Bar Harbor Bankshares Sells Insurance Subsidiary

Oct 11, 2017 04:15 pm
BAR HARBOR, Maine -- 

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 Member FDIC

Bar Harbor Bank & Trust
Joseph Schmitt, 207-667-0660 x10980
Chief Marketing Officer