Camden National Completes Kennebec Bancorp Acquisition

Ticker: CAC · Form: 8-K · Filed: 2024-09-10T00:00:00.000Z

Sentiment: neutral

Topics: acquisition, merger

TL;DR

Camden National just bought Kennebec Bancorp, beefing up its Maine presence.

AI Summary

Camden National Corporation announced on September 9, 2024, that it has completed its acquisition of Kennebec Bancorp, Inc. The transaction was previously announced on March 12, 2024. This acquisition is expected to enhance Camden National's presence in Maine.

Why It Matters

This acquisition expands Camden National Corporation's footprint within Maine, potentially leading to increased market share and customer base in the region.

Risk Assessment

Risk Level: low — The filing reports on a completed acquisition, which is a standard business event with typically low immediate risk to the company's operations.

Key Players & Entities

FAQ

What is the primary purpose of this 8-K filing?

This 8-K filing reports on the completion of Camden National Corporation's acquisition of Kennebec Bancorp, Inc.

When was the acquisition of Kennebec Bancorp, Inc. completed?

The acquisition was completed on September 9, 2024, which is the date of the earliest event reported in this filing.

When was the acquisition of Kennebec Bancorp, Inc. initially announced?

The acquisition was initially announced on March 12, 2024.

What is Camden National Corporation's state of incorporation?

Camden National Corporation is incorporated in Maine.

What is the principal executive office address for Camden National Corporation?

The principal executive offices are located at Two Elm Street, Camden, Maine 04843.

Filing Stats: 1,562 words · 6 min read · ~5 pages · Grade level 14.2 · Accepted 2024-09-10 08:10:57

Filing Documents

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Joint Press Release of Camden National Corporation and Northway Financial, Inc., dated September 10, 2024. 99.2 Investor Presentation of Camden National Corporation, dated September 10, 2024. 101 Cover Page Interactive Data – the cover page XBRL tags are embedded within the Inline XBRL document. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K and the exhibits filed herewith may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about Camden's beliefs, plans, strategies, predictions, forecasts, objectives, intentions, assumptions or expectations are not historical facts and may be forward-looking. These include, but are not limited to, statements regarding the proposed transaction, revenues, earnings, loan production, asset quality, and capital levels, among other matters; Camden's estimates of future costs and benefits of the actions it may take; Camden's assessments of probable losses on loans; Camden's assessments of interest rate and other market risks; Camden's ability to achieve its financial and other strategic goals; the expected timing of completion of the proposed transaction; the expected cost savings, synergies and other anticipated benefits from the proposed transaction; and other statements that are not historical facts. Forward-looking statements are often, but not always, identified by such words as "believe," "expect," "anticipate," "can," "could," "may," "predict," "potential," "intend," "outlook," "estimate," "forecast," "project," "should," "will," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which may change over time. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those indicated in such forward-looking statements as a result of a variety of factors, many of which are beyond the control of Camden and Northway. Such statements are based upon the current beliefs and expectations of the management of Camden and Northway and are subject to significant risks and uncertainties outside of the control of the parties. Caution should be exercised against placing undue reliance on forward-

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Camden National Corporation Date: September 10, 2024 By: /s/ Michael R. Archer Michael R. Archer Chief Financial Officer and Principal Financial & Accounting Officer -3-

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