Wednesday, March 12, 2014
Morning Sentinel Staff
AUGUSTA -- Bar Harbor Bank & Trust locations officially open Monday in central Maine, replacing bank branches that had previously been owned by Augusta-based Border Trust Co.
The Border Trust locations in Augusta, South China and Topsham are switching to the Bar Harbor company, expanding that bank's locations to 15, according to a press release. The affected locations are at 227 Water St., Augusta; 368 Route 3, South China; and 2 Main St., Topsham.
In May, Bar Harbor Bankshares said it had agreed to acquire Border Trust Co.
Border Trust, founded in 1969 and based in Augusta, had about $46.9 million in assets, $41.1 million in deposits and $37.2 million in loans as of March 31. In comparison, Bar Harbor had $1.22 billion in assets and $724.4 million in deposits.
Bar Harbor Bankshares, founded in 1887 and headquartered on Mount Desert Island, has 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 based on years of service and continued benefits and access to outplacement services. The number of employees with each company was not disclosed.
Bar Harbor Bankshares will assume all deposit liabilities and pay a 3.85 percent deposit premium for all core deposits. It also will buy Border Trust's loan portfolio at a 3 percent discount to book value, excluding some properties and non-performing loans.