Camden National reports 2019 results, will close three Maine branches
Camden National Corp. (Nasdaq: CAC), the holding company of Camden National Bank, on Tuesday reported "record" earnings for 2019, but plans to close three Maine branches over the next few months.
The company’s net income totaled $57.2 million, an increase of 8% over 2018, according to its filing with the Securities and Exchange Commission. Diluted earnings per share in 2019 were $3.69, up 9%.
Net income for the fourth quarter of 2019 was $15.2 million, an increase of 9% over the fourth quarter of 2018, while diluted earnings per share increased 11% to $0.99 over the same period.
"Our efforts and focus on our core businesses have translated directly to our bottom line,” said President and CEO Gregory A. Dufour in a news release.
But Dufour also said Camden will soon shutter branches in Corinth, Hampden and Milo.
"We continue to review our organization for efficiencies, and after careful consideration we will be closing our Corinth, Hampden and Milo banking centers by the end of April," he said. "Our decision was based on many factors, including changes in customer behavior, financial considerations, and impact to stakeholders and customers."
More specific information about the reasons was not immediately available, nor were details about the number of employees who may be affected.
Camden National Bank operates 61 branches in northern New England and employs nearly 650 people. Ranked by its assets of $4.4 billion, Camden National Corp. is Maine’s largest publicly traded bank holding company.
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