Camden, Maine, June 27, 2012 – Camden National Bank (“Camden National”) and Bank of America, National Association (“Bank of America”) have agreed to sell Bank of America’s branch located at 63 Union Street, Rockland, Maine, with deposits that totaled approximately $30.6 million as of June 30, 2011, in order to resolve competitive concerns raised by the U.S. Department of Justice’s Antitrust Division (the “DOJ”) about the proposed acquisition of certain deposits and the assumption of certain liabilities of 15 Bank of America branches by Camden National (the “Acquisition”). The divestiture will include all deposits and loans associated with the divested branch other than those relationships excepted by agreement with the DOJ.
The Acquisition is subject to the approval of the Office of the Comptroller of the Currency (the “OCC”) and other customary conditions. The DOJ has agreed it will advise the OCC that it believes the Acquisition will not have a significantly adverse effect on competition and that it concurs in authorizing the consummation of the Acquisition, provided that Camden National divests the deposits and loans associated with the divested branch, Camden National commits to the OCC that it will comply with their agreement with the DOJ, and Camden National’s commitments to the DOJ are included as a condition to any approval by the OCC of the Acquisition.
Camden National and Bank of America will work with the purchaser of the divested branch to ensure as seamless a transition as possible. It is expected that the sale of the branch will be consummated contemporaneously with the completion of the Acquisition.
Anyone with inquiries regarding this announcement should contact Camden National at 1-800-860-8821.
About Camden National
Camden National Corporation, recently recognized by Forbes as one of “America’s Most Trustworthy Companies,” is the holding company employing more than 400 Maine residents for two financial services companies including Camden National Bank and the wealth management company, Acadia Trust, N.A. Camden National Bank is a full service community bank with a network of 38 banking offices throughout Maine. Acadia Trust offers investment management and fiduciary services with offices in Portland and Ellsworth. Located at Camden National Bank, Camden Financial Consultants offers full-service brokerage and insurance services.