Business Notes: Oct. 13, 2013
Newport — Lake Sunapee Bank, a subsidiary of New Hampshire Thrift Bancshares, has completed the previously announced acquisition of Charter Trust Co.
Charter Trust was formed in 1984 as a New Hampshire-chartered nondepository trust company and is regulated by the state of New Hampshire Department of Banking. Headquartered in Concord, Charter Trust also has offices in New London, Meredith, Peterborough, Hanover and Rochester. The company manages more than $1.5 billion in client assets, acting as fiduciaries for clients in 43 states and 10 countries.
Lake Sunapee Bank was one of the six original owners of the company and now is the sole owner of Charter Trust.
The acquisition is valued at $6.2 million in Security and Exchange Commission filings.
Full ownership of Charter Trust marks a milestone in Lake Sunapee Bank’s expansion plans, which included the 2011 acquisition of McCrillis & Eldredge Insurance Inc.
“We now have the capability of providing a full array of financial products and services at a high level of expertise together with Charter Trust and McCrillis & Eldredge,” Lake Sunapee President and CEO Stephen R. Theroux said in a news release.
Lake Sunapee also plans to complete its $14.4 million stock purchase of Randolph National Bank by Nov. 15, when accounts are changed over and data systems merged, a letter to Randolph customers said last week.
Following the merger, Lake Sunapee will have $1.45 billion in assets and 38 locations in Vermont and New Hampshire.
Randolph National Bank has offices in Randolph, Rochester, Royalton, South Royalton, Williamstown and Quechee and $170 million in assets. All of the offices are expected to remain open.
Under the merger, shareholders of Randolph’s parent company, Central Financial Corp., will receive 8,699 shares of common stock in New Hampshire Thrift Bancshares, Lake Sunapee’s parent company, for each share of Central Financial Corp. common stock in a transaction representing $115 per Central Financial Corp. share, or $14.4 million, based upon the 10-day average closing price of New Hampshire Thrift Bancshares ending April 2 of $13.22 per share. The stock was trading for $14.25 a share Friday on the Nasdaq exchange with an average volume of 7,700 shares.
Evan Andrews, of South Burlington, has joined DuBois & King consulting engineers as a senior engineer-project manager in the company’s Randolph office. Andrews is a civil and environmental engineer with 16 years of experience in solid waste, recycling and materials management consulting. He will lead the firm’s efforts in providing planning, design and implementation of solid waste management solutions. Founded in 1962, DuBois & King provides multidiscipline engineering services from offices in Randolph, South Burlington, and Springfield, Vt., and Bedford and Laconia, N.H.
The Upper Valley chapter of Score continues its late fall business workshop series on Thursday with “Buying a Business — Buy the Right Business at the Right Price.” All classes are held at the Score offices on the Green in Lebanon at 20 West Park St., evenings from 6-9. The fee is $30 per class. For information and to register go to uppervalley.score.org
East Central Comprehensive Economic Development Strategy Region and the Vermont Department of Economic Development are sponsoring a regional workshop on helping chart Vermont’s economic growth on Oct. 21, from 4:30-7:30 p.m., at Tupelo Music Hall, 188 S. Main St., White River Junction.
The goal is to solicit strategies and tactics for helping Vermont’s economy grow in a manner that improves wages and job opportunities, builds business, enhances the quality of life and preserves Vermont’s brand, values and natural resources. The session is open to the public. For more information, call 802-885-3061 or email firstname.lastname@example.org.
The East-Central Vermont committee represents 40 towns and is made up of representatives from the Green Mountain Economic Development Corp., Springfield Regional Development Corp., Southern Windsor Country Regional Planning Commission and Two Rivers-Ottauquechee Regional Commission.
Items of interest to the local business community are published every Sunday. Submissions may be emailed to email@example.com. All items are subject to editing for clarity or space.