Here are the four branches Camden National plans to close after buying the Bank of Maine
File photo / Tim Greenway
Gregory A. Dufour, president and CEO of Camden National Bank, in a 2012 file photo.
Camden National Bank is planning to close four branches in central and southern Maine as part of its parent company’s plan to buy The Bank of Maine for $135 million.
The bank announced Friday that the four branch operations will be consolidated into Bank of Maine branches that are located less than a mile away. It said all impacted customers will be notified and will have their accounts transferred to the nearest branch.
The proposed branch closures won’t happen until the bank's parent company, Camden National Corp. (NASDAQ:CAC), closes on its acquisition of SBM Financial Inc., The Bank of Maine’s parent company. The bank merger is expected to close in October.
"We carefully reviewed our expanded branch network and determined that these branches were in such close proximity to each other that it would provide a better customer experience to combine locations in these instances," Gregory Dufour, Camden National’s president and CEO, said in a prepared statement. "We expect that any staff members impacted by the consolidation of these branches will be accommodated through positions within our overall branch network."
The bank said it plans to keep The Bank of Maine’s service center in Gardiner open, adding that the service center will complement its own in Rockport.
Here are the four branches Camden National plans to close:
192 Water St., Gardiner
The branch will be consolidated into The Bank of Maine’s branch at 190 Water St., which is located next door.
127 Community Drive, Augusta
The branch will be consolidated into The Bank of Maine’s branch at 130 Community Drive, which is located across the street.
38 Bangor St., Augusta
The branch will be consolidated into The Bank of Maine’s branch at 66 Eastern Ave., which is located less than a mile away.
108 Lafayette Center, Kennebunk
The branch will be consolidated into The Bank of Maine’s branch at 36 Portland Road, which is located less than a mile away.
More than 60 branches would remain open
Under the consolidation plan, the combined operation would have 64 branches, giving Camden National an expanded presence in central and southern Maine, along with two new branches in Machias and Calais. The bank would also have three specialized lending locations and more than 85 ATMs across the state.
If the merger is approved by stockholders and federal regulators, it could make Camden National the state's largest Maine-based bank in terms of assets. Under the merger, the bank would have a total of $3.6 billion in assets, a $2.4 billion loan portfolio and $2.6 billion in deposits. That would give it the edge over Bangor Savings Bank, which as of Dec. 31, was considered the state's largest Maine-based bank with $3.1 billion in assets, according to a list compiled by Mainebiz for its March 23 issue.
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