BAR HARBOR – Bar Harbor Banking and Trust Co., subsidiary of Bar Harbor Bankshares, on Monday announced the signing of a definitive agreement under which it will acquire the Rockland branch of Androscoggin Savings Bank, located at 245 Camden St. on Route 1. The branch has approximately $21 million in deposits and $13 million in loans.

“This is a great addition to our coastal banking franchise,” said Dean S. Read, president of Bar Harbor Banking and Trust. “We believe this acquisition will pave the way to new market opportunities in one of the fastest-growing counties in the state of Maine,” he said.

The transaction is subject to customary conditions, including regulatory approvals, and is expected to close in the first quarter of 2004.