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The merger of The Bank of Maine into Camden National Bank is expected to be completed today, making it the largest bank headquartered in Maine.
The bank is laying off 35 employees, about 5% of its combined workforce, as a result of the acquisition, Camden National CEO Gregory Dufour told the Portland Press Herald.
The combined bank, under the Camden National Bank name, will have approximately $3.6 billion in assets, $2.4 billion in loans and $2.6 billion in deposits. Camden National Corp. (NASDAQ: CAC) announced in March it would acquire the Portland-headquartered Bank of Maine for approximately $135 million in stock and cash.
The Press Herald reported that customers in The Bank of Maine’s 24 branches will begin to see the transition to Camden National Bank’s brand starting Monday. The company unveiled a new logo on Oct. 1.
Four Camden National branches near Bank of Maine branches will be closed as a result of the merger — one in Gardiner, two in Augusta and one in Kennebunk.
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Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Few people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
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