CAMDEN,
Maine, Dec. 20, 2024 /PRNewswire/ -- Camden
National Corporation ("Camden National") (NASDAQ: CAC), the bank
holding company for Camden National
Bank, announced today that it had received all necessary
regulatory approvals to complete its previously announced proposed
merger with Northway Financial, Inc. ("Northway") (OTCQB: NWYF),
the parent company of Northway Bank.
The transaction is expected to close on or about January 2, 2025, pending satisfaction of
customary closing conditions.
"We are pleased to have quickly received the required regulatory
approvals for this merger, and we remain excited to bolster our
footprint into New
Hampshire," said Simon
Griffiths, president and chief executive officer of Camden
National. "We look forward to bringing these two strong,
like-minded companies together to deliver excellence in service to
customers and communities across this thriving market."
After closing, Camden National will provide Northway customers
with comprehensive information about the anticipated conversion of
their accounts expected in mid-March
2025.
On September 9, 2024, Camden
National and Northway announced they had entered into a definitive
agreement to merge. On December 17,
2024, Northway shareholders approved all matters in support
of the merger.
About Camden National Corporation
Camden National Corporation (NASDAQ: CAC) is Northern New
England's largest publicly traded bank holding company, with
$5.7 billion in assets. Founded in
1875, Camden National Bank has 57
branches in Maine and New Hampshire, is a full-service community
bank offering the latest digital banking, complemented by
award-winning, personalized service. Additional information is
available at CamdenNational.bank. Member FDIC. Equal Housing
Lender.
Comprehensive wealth management, investment, and financial
planning services are delivered by Camden National Wealth
Management.
Forward Looking Statements
Certain statements contained in this press release that are not
statements of historical fact constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, as amended, including certain plans, expectations, goals,
projections, and other statements, which are subject to numerous
risks, assumptions, and uncertainties. Forward-looking statements
can be identified by the fact that they do not relate strictly to
historical or current facts. They often include words like
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Certain factors that could cause actual results
to differ materially from expected results include increased
competitive pressures; inflation; ongoing competition in labor
markets and employee turnover; deterioration in the value of Camden
National's investment securities; changes in consumer spending and
savings habits; changes in the interest rate environment; changes
in general economic conditions; operational risks including, but
not limited to, cybersecurity, fraud, pandemics and natural disasters; legislative and
regulatory changes that adversely affect the business in which
Camden National is engaged; turmoil and volatility in the financial
services industry, including failures or rumors of failures of
other depository institutions which could affect Camden National's
ability to attract and retain depositors, and could affect the
ability of financial services providers, including the Company, to
borrow or raise capital; actions taken by governmental agencies to
stabilize the financial system and the effectiveness of such
actions; changes to regulatory capital requirements in response to
recent developments affecting the banking sector; changes in the
securities markets and other risks and uncertainties disclosed from
time to time in Camden National's Annual Report on Form 10-K for
the year ended December 31, 2023, as
updated by other filings with the Securities and Exchange
Commission ("SEC"). Further, statements regarding the potential
effects of the war in Ukraine,
conflict in the Middle East and
other notable and global current events on the Company's business,
financial condition, liquidity and results of operations may
constitute forward-looking statements and are subject to the risk
that the actual effects may differ, possible materially, from what
is reflected in those forward-looking statements due to factors and
future developments that are uncertain, unpredictable and in many
cases beyond the Company's control. Camden National does not have
any obligation to update forward-looking statements.
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SOURCE Camden National Corporation