Camden National branch acquisition gets OK
Federal regulators have approved Camden National Bank's acquisition of 15 Bank of America branches in Maine. Camden National will pay a 3.7% premium on the locations' deposits, which equals a total price of about $15.3 million.
The Office of the Comptroller of the Currency has approved the deal, which affects Bank of America branches in the following municipalities: Auburn, Augusta, Bangor, Brewer, Gardiner, Lewiston, Newport, Old Town, Rockland and Waterville. Camden National will also re-open the Orono location, which Bank of America closed in December. The transaction is expected to close during the fourth quarter, and customer accounts at the affected locations will be converted to Camden National accounts at that time.
Following a customary antitrust review, Camden National reached an agreement with the Department of Justice to divest the branch at 63 Union St. in Rockland. On July 2, the bank reached an agreement to sell the branch to Damariscotta-based The First. The First is also buying Camden National's building in Bangor with plans to open a branch there. Camden National will relocate its Bangor branch to the Bank of America location.
Camden National will also host a career fair to fill new jobs created by the acquisition. The bank didn't say how many jobs it plans to create, but that it would likely hire for "several important service-oriented positions" in loan servicing, electronic banking, compliance and other areas, according to Senior Vice President of Human Resources Carolyn Carson-Crosby. The job fair will happen Aug. 1 from 1 to 7 p.m. at 245 Commercial St. in Rockport.
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