Camden National to take over 15 BofA branches
Camden National Bank will become the fourth largest financial institution in the state this afternoon with the takeover of 15 Bank of America branches.
The Bangor Daily News reported that Camden National will take over 38,000 customer accounts with the completion of the deal, which include around $300 million in deposits and $10 million in loans.
Camden National's CEO, Gregory Dufour, told the paper that the added $300 million in deposits will allow the bank to increase loans.
Dufour also said that deal is worth around $20 million — around $15 million for customer accounts and $5 million for equipment and real estate.
The deal puts the bank just behind TD Bank, KeyBank and Bangor Savings Bank in terms of size in Maine and represents the bank's first move into two central Maine cities.
The Bank of America branches Camden National will acquire are in Auburn, Augusta, Bangor, Brewer, Gardiner, Lewiston, Newport, Old Town, Rockland and Waterville.
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