Camden National Corporation Completes Merger with Northway Financial

Camden National Corporation's Strategic Merger with Northway Financial

Camden National Corporation (NASDAQ: CAC), a leading bank holding company, has successfully announced its merger with Northway Financial, Inc. (OTCQB: NWYF). This exciting development marks a significant milestone for Camden National as it strengthens its presence in the banking sector. The merger enhances the combined entity's total assets to approximately $7 billion and expands its reach with 73 branches across the region.

Building a Stronger Financial Institution

Simon Griffiths, president and chief executive officer of Camden National, expressed enthusiasm about the merger, emphasizing the commitment to deepening customer relationships. The merger not only bolsters Camden National’s footprint in New England but also positions it as a premier bank in the northern regions.

The transition of Northway's products to Camden National’s systems is anticipated to occur mid-March, ensuring a smooth integration process for customers and stakeholders alike. Griffiths thanked the dedicated employees from both institutions, highlighting their vital contributions to this successful transaction.

Understanding the Merger’s Economic Impact

As part of the merger agreement, shareholders of Northway Financial received a conversion of their stock to 0.83 shares of Camden National common stock per share. This all-stock transaction involved Camden National issuing about 2.3 million shares as part of the consideration, showcasing a strategic move to keep shareholder interests aligned.

Welcoming New Leadership

In conjunction with the merger, Camden National appointed Larry K. Haynes to its Board of Directors. Haynes brings substantial experience and knowledge from his previous tenure on Northway’s Board, which will contribute significantly to the strategic direction of Camden National.

Larry Sterrs, chairman of Camden National's Board of Directors, remarked on the positive addition of Haynes, highlighting his expertise and commitment to enhancing shareholder value. Haynes has a profound understanding of the financial landscape, particularly in Northern New England, making him an asset to the board.

Looking Ahead: Future Prospects for Camden National

Camden National Corporation, established in 1875, continues to grow as Northern New England's largest publicly traded bank holding company. Renowned for its community banking approach, Camden National offers comprehensive services including innovative digital banking solutions. The merger with Northway Financial opens new avenues for enhanced wealth management and investment services, positioning the company for ongoing success.

As Camden National merges approaches with Northway, it is poised to leverage its expanded resources to continue offering personalized customer service while adapting to the rapidly changing banking landscape. This evolution will not only benefit existing customers but also attract new clientele eager for a responsive and innovative banking experience.

Frequently Asked Questions

What does the merger between Camden National and Northway Financial entail?

This merger combines the resources and assets of both companies, creating a more substantial entity in the banking sector with increased branches and enhanced services.

Who is now on Camden National's Board of Directors?

Larry K. Haynes has been appointed to the Board, bringing his wealth of experience from Northway Financial to aid in the company's strategic direction.

What are the key benefits of this merger for customers?

Customers can expect enhanced banking products, improved service offerings, and better access to financial management resources.

When will the integration of Northway's services into Camden National occur?

The integration is expected to take place in mid-March, ensuring a seamless transition for all customers.

What is the historical significance of Camden National Corporation?

Founded in 1875, Camden National is recognized as the largest publicly traded bank holding company in Northern New England, marking its legacy of community banking excellence.

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