Press release
Camden National Corporation and Northway Financial, Inc. to Merge
Positions Camden National as a Premier Northern New England Bank CAMDEN, Maine and NORTH CONWAY, N.H., Sept. 10, 2024 /PRNewswire/ -- Camden National
About this update from Camden National Corporation
[{"type":"text","content":"Positions Camden National as a Premier Northern New England Bank\nCAMDEN, Maine and NORTH CONWAY, N.H., Sept. 10, 2024 /PRNewswire/ -- Camden National Corporation (\"Camden National\") (NASDAQ: CAC), the bank holding company for Camden National Bank, and Northway Financial, Inc. (\"Northway\") (OTCQB: NWYF), the parent company of Northway Bank, announced today that they have entered into a definitive agreement under which Camden National will acquire Northway in an all-stock transaction valued at approximately $86.6 million.\nThe transaction presents a unique opportunity to combine two high-quality and culturally aligned franchises with adjacent geographies, creating a premier publicly traded northern New England bank. The combined company will have 74 branches serving attractive markets throughout a contiguous footprint in New Hampshire and Maine, with approximately $7.0 billion in assets, $5.1 billion in loans, $5.5 billion in deposits, and $2.0 billion of Assets Under Administration (AUA). The combined company will operate under the Camden National Bank name.\n\"Camden National and Northway share a similar culture, consistent credit and risk profiles, and deep commitment to the communities we serve,\" said Simon Griffiths, president and chief executive officer of Camden National. \"This union will increase our size and scale, and bolster our presence in New Hampshire, which we believe will drive profitability and shareholder value. Our customers, employees, and communities will significantly benefit from broader product offerings, higher lending limits, and an enhanced customer experience.\"\n\"We are excited to announce this strategic combination with Camden National. The ability to have two organizations with similar missions come together positions us well in a significantly competitive market; particularly with an improved ability to allocate capital in more ways than we could on our own. Combined, we strengthen our foundations of a forward-thinking approach to community banking while best serving clients with whom we have built strong relationships over the years.\" said William Woodward, president, chief executive officer and chairman of Northway Financial. \"With shared histories and community commitment, this alliance doesn't just extend our influence; it drives significant operational enhancements and strategically p...