Bar Harbor Bankshares Sells Insurance Subsidiary

Posted by on Oct 11, 2017 in Local News | Comments Off on Bar Harbor Bankshares Sells Insurance Subsidiary

BAR HARBOR, Maine–(BUSINESS WIRE)–Bar Harbor Bankshares (NYSE American: BHB) announced today a definitive
agreement to sell their insurance subsidiary, McCrillis Eldredge
Insurance, to Cross Insurance, a family owned and operated company
headquartered in Bangor, Maine. Cross Insurance is made up of a network
of wholly-owned subsidiary insurance agencies with more than 40 offices
located throughout Maine, New Hampshire, Massachusetts, Connecticut, New
York, and Rhode Island.

“After careful analysis, the Board of Directors has made the decision to
sell McCrillis Eldredge,” said Curtis Simard, President and CEO of Bar
Harbor Bankshares. “This transaction will provide expanded insurance
options and capabilities to the customers of McCrillis Eldredge.
Additionally, it opens the door to our colleagues at McCrillis
Eldredge to a leading employer in the Industry. Simultaneously, this
allows us at BHB to focus our capital and management resources on our
core businesses of accepting deposits, granting loans and managing
investments as a True Community Bank.”

“We could not be more pleased to have Cross Insurance purchasing
McCrillis Eldredge,” continued Simard. “Cross Insurance is family
owned, locally based and provides quality insurance products at a
competitive price. Their clients consider them a trusted advisor
tailoring solutions to best fit their unique risk management needs.”

“As a family owned business we are committed to the communities and
customers we serve. We are excited to welcome David McCrillis,
Christopher Eldredge, and the entire staff of McCrillis Eldredge to
the Cross family,” said Jonathan Cross, COO of Cross Insurance.

Established in 1954, Cross Insurance has grown to become one of New
England’s largest independent insurance intermediaries and the nation’s
33rd largest broker of U.S. Business, with over 40 branches and more
than 800 employees. Cross Insurance represents the region’s largest
network of carefully selected suppliers which includes some of the
largest national carriers in the industry, as well as New England’s
leading regional insurance carriers.

Bar Harbor Bankshares (NYSE American: BHB) is the parent of Bar Harbor
Bank Trust with more than $3 billion in assets. Founded in 1887, Bar
Harbor Bank Trust is a true community bank serving the financial needs
of its customers for 130 years. Bar Harbor Bank Trust provides a full
range of financial services through its 49 branch locations in all three
Northern New England states of Maine, New Hampshire and Vermont. Bar
Harbor Bank Trust was named one of the 2017 Top 200 Publicly Traded
Community Banks in the nation by American Banker magazine. For
more information call 1-888-853-7100 or go to www.bhbt.com.
Member FDIC

Article source: http://www.businesswire.com/news/home/20171011006245/en/Bar-Harbor-Bankshares-Sells-Insurance-Subsidiary