Camden National gets green light from regulators for Granite State acquisition

File Photo / Renee Cordes Camden National Bank expects to complete its acquisition of Conway, N.H.-baedNorthway Bank by Jan. 2.

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By Renee Cordes

Camden National Corp. (Nasdaq: CAC) is on track to complete the acquisition of North Conway, N.H.-based Northway Bank in early January after receiving all necessary approvals from regulators.

The all-stock deal, valued at $86.6 million, was announced in September and is expected to close on or about Jan. 2, pending customary closing conditions, the company said in a Dec. 20 announcement.

"We are pleased to have quickly received the required regulatory approvals for this merger, and we remain excited to bolster our footprint into New Hampshire," said Simon Griffiths, president and CEO of Camden National.

"We look forward to bringing these two strong, like-minded companies together to deliver excellence in service to customers and communities across this thriving market,’ he added.

The combined entity, which will operate under the Camden National name, will have 74 branches in two states, $7 billion in assets and $5.5 billion in deposits.

After closing, Camden National will provide Northway customers with comprehensive information about the anticipated conversion of their accounts, expected in mid-March.

Earlier this month, Northway shareholders approved all matters in support of the merger.

As of June 30, 2024, Camden National Bank had $5.7 billion in assets, placing it at No. 2 among Maine-based bank after Bangor Savings in the upcoming 2025 Mainebiz Book of Lists to be published in Dec. 30.

As of Monday's market close, Camden National's shares have a market value of around $624.3 million. The stock is trading 10.2% higher than a year ago.