Camden National Corporation to Merge with Northway Financial
Camden National Corporation, the bank holding company for Camden National Bank, has entered into a strategic agreement to merge with Northway Financial, the parent company of Northway Bank. Together, they plan to build a stronger presence across Northern New England’s banking market while keeping a clear focus on customers and communities.
Deal Overview
Under the agreement, Camden National will acquire Northway in an all-stock transaction valued at approximately $86.6 million. By combining the two organizations, the companies aim to form a premier, publicly traded bank with wider reach and a more connected branch network, all while staying grounded in the region they serve.
Scale, Reach, and Growth
The combined company is expected to operate 74 branches and manage approximately $7.0 billion in assets. That scale creates room to enhance services throughout New Hampshire and Maine, deepen relationships, and support customers with a broader set of solutions—all with the stability of a larger balance sheet.
Leadership Perspectives
Simon Griffiths, president and CEO of Camden National, shared his enthusiasm for the combination, noting the cultural alignment and mutual commitment to community and service. He emphasized that the merger is designed to deliver clear benefits for customers and stakeholders, including higher lending limits and a wider range of product offerings that can better match everyday needs and long-term goals.
Community Banking, Together
William Woodward, president and CEO of Northway Financial, expressed a similar outlook. He described the merger as an opportunity to compete more effectively in a demanding market while strengthening the company’s ability to serve customers. Joining forces with Camden National, he noted, brings added resources to the communities Northway has supported for decades.
Shareholder Impact and Capital Strength
The transaction is expected to be accretive to Camden National’s earnings per share, with projected accretion of approximately 19.9% in 2025 and 32.7% by 2026. In addition to operating efficiencies, the companies intend to maintain capital ratios in excess of well-capitalized standards, supporting a durable balance sheet and continued investment in customer service.
Timeline and What Comes Next
The companies have taken steps to move the deal forward, with closing anticipated in the first quarter of 2025, subject to regulatory approvals. At completion, Camden National shareholders are expected to own about 86% of the combined company.
About Camden National Corporation
Founded in 1875, Camden National Corporation is the largest publicly traded bank holding company in Northern New England. With approximately $5.7 billion in assets and a broad branch presence, Camden National focuses on delivering customer-first banking and a modern digital banking experience to individuals, businesses, and communities across its footprint.
About Northway Financial, Inc.
Northway Financial, Inc. provides a range of financial services through Northway Bank and has built strong regional ties over many years. By merging with Camden National, Northway seeks to expand its service capabilities while strengthening the customer relationships at the heart of its business.
Frequently Asked Questions
Why are Camden National and Northway Financial merging?
The merger brings together two organizations to create a larger, more competitive bank in Northern New England, with the goal of delivering enhanced services to customers.
What changes can customers expect from the combined bank?
Customers can expect broader product offerings and higher lending limits, supporting a better overall banking experience throughout New Hampshire and Maine.
What will happen to Northway Bank’s branches?
Northway’s branches will become part of Camden National’s network, expanding the combined operational footprint.
When is the merger expected to close?
The companies expect the merger to be completed in the first quarter of 2025, pending regulatory approvals.
How will ownership look after the merger closes?
Upon closing, Camden National’s shareholders are expected to own about 86% of the combined company, while Northway Financial’s shareholders will own approximately 14%.
