LONDON, UK / ACCESSWIRE / October 16, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Bar Harbor Bankshares (NYSE: BHB), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=BHB. The Company announced on October 11, 2017, that it has signed an agreement with Cross Insurance to sell its insurance subsidiary, McCrillis & Eldredge Insurance. For immediate access to our complimentary reports, including today's coverage, register for free now at: http://protraderdaily.com/register/.
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The financial details and other terms of the sale were not disclosed. The sale of its insurance subsidiary will allow Bar Harbor Bankshares to focus on its core business of banking including deposits, loans investment, etc.
Management Comments
Commenting on the sale of insurance subsidiary, Curtis Simard, President and CEO of Bar Harbor Bankshares (BHB), said:
"After careful analysis, the Board of Directors has made the decision to sell McCrillis & Eldredge. This transaction will provide expanded insurance options and capabilities to 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."
Jonathan Cross, COO of Cross Insurance, added:
"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."
About the Buyer - Cross Insurance
Bangor, Maine headquartered Cross Insurance is a family owned and operated insurance agency which was established in 1954. The Company is made up of a network of wholly-owned subsidiary insurance agencies located across Maine, New Hampshire, Massachusetts, Connecticut, New York, and Rhode Island. The Company has grown to become one of New England's largest independent insurance intermediaries and the nation's 33rd largest broker of US 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. The Company's services include marketing, selling, and negotiating the placement of property and casualty, life and health, bond, and employee benefit insurance on behalf of various commercial organizations, institutional or governmental entities, as well as individuals and families.
About the Seller - Bar Harbor Bankshares
Maine based Bar Harbor Bankshares is the parent Company of Bar Harbor Bank & Trust which was founded in 1887. Bar Harbor Bank & Trust is a community bank which serves the financial needs of its customers through its 49 branches located in all three Northern New England states of Maine, New Hampshire, and Vermont. Bar Harbor Bank & Trust has more than $3 billion in assets and was named as one of the 2017 Top 200 Publicly Traded Community Banks in the nation by American Banker magazine. Bar Harbor Bank & Trust subsidiaries include: the New Hampshire-based Charter Trust Company, a trust services and wealth management Company; Bar Harbor Trust Services; and Bar Harbor Financial Services (a branch of Infinex Investments, Inc.), an independent third-party broker.
The Divested subsidiary - McCrillis & Eldredge Insurance, Inc.
Newport, New Hampshire based McCrillis & Eldredge Insurance, Inc. is a subsidiary of Bar Harbor Bank & Trust and an independent insurance agency. The Company was founded by John McCrillis in 1890 and since then has provided quality protection to businesses, individuals, and families in New Hampshire, Vermont & Maine. The Company has offices in Newport and New London in New Hampshire and Brandon, Vermont. The Company offers a range of Home, Automobile, Recreation, Business and Life insurance products and plans.
Last Close Stock Review
At the closing bell, on Friday, October 13, 2017, Bar Harbor Bankshares' stock slightly climbed 0.51%, ending the trading session at $31.65. A total volume of 13.53 thousand shares have exchanged hands. The Company's stock price surged 8.54% in the last three months, 9.06% in the past six months, and 29.89% in the previous twelve months. Moreover, the stock gained 0.31% since the start of the year. The stock is trading at a PE ratio of 22.77 and has a dividend yield of 2.37%. The stock currently has a market cap of $485.51 million.
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