MOUNT DESERT — Bar Harbor Bank & Trust, which has handled the town’s daily banking needs since 1984, will continue to do so for the next five years.
The First will manage the town’s investment portfolio, taking over that business from Acadia Trust, a division of Camden National Bank. Acadia Trust has managed the town’s investments since 2001.
Ten financial institutions submitted proposals for handling the town’s banking and investment services.
The Board of Selectmen selected BHB&T and The First in unanimous votes Monday night. In making their decision, they considered various factors, including specific services offered and the fees the town would be charged.