the region."
"Woodsville Guaranty Savings Bank has a long history of providing excellent service to our customers and supporting the communities we call home. Partnering with Bar Harbor Bank & Trust allows us to build on that tradition while gaining access to enhanced resources that will strengthen our ability to serve the region," said James E. Graham, President & CEO of Woodsville Guaranty Savings Bank. "Bar Harbor Bank & Trust shares our deep commitment to community banking, and this merger ensures that our customers will continue to receive the personalized service they expect while benefiting from a larger regional presence."
The transaction is intended to qualify as a reorganization for federal income tax purposes, and as a result, the shares of Guaranty common stock exchanged for shares of Bar Harbor common stock are expected to be transferred on a tax-free basis. The definitive agreement has been approved by the unanimous votes of the Boards of Directors of both companies. Consummation of the agreement is subject to the approval of Guaranty's shareholders, as well as customary regulatory approvals.
The merger is targeted to be completed in the second half of 2025. Guaranty President & CEO, James Graham, will be appointed to Bar Harbor's board of directors, bringing the total number of directors to 11 at closing. Upon closing, Bar Harbor shareholders will own approximately
Piper Sandler & Co. served as the financial advisor to Bar Harbor, and Griffin Financial Group LLC served as the financial advisor to Guaranty. Kilpatrick Townsend & Stockton LLP served as legal counsel to Bar Harbor, while Goodwin Procter LLP served as legal counsel to Guaranty.
INVESTOR PRESENTATION
An Investor Presentation will be posted on Bar Harbor's website (www.barharbor.bank/about-us/shareholder-relations) and Guaranty's website (www.theguarantybank.com) containing additional information regarding this merger.
BACKGROUND
Bar Harbor Bankshares (NYSE American:BHB) is the parent company of its wholly-owned subsidiary, Bar Harbor Bank & Trust. Founded in 1887, Bar Harbor Bank & Trust is a true community bank serving the financial needs of its clients for over 135 years. Bar Harbor Bank & Trust provides full-service community banking with office locations in all three Northern New England states of Maine, New Hampshire, and Vermont. For more information, visit www.barharbor.bank.
Guaranty Bancorp, Inc. (OTC:GUAA) is the holding company of Woodsville Guaranty Savings Bank. Since 1889, Woodsville Guaranty Savings Bank is committed to serving its customers and communities by offering sound financial products and services to help stimulate personal and regional growth. With 11 offices located throughout west-central New Hampshire. For more information, visit www.theguarantybank.com
FORWARD LOOKING STATEMENTS
This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about Bar Harbor's beliefs, plans, strategies, predictions, forecasts, objectives, intentions, assumptions or expectations are not historical facts and may be forward-looking. These include, but are not limited to, statements regarding the proposed transaction, revenues, earnings, loan production, asset quality, and capital levels, among other matters; Bar Harbor's estimates of future costs and benefits of the actions it may take; Bar Harbor's assessments of probable losses on loans; Bar Harbor's assessments of interest rate and other market risks; Bar Harbor's ability to achieve its financial and other strategic goals; the expected timing of completion of the proposed transaction; the expected cost savings, synergies and other anticipated benefits from the proposed transaction; and other statements that 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.
Because forward-looking statements are subject to assumptions and uncertainties, 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, many of which are beyond the control of Bar Harbor and Guaranty. Such statements are based upon the current beliefs and expectations of the management of Bar Harbor and Guaranty and are subject to significant risks and uncertainties outside of the control of the parties. Caution should be exercised against placing undue reliance on forward-looking statements. The factors that could cause actual results to differ materially include the following: the reaction to the transaction of the companies' customers, employees and counterparties; customer disintermediation; inflation; 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 shareholder and regulatory approvals for the proposed transaction might not be obtained; credit and interest rate risks associated with Bar Harbor's and Guaranty's respective businesses, customers, borrowings, repayment, investment, and deposit practices; general economic conditions, either nationally or in the market areas in which Bar Harbor and Guaranty operate or anticipate doing business, are less favorable than expected; new regulatory or legal requirements or obligations; and other risks. Certain risks and important factors that could affect Bar Harbor's future results are identified in its Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the Securities and Exchange Commission, including among other things under the heading "Risk Factors" in such Annual Report on Form 10-K. These risks and uncertainties are not exhaustive. Other sections of such reports describe additional factors that could affect Bar Harbor's business and financial performance. 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.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication is being made in respect of the proposed merger transaction involving Bar Harbor and Guaranty. Bar Harbor intends to file a registration statement on Form S-4 with the SEC, which will include a proxy statement of Guaranty and a prospectus of Bar Harbor, and Bar Harbor will file other documents regarding the proposed transaction with the SEC. A definitive proxy statement/prospectus will also be sent to Guaranty shareholders seeking the required shareholder approval of the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF GUARANTY ARE URGED TO CAREFULLY READ THE ENTIRE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS, WHEN THEY BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The documents filed by Bar Harbor with the SEC may be obtained free of charge at the SEC's website at www.sec.gov. In addition, the documents filed by Bar Harbor may be obtained free of charge under the "Investor Relations" section of Bar Harbor's website at https://www.barharbor.bank/about-us/shareholder-relations/shareholder-relations. Alternatively, these documents, when available, can be obtained free of charge from Bar Harbor upon written request to Investor Relations, Bar Harbor Bankshares, P.O. Box 400, 82 Main Street, Bar Harbor, Maine 04609.
PARTICIPANTS IN SOLICITATION
Bar Harbor, Guaranty and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the SEC. Information regarding Bar Harbor's directors and executive officers is available in its most recent definitive proxy statement, which was filed with the SEC on April 1, 2024, and certain other documents filed by Bar Harbor with the SEC. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.
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
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