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October 29, 2009

FBI probes Camden bank improper transfer

The FBI is investigating the unauthorized transfer of up to $850,000 at Camden National Bank by a former employee.

A "series of improper and unauthorized transactions" was discovered Oct. 16, the bank disclosed earlier this week in its third-quarter earnings results, under the heading "recent developments." A customer noticed something "unusual" in his bank documents and informed the bank, which quickly identified the responsible employee, who has since been fired, the Bangor Daily News reported.

Camden National Bank President and CEO Gregory Dufour said the $850,000 figure represents the bank's maximum exposure, but the actual amount could be far less, according to VillageSoup. The bank likely won't record a loss from the improper transaction and is working with its insurance carrier to recover the funds. Customers' information and deposits are secure, Dufour told the Bangor Daily.

Camden National has 37 branches in Maine and employs more than 400 people. It has assets of more than $2.3 billion.

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