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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