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January 11, 2018

Camden National employees benefit from tax reform

Photo / Tim Greenway
Photo / Tim Greenway
Greg Dufour, president and CEO of Camden National Bank, announced today that all bank employees will receive a cash bonus, which he said was made possible by the recent federal tax reform legislation.

Recent tax reform will benefit Camden National and its employees, who will each earn a $1,000 cash bonus.

Camden National Corp. (NASDAQ: CAC) announced the bonus Thursday.

It said the bonuses, which included $750 to part-time employees, were part of a plan to "make strategic investments in line with its core values in order to benefit employees and the customers and communities they serve."

In all, the bank paid out $620,000 in bonuses, the bank told Mainebiz.

The Camden-based bank is the largest Maine-based bank, with $4 billion in assets, 60 branches and 650 employees.

"The recent tax change has provided us a unique opportunity to make meaningful investment decisions that complement our existing values and strategies," said Greg Dufour, president and CEO. "By making these investments, we're able to reward our dedicated employees who work hard each day to serve our customers and give back to the community. We're also in a position to accelerate projects that enhance our customers' experiences and continue to create long-term growth and value for our shareholders."

As part of the initiative, investment will be made to evaluate overall employee compensation and continued employee education, as part of an "ongoing effort to provide financial wellness, sustainable career paths and professional growth opportunities for all employees."

Customers could benefit from the recent tax overhaul as well, through improvements to digital banking products and through the banking center network, though the bank did not specify what those improvements might be.

Finally, the bank indicated that it will expand its commitment to the Hope@Home program, which has already donated $250,000 to homeless shelters and community-based organizations.

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