CAMDEN, Maine, Jan. 22, 2019 /PRNewswire/ -- Camden National
Corporation (NASDAQ: CAC; the "Company") has announced that its
board of directors has approved a stock repurchase plan. The plan
authorizes the purchase of up to 775,000 shares of the Company's
common stock, representing approximately 5 percent of the Company's
issued and outstanding shares of common stock as of September 30, 2018.
"The board of directors has authorized this stock repurchase
plan based on the strength of the Company's balance sheet and
capital position. We believe a share repurchase plan is an
important tool that can be utilized to enhance long term
shareholder value," stated Gregory A.
Dufour, president and chief executive officer.
Share repurchases will be made periodically as permitted by
securities laws and other legal requirements and will be subject to
market conditions, as well as other factors. Repurchases may be
made in the open market, through block trades or otherwise, and in
privately negotiated transactions. If any share purchases are made,
they will be over a period of not greater than twelve months. Share
purchases may be commenced or suspended at any time or periodically
without prior notice and there can be no assurances as to how many
shares the Company will repurchase, if any, or at what price any
repurchases will be made.
About Camden National Corporation
Camden National Corporation (NASDAQ: CAC), headquartered in
Camden, Maine, is the largest
publicly traded bank holding company in Northern New England with
$4.2 billion in assets and nearly 650
employees. Camden National Bank, its
subsidiary, is a full-service community bank founded in 1875 that
offers an array of consumer and business financial products and
services, accompanied by the latest in digital banking technology
to empower customers to bank the way they want. The Bank provides
personalized service through a network of 60 banking centers, 71
ATMs, and lending offices in New
Hampshire and Massachusetts, all complemented by 24/7 live
phone support. Greenwich Associates named Camden National Bank a 2018 Greenwich Customer
Experience (CX) Leader in U.S. Retail Banking, a designation that
recognizes top U.S. banks in customer experience. In 2018,
Camden National Bank received the
"Lender at Work for Maine" Award from the Finance Authority of
Maine. Comprehensive wealth
management, investment and financial planning services are
delivered by Camden National Wealth Management. To learn more,
visit www.CamdenNational.com. Member FDIC.
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SOURCE Camden National Corporation