CAMDEN, Maine, Aug. 30, 2016 /PRNewswire/ -- Camden
National Corporation (NASDAQ®: CAC; "Camden National" or the
"Company") announced today that its Board of Directors has approved
a three-for-two stock split to be effected in the form of a stock
dividend on the Company's common stock. The three-for-two stock
split is payable September 30, 2016,
to its common shareholders of record at the close of business on
September 15, 2016. Shareholders will
receive cash in lieu of any fractional share of common stock that
they otherwise would have been entitled to receive in connection
with the split, except that participants in the Company's Dividend
Reinvestment & Direct Stock Purchase and Sale Plan will have
fractional shares credited to their accounts. The price paid for
fractional shares will be the closing price the last trading day
immediately prior to record date.
"The Company has delivered strong financial results through the
first six months of 2016 as we continue to realize the benefits of
the strategic acquisition of SBM Financial, Inc., the parent
company of The Bank of Maine,"
said Gregory A. Dufour, president
and chief executive officer of Camden National. "We believe this
stock split will place the market price of the Company's common
stock in a more attractive range for investors and, by increasing
the number of shares outstanding, we also expect this action will
help increase the liquidity of the Company's common stock."
About Camden National Corporation
Camden 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. With offices in Portland, Bangor, and Ellsworth, Acadia Trust, N.A. provides
comprehensive wealth management, investment management and trust
services to individual and institutional clients throughout
Maine and New England. To learn
more, visit www.CamdenNational.com.
Forward-Looking Statements
This press release and the documents incorporated by reference
herein contain certain statements that may be considered
forward-looking statements under the Private Securities Litigation
Reform Act of 1995, including certain plans, expectations, goals,
projections, and statements, which are subject to numerous risks,
assumptions, and uncertainties. Forward-looking statements can be
identified by the use of the words "believe," "expect,"
"anticipate," "intend," "estimate," "assume," "plan," "target," or
"goal," or future or conditional verbs such as "will," "may,"
"might," "should," "would," "could" and other expressions which
predict or indicate future events or trends and which do not relate
to historical matters. Forward-looking statements should not be
relied on, because they involve known and unknown risks,
uncertainties and other factors, some of which are beyond the
control of the Company. These risks, uncertainties and other
factors may cause the actual results, performance or achievements
of the Company to be materially different from the anticipated
future results, performance or achievements expressed or implied by
the forward-looking statements.
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SOURCE Camden National Corporation