File photo Courtesy / Camden National Bank
Simon Griffiths
January 3, 2025
Camden National completes acquisition of Granite State peer
Photos / Courtesy of Camden National Bank and Renee Cordes
After acquiring New Hampshire-based Northway Financial Inc., Camden National Bank has 73 branches across two states.
Camden National Corp. (Nasdaq: CAC) has completed its acquisition of North Conway, N.H.-based Northway Bank to form a combined institution with assets of $7 billion and 73 branches across Maine and New Hampshire.
The all-stock deal, valued at $86.6 million, was announced in September and completed as scheduled on Jan. 2 after getting the green light from regulators last month. Post-merger, Camden National employs more than 725 people in total.
The tie-up closed a day after Gorham Savings Bank completed its merger with Maine Community Bank in Maine’s evolving banking landscape, with some experts predicting more M&A activity ahead.
“We are excited to have successfully completed Camden National’s merger with Northway and, in doing so, to strategically bolster our New Hampshire presence, creating a premier publicly traded, northern New England bank,” said Simon Griffiths, Camden National’s president and CEO. “We remain committed to executing our long-term strategy of deepening customer relationships through advice-based conversations and exceptional customer service.”
The conversion of Northway’s banking products and services to Camden National systems is expected to occur in mid-March.
As of Jan. 2, 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. Camden National issued around 2.3 million shares of its common stock as merger consideration.
As part of the tie-up, Larry K. Haynes, previously a member of Northway’s board of directors, has been appointed to Camden National’s board. The president and CEO of the Bow, N.H.-based Grapevine Automotive Group has also been appointed to Camden National's audit and trust committees.
With $5.7 billion in assets as of June 30, 2024, Camden National is ranked No. 2 among the largest Maine-based banks in the 2025 Mainebiz Book of Lists, behind Bangor Savings (with $7.2 billion in assets).
Camden National Corp. shares had a market value of around $613 million as of Friday's Wall Street close on Nasdaq. The stock is trading 14% higher than a year ago.
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