About three years after its expansion into New Hampshire and Vermont, a Bar Harbor-based bank has decided to close five branches in those states.
Bar Harbor Bank & Trust has told state regulators that it intends to close two branches in New Hampshire and three in Vermont, according to a notice released Friday by the Maine Bureau of Financial Institutions. Locations in Nashua and Newport, New Hampshire, will be affected, as will branches in Brandon, Quechee and West Rutland, Vermont.
Joseph Schmitt, chief marketing officer for the bank, said the locations that will close are all within 1 or 2 miles of other Bar Harbor Bank & Trust branches that will remain open. The location in Newport, New Hampshire, is just a drive-up teller’s window, he said, while the others are conventional branches with drive-up and walk-in service.
Bar Harbor Bank & Trust acquired all five locations in 2016 from Lake Sunapee Bank Group, Schmitt said. That purchase, in which the Bar Harbor bank bought 59 percent of the stock of Lake Sunapee for $143 million, included 35 bank branches in New Hampshire and Vermont.
The five bank branches are expected to close as of Dec. 31 of this year, Schmitt said.
The closures come a few months after the bank acquired several other bank locations in Maine.
In July, the bank announced it was purchasing eight bank branches from People’s United Bank, which is based in Bridgeport, Connecticut. Those locations included three in Bangor and one each in Brewer, Orono, Newport, Pittsfield and Waterville, bringing the number of Bar Harbor Bank & Trust branches in Maine to 22, bank officials said at the time.
Those acquisitions were scheduled to be completed last month. With the pending closures in New Hampshire and Vermont, the bank is expected to have roughly 50 branches in northern New England.