Camden, Maine, March 20, 2020 – To address growing challenges and financial hardships due to the spread of Coronavirus (COVID-19), Camden National Bank announced several measures to support its customers, employees, and communities.
“We recognize that this is a very stressful time for individuals, families, and businesses,” said Greg Dufour, President & CEO of Camden National Bank. “In order to provide flexibility and better peace of mind for those in need, we are taking extra steps to alleviate financial burdens and support our customers, community and employees.”
COVID-19 payment relief program for customers
Supporting individuals and families
- Up to 90-day loan deferment program for those facing financial hardship due to interruption in income on qualified loans. During this time, interest will accrue, but customers won’t be charged any late fees or have impacts to credit.
- Additional flexibility in access to credit products and support, as well as waived penalties for early CD withdrawals
Supporting business customers
- Waived late charges for payments on qualified loans
- Flexibility for higher limits related to remote deposit capture
- Options for payment relief on commercial and small business loans, based on need
- Assistance with access to any government sponsored support, including any state or federal lending assistance programs, such as Finance Authority of Maine (FAME) or U.S. Small Business Administration (SBA)
- Expedited FAME and SBA application process for qualified businesses impacted directly or indirectly by the pandemic, including vendors or other external business partners
The Bank is also encouraging customers to take advantage of its network of 71 ATMs and its full range of digital tools and services, which can be used remotely. With online and mobile banking, customers can monitor their accounts, deposit checks, pay bills, transfer funds, pay friends, live chat for assistance, and more.
Customers with challenges, needs, or questions can reach out to their local banking center by phone or the Customer Care Team, available 24/7 at 800-860-8821.
“This is an important time to reiterate that Camden National Bank continues to be very well capitalized,” continued Dufour. “Through thick and thin, we lean into our identity as an innovative, caring community bank since 1875 with strong core values and a talented team that is here to support our customers and neighbors. In addition to our previously planned nonprofit support, we’re making special donations to local food pantries and hunger relief agencies at this time.”
Supporting employee health and well-being
Earlier this week, the Bank announced it would be temporarily moving to drive-up service only at its banking center locations, with in-person visits by appointment, in order to help reduce the spread of COVID-19. The Bank has also been ramping up cleaning efforts at all its locations.
In order to keep employees safe, the bank is increasing education on appropriate hygiene practices and social distancing. It has also modified its travel policy, restricting business travel and requiring notification of personal travel to higher-risk locations. In addition, applicable employees are transitioning to working from home temporarily, with a goal of having more than half of the bank’s workforce remote in the coming week.
“We’ve been closely monitoring guidance from the CDC and local authorities to protect the health of our employees,” continued Dufour. “Using internal communications tools, we’re educating everyone on best practices and benefits resources that can help employees during this challenging time. To provide a buffer of support, we’ve also added $100,000 to our Employee Emergency Fund, designed to help confidentially pay emergency bills for employees in need.”
Relevant updates and the latest information can be found on Camden National Bank’s Coronavirus Updates page.
About Camden National Corporation
Camden National Corporation (NASDAQ:CAC) is the largest publicly traded bank holding company in Northern New England with $4.4 billion in assets and 650 employees. Camden National Bank, its subsidiary, is a full-service community bank founded in 1875 in Camden, Maine. Dedicated to customers at every stage of their financial journey, the bank offers the latest in digital banking, complemented by personalized service with 61 banking centers, 24/7 live phone support, 71 ATMs, and additional lending offices in New Hampshire and Massachusetts. For the past two years, Camden National Bank was named “Customer Experience Leader in U.S. Retail Banking” by Greenwich Associates, and in 2019, it was the only New England based organization included in Sandler O’Neill’s “Bank & Thrift Sm-All Star” list of high-performing financial institutions. The Finance Authority of Maine has awarded Camden National Bank as “Lender at Work for Maine” for ten years. Comprehensive wealth management, investment, and financial planning services are delivered by Camden National Wealth Management. To learn more, visit CamdenNational.com. Member FDIC.