#United States #Camden National #Northway Financial #Merger Announcement #Camden, Maine

Camden National Corporation and Northway Financial Merger

On January 2, 2025, Camden National Corporation, the parent company of Camden National Bank, made headlines with the announcement of the successful completion of its merger with Northway Financial, Inc. This significant event marks a new chapter for both institutions and is set to bolster their operations in Northern New England.

The all-stock merger, which was first revealed on September 10, 2024, has brought together two prominent banking entities, resulting in a combined asset base of approximately $7.0 billion and a vast network of 73 branches spanning across Maine and New Hampshire. This strategic move positions Camden National as a leading publicly-traded bank in the northern New England region.

Simon Griffiths, the president and CEO of Camden National, expressed high hopes for the merger, stating, "We are excited to have successfully completed Camden National’s merger with Northway and, in doing so, to strategically bolster our New Hampshire presence." He emphasized that the merger aligns with the company's goal of enhancing customer relationships through personalized service and expert financial advice.

Transitioning to Unified Banking Services

One of the key elements of this merger is the planned conversion of Northway's banking products and services to the Camden National systems, scheduled to take place in mid-March. This transition is crucial for maintaining service continuity and enhancing the customer experience as both banks work toward integration.

Griffiths also took the opportunity to acknowledge the hard work of employees from both organizations, thanking them for their dedication and effort in making this merger possible. He extended a warm welcome to all new team members, customers, and shareholders who are part of this transition.

Insights into the Merger Mechanics

As part of the merger's financial structure, each outstanding share of Northway common stock was converted into 0.83 shares of Camden National. Additionally, Camden National issued approximately 2.3 million shares of its common stock as part of the merger consideration. This conversion strategy reflects Camden National's commitment to creating a streamlined and efficient banking operation moving forward.

Alongside the merger, Camden National announced the appointment of Larry K. Haynes to its Board of Directors. Haynes, who previously served on Northway’s Board, brings valuable insight and experience to the table. As the CEO of Grappone Automotive Group, he has extensive knowledge of the New Hampshire market, making him a significant addition to the leadership team.

Larry Sterrs, chair of Camden National’s Board, remarked on Haynes’ appointment, emphasizing his standing as a respected leader with a deep commitment to community and corporate governance. Haynes' background as a Certified Public Accountant and his previous leadership roles position him to provide strategic guidance during this period of growth.

A Glimpse into Camden National Corporation

Founded in 1875, Camden National is the largest publicly traded bank holding company in Northern New England. The institution not only provides traditional banking services but also offers comprehensive wealth management and investment services through Camden National Wealth Management. Customers can expect cutting-edge digital banking solutions accompanied by a high level of personalized service, underscoring Camden National's commitment to community-oriented banking.

With the merger complete, Camden National Corporation is poised to leverage its enhanced size and capabilities to deliver improved financial services to its customers while continuing to be a trusted partner in their financial journeys. As the banking landscape evolves, Camden National remains steadfast in its mission to foster stronger customer relationships and to serve the needs of the communities it operates in.

This merger not only signifies a major business milestone for both organizations but also reinforces Camden National's strategy of geographic and service expansion in the financial sector. As the company integrates Northway's operations, stakeholders will be watching closely to see how this alliance transforms the banking experience in Northern New England, all while adapting to the challenges and opportunities unique to the current financial climate.