Appoints Larry
Haynes to Board of Directors
CAMDEN,
Maine, Jan. 2, 2025 /PRNewswire/ -- Camden
National Corporation ("Camden National") (NASDAQ: CAC), the bank
holding company for Camden National
Bank, today announced the closing of its merger with
Northway Financial, Inc. ("Northway") (OTCQB: NWYF), the parent
company of Northway Bank. The
all-stock transaction was originally announced on September 10, 2024. The combined institution has
total assets of approximately $7.0
billion and 73 branches in Maine and New
Hampshire.
"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, president and chief
executive officer of Camden National. "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.
Griffiths continued, "We thank the extraordinary employees from
both companies for helping to make this transaction possible and
extend a warm welcome to our new team members, customers, and
shareholders."
At the effective time of the merger, 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 approximately 2.3
million shares of its common stock as merger consideration.
Also today, in connection with, and effective upon, completion
of the merger, Camden National announced the appointment of
Larry K. Haynes to Camden National's
Board of Directors. Mr. Haynes has also been appointed to the
board's Audit Committee and to Camden
National Bank's Board of Directors and its Trust Committee.
Mr. Haynes previously served as a member of Northway's Board of
Directors until the completion of the merger.
"We are extremely pleased to welcome Larry as a new independent
director to our board," said Larry
Sterrs, chair of Camden National's Board of Directors.
"Larry is a thoughtful and highly esteemed leader, possessing an
in-depth knowledge of New
Hampshire's growing market with a strong commitment to
serving our shareholders, customers, team members, and local
communities."
As president and chief executive officer of the Grappone
Automotive Group headquartered in Bow,
New Hampshire, Mr. Haynes oversees the daily operation of
the five retail auto stores and 380 team members. Mr. Haynes is
also responsible for various dealership and non-dealership real
estate holdings. Mr. Haynes joined Grappone Automotive in 1997 as
its Chief Financial Officer. Mr. Haynes' previous employment
includes serving as Chief Financial Officer of MEG Asset
Management, Inc. and Vice President and Controller of Hilco, Inc.,
a Bank of Ireland subsidiary that
acquired First NH Banks Inc. Mr. Haynes began his public accounting
career as an auditor for a firm which is now Deloitte.
Mr. Haynes is a Certified Public Accountant and Certified
Financial Planner® and a graduate of Leadership New Hampshire. He
earned his master's degree in business administration from
Southern New Hampshire University and
his Bachelor of Science degree in accounting, with an economics
minor, from Plymouth State University.
About Camden National Corporation
Camden National Corporation (NASDAQ: CAC) is Northern New
England's largest publicly traded bank holding company, with
approximately $7.0 billion in assets.
Founded in 1875, Camden National
Bank has 73 branches in Maine and New
Hampshire, is a full-service community bank offering the
latest digital banking, complemented by award-winning, personalized
service. Additional information is available at
CamdenNational.bank. Member FDIC. Equal Housing Lender.
Comprehensive wealth management, investment, and financial
planning services are delivered by Camden National Wealth
Management.
Forward Looking Statements
Certain statements contained in this press release that are not
statements of historical fact constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, as amended, including certain plans, expectations, goals,
projections, and other statements, which are subject to numerous
risks, assumptions, and uncertainties. Forward-looking statements
can be identified by the fact that they do not relate strictly to
historical or current facts. They often include words like
"believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Certain factors that could cause actual results
to differ materially from expected results include increased
competitive pressures; inflation; ongoing competition in labor
markets and employee turnover; deterioration in the value of Camden
National's investment securities; changes in consumer spending and
savings habits; changes in the interest rate environment; changes
in general economic conditions; operational risks including, but
not limited to, cybersecurity, fraud, pandemics
and natural disasters; legislative and regulatory changes that
adversely affect the business in which Camden National is engaged;
turmoil and volatility in the financial services industry,
including failures or rumors of failures of other depository
institutions which could affect Camden National's ability to
attract and retain depositors, and could affect the ability of
financial services providers, including the Company, to borrow or
raise capital; actions taken by governmental agencies to stabilize
the financial system and the effectiveness of such actions; changes
to regulatory capital requirements in response to recent
developments affecting the banking sector; changes in the
securities markets and other risks and uncertainties disclosed from
time to time in Camden National's Annual Report on Form 10-K for
the year ended December 31, 2023, as
updated by other filings with the Securities and Exchange
Commission ("SEC"). Further, statements regarding the potential
effects of the war in Ukraine,
conflict in the Middle East and
other notable and global current events on the Company's business,
financial condition, liquidity and results of operations may
constitute forward-looking statements and are subject to the risk
that the actual effects may differ, possible materially, from what
is reflected in those forward-looking statements due to factors and
future developments that are uncertain, unpredictable and in many
cases beyond the Company's control. Camden National does not have
any obligation to update forward-looking statements.
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SOURCE Camden National Corporation