The First, N.A., a subsidiary of The First Bancorp, Inc. (NASDAQ: FNLC), and Camden National Bank, a subsidiary of Camden National Corporation (NASDAQ: CAC), jointly announced today that the two banks have signed a definitive agreement for The First to purchase the branch at 63 Union Street in Rockland, Maine. As part of the transaction, The First will acquire deposit accounts in the Rockland location as well as a small volume of loans. In addition, The First has signed a definitive agreement to purchase the 145 Exchange Street building in Bangor, Maine, owned by Camden National.
“We are excited about the opportunity this provides for The First,” noted Daniel R. Daigneault, President & Chief Executive Officer of The First. “The branch at 63 Union Street will enhance our ability to serve our existing Rockland customers from a second location. We intend to retain the existing employees at this branch and will make the transition as easy as possible for our new customers.”
The 63 Union Street branch location in Rockland represents one of 15 Maine branches Camden National is currently acquiring from Bank of America. Camden National is divesting this branch to resolve competitive concerns in that market raised by the U.S. Department of Justice’s Antitrust Division. Customers who bank at the existing Rockland branches of The First and Camden National will not be impacted.
“Our team will work closely with both banks during this transition process,” said Gregory A. Dufour, President & Chief Executive Officer of Camden National. "We are pleased The First has pledged to retain the Rockland employees and we will all work together to ensure the transition between banks is as smooth as possible.”
In Bangor, The First intends to open a full-service banking center at the 145 Exchange Street location in the first quarter of 2013. Upon completion of the acquisition, the Camden National branch in Bangor will be relocating from the 145 Exchange Street building to the 80 Exchange Street branch they are purchasing from Bank of America.