Camden National Corporation ("Camden National") has successfully completed its merger with Northway Financial, Inc. ("Northway"), resulting in the creation of a premier publicly-traded, northern New England bank. The combined institution now boasts approximately $7.0 billion in total assets and operates 73 branches in Maine and New Hampshire.
In connection with the merger, each outstanding share of Northway common stock was converted into the right to receive 0.83 shares of Camden National common stock, with cash to be paid in lieu of fractional shares. Approximately 2.3 million shares of Camden National common stock were issued as merger consideration.
Furthermore, in a strategic move, Camden National has appointed Larry K. Haynes to its board of directors, the board's audit committee, and Camden National Bank's board of directors and trust committee. Mr. Haynes, who previously served on Northway's board of directors, brings with him an extensive background as the president and chief executive officer of the Grappone Automotive Group, overseeing the daily operations of five retail auto stores and 380 team members in New Hampshire.
Camden National is also gearing up for the conversion of Northway’s banking products and services to its systems, which is expected to occur in mid-March.
As a result of the merger, Camden National has solidified its position as the largest publicly traded bank holding company in northern New England, with a strengthened presence in New Hampshire and an expanded customer base. As a result of these announcements, the company's shares have moved -1.2% on the market, and are now trading at a price of $41.73. For the full picture, make sure to review Camden National's 8-K report.
