People’s United Bank is selling eight branches stretching from Waterville to Orono to Bar Harbor Bank & Trust.
According to the Bar Harbor bank, the branches include three in Bangor and one each in Brewer, Orono, Newport, Pittsfield and Waterville.
“We have been serving the people of Maine for over 130 years and are excited to expand our franchise in central Maine and the greater Bangor market,” Joseph Schmitt, spokesman for the Bar Harbor bank, said Tuesday.
The expansion will increase the Bar Harbor bank’s number of branches to 56 in northern New England, including 22 in Maine, said officials with its parent company, Bar Harbor Bankshares.
Bar Harbor Bank & Trust has expanded in recent years into New Hampshire and Vermont. In 2016, it acquired Lake Sunapee Bank Group for $143 million, adding 35 bank branches in those states to its portfolio.
The purchase price of the People’s United locations was not disclosed.
“We believe this acquisition provides our existing and new customers enhanced convenience and underscores our commitment to Maine while expanding into contiguous markets in a sensible way,” Curtis Simard, president and CEO of the Bar Harbor bank, said in a statement.
In acquiring the bank locations, Bar Harbor Bank & Trust is taking on approximately $287 million in deposits, $111 million in loans and $284 million in assets currently under management by People’s United, which is based in Bridgeport, Connecticut, and has several branches in southern Maine.
The transaction is expected to close and the names of the branches to change after Sept. 30 this year.