CAMDEN – Camden National Corporation (“Camden National”) (NASDAQ: CAC), the bank holding company for Camden National Bank, 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 Sept. 10. 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, 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. Haynes has also been appointed to the board’s audit committee and to Camden National Bank’s Board of Directors and its Trust Committee. 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, Haynes oversees the daily operation of the five retail auto stores and 380 team members. Haynes is also responsible for various dealership and non-dealership real estate holdings.
Haynes joined Grappone Automotive in 1997 as its chief financial officer. His 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. Haynes began his public accounting career as an auditor for a firm which is now Deloitte.
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 in accounting, with an economics minor, from Plymouth State University.
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.
