Bar Harbor Bankshares to acquire Guaranty Bancorp for $56.94 per share

Bar Harbor Bankshares (BHB) and Guaranty Bancorp announced that they have signed a definitive merger agreement pursuant to which Bar Harbor will acquire Guaranty in an all-stock transaction valued at approximately $41.6M, or approximately $56.94 per share. Under the terms of the merger agreement, each outstanding share of Guaranty common stock will be exchanged for 1.85 shares of Bar Harbor common stock. The merger is expected to be approximately 30% accretive to Bar Harbor’s earnings per share, excluding the impact of one-time transaction costs. The transaction is intended to qualify as a reorganization for federal income tax purposes, and as a result, the shares of Guaranty common stock exchanged for shares of Bar Harbor common stock are expected to be transferred on a tax-free basis. The definitive agreement has been approved by the unanimous votes of the Boards of Directors of both companies. Consummation of the agreement is subject to the approval of Guaranty’s shareholders, as well as customary regulatory approvals. The merger is targeted to be completed in the second half of 2025. Guaranty President & CEO, James Graham, will be appointed to Bar Harbor’s board of directors, bringing the total number of directors to 11 at closing. Upon closing, Bar Harbor shareholders will own approximately 92% of the combined company’s stock, while Guaranty shareholders will own approximately 8%.