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Bar Harbor Bankshares (NYSE American: BHB) has announced a definitive agreement to acquire Guaranty Bancorp, Inc. (OTC: GUAA) in an all-stock transaction valued at $41.6 million. The merger, expected to close in 2H25, will expand BHB's New Hampshire presence, particularly in the Lebanon-Claremont MSA.
The acquisition will add approximately $675 million in assets to BHB's balance sheet, resulting in proforma figures of $4.8 billion in total assets, $3.6 billion in loans, and $3.9 billion in deposits, along with 9 additional branch locations. The combined entity projects cost savings of 40% of Guaranty's operating base by 2026 and expects $41.6 million in interest rate marks on the loan portfolio.
The proforma loan portfolio will maintain similar composition with investor CRE at ~40%, residential loans at 35%, and C&I at 14%. A gross pre-tax credit mark of $4.3 million (1%) is expected, along with a Day 2 CECL adjustment of $4.3 million. While BHB's CET1 ratio will decrease from 11.4% to 10.3% at closing, projected earnings should enable capital rebuilding post-acquisition.
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%.
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