Upon completion of the deal, Camden National’s franchise will expand to 53 branches, providing the largest market share of deposits held by any independent community bank headquartered in the state of Maine, claims Camden.
The terms and conditions have not been revealed by the firms, however, the deal is expected to close by the end of the third quarter after obtaining regulatory approval.
Camden National president and chief executive officer Gregory Dufour said it was a strategically compelling opportunity to expand and strengthen Camden National’s franchise, while deepening their commitment to existing markets.
"These branches will enhance Camden National’s presence in the Bangor and Lewiston/Auburn markets while accelerating our expansion strategy in the Augusta market," Dufour added.
The branches to be acquired include Auburn, Brewer, Gardiner, Lewiston, Newport, Old Town, Rockland and Waterville as well as three branches in both the Augusta and Bangor markets.
Camden National also expects to reopen the Orono branch.
"Our team is working closely with Bank of America to ensure a smooth transition for our new customers and employees. Our goal is to preserve jobs as we assess the impact the acquisition will have on our processes and staffing levels."
After the acquisition is complete, Camden National expects to have nearly $2.7bn in assets and $2bn in deposits.
