Combination of Camden National Bank and Acadia Trust, N.A. will leverage resources to create integrated wealth management services to better serve clients
Camden, Maine and Portland, Maine – September 15, 2016 – Gregory A. Dufour, president and chief executive officer of Camden National Corporation (NASDAQ: CAC), the parent company of Camden National Bank and Acadia Trust, N.A. (“Acadia”), announced today that Acadia will become part of Camden National Bank and newly branded as “Camden National Wealth Management.” Mary Beth Haut, who joined Acadia in April 2016, will become managing director and executive of Camden National Wealth Management Group.
“Since joining us in April, Mary Beth has taken the time to learn about Acadia and Camden National Bank, strategically review the strengths of both organizations, and assess our current and future client needs,” said Dufour. “We concluded that by making Acadia part of Camden National Bank, we’ll be able to leverage the technology, capital and resources of both companies to better serve our clients.”
Acadia Trust, N.A. has been operating as a wholly-owned subsidiary of Camden National Corporation since 2001, and provides comprehensive wealth management, investment management and trust services to individual and institutional clients.
“Our clients will continue to benefit from superb investment management, trust, planning and administrative services and, as wealth management clients of Camden National Bank, will also have exclusive access to a comprehensive range of deposit and loan products,” said Haut. “Acadia’s proprietary investment discipline has served clients well for more than 30 years and will continue to be central to our investment management platform. Based on client preferences and objectives, portfolio managers will now have the opportunity to utilize additional investment solutions selected with the same rigor with which we identify and manage individual securities, or they may continue to invest entirely in the longstanding strategy.”
In addition to her duties as managing director and wealth management group executive, Haut will join the executive committee of Camden National Bank. The combination, subject to regulatory approval, will be effective during the fourth quarter of 2016.
About Camden National CorporationCamden National Corporation is the holding company of Camden National Bank and Acadia Trust, N.A. Headquartered in Camden, Maine, Camden National Corporation has $3.9 billion in assets and is the largest publicly traded bank holding company in Northern New England (NASDAQ: CAC). Camden National Bank is a full-service community bank that employs over 650 people, features a network of 63 banking centers and 85 ATMs in Maine, and offers state-of-the-art online and mobile banking resources as well as investment, insurance and financial planning services through its division, Camden Financial Consultants. To learn more, visit www.CamdenNational.com.