The Financial Services team advised Northway Financial, Inc. (“Northway”) (OTCQB: NWYF), the parent company of Northway Bank, in entering into a definitive agreement under which Camden National Corporation (“Camden National”) (NASDAQ: CAC), the bank holding company for Camden National Bank, will acquire Northway in an all-stock transaction valued at approximately $86.6 million. The combined company will have 74 branches serving attractive markets throughout a contiguous footprint in New Hampshire and Maine, with approximately $7.0 billion in assets, $5.1 billion in loans, $5.5 billion in deposits, and $2.0 billion of Assets Under Administration (AUA). The combined company will operate under the Camden National Bank name.
Camden National Corporation (NASDAQ: CAC) is Northern New England's largest publicly traded bank holding company, with $5.7 billion in assets. Founded in 1875, Camden National Bank has 57 branches in Maine and New Hampshire, is a full-service community bank offering the latest digital banking, complemented by award-winning, personalized service. Additional information is available at CamdenNational.bank.
Northway Financial, Inc., headquartered in North Conway, New Hampshire, is a bank holding company and parent company of Northway Bank. Through Northway Bank, Northway offers a broad range of financial products and services to individuals, businesses, and the public sector from its 17 branches and its loan production offices located in North Conway, Laconia, Bedford, Concord, and Portsmouth, New Hampshire. Additional information is available at Northwaybank.com.
The team was led by Samantha Kirby, Bill McCurdy and Jiabao (Eva) Xu.
For additional details, please read the press release.