NWYF News & Events

Camden National (CAC) announced that it had received all necessary regulatory approvals to complete its previously announced proposed merger with Northway Financial (NWYF), the parent company of Northway Bank. The transaction is expected to close on or about January 2, 2025, pending satisfaction of customary closing conditions. After closing, Camden National will provide Northway customers with comprehensive information about the anticipated conversion of their accounts expected in mid-March 2025. On September 9, Camden National and Northway announced they had entered into a definitive agreement to merge. On December 17, Northway shareholders approved all matters in support of the merger.

Total Assets were $1.2 billion, Loans, Net, were $900 million, and Total Deposits were $1 billion at September 30, 2024. The Bank's regulatory capital ratios at September 30, 2024 exceeded all well-capitalized ratios as defined under FDIC's prompt corrective action rules.The year-to-date Net Interest Margin decreased from 2.67% to 2.59% as funding costs increased .44% while the yield on earning assets increased 0.25%, compared to year-to-date September 30, 2023. President and CEO William J. Woodward commented: "During the third quarter we continued to reduce our reliance on wholesale funding by putting a focus on retaining deposits and limiting our lending. Wholesale funding decreased by $122 million, significantly reducing our reliance on wholesale funding. The third quarter was marked by the announcement of our pending merger with Camden National Corporation. The closing date of the merger is still to be determined but we anticipate the merger to be completed in the first quarter of 2025. We will be holding a special shareholder meeting to approve the merger agreement. The details of the merger and the shareholder meeting will be sent to all shareholders in the coming weeks. Please look out for the information and return your proxy card as soon as possible. The Board of Directors have unanimously approved the merger, and your support, as always, is greatly appreciated."

Camden National (CAC) and Northway Financial (NWYF), the parent company of Northway Bank, have entered into a definitive agreement under which Camden National will acquire Northway in an all-stock transaction valued at approximately $86.6 M. The combined company will have 74 branches serving markets throughout a contiguous footprint in New Hampshire and Maine, with approximately $7.0B in assets, $5.1B in loans, $5.5B in deposits, and $2.0B of Assets Under Administration. The combined company will operate under the Camden National Bank name. Northway shareholders will receive 0.83 shares of Camden National common stock for each outstanding share of Northway common stock. Based on Camden National's closing stock price of $37.90 on September 9, 2024, the transaction is valued at approximately $86.6M or $31.46 per share of Northway common stock. Following the completion of the transaction, one Northway director will join the boards of directors of both Camden National and Camden National Bank upon the completion of the transaction. As of June 30, 2024, Northway had approximately $1.3B of total assets, $0.9B of total loans, and $1.0B of deposits. On a combined basis, the merger is expected to be approximately 19.9% accretive to Camden National's 2025 EPS and 32.7% accretive to Camden National's 2026 EPS. Following the completion of the merger, Camden National's capital ratios are expected to remain significantly above "well-capitalized" thresholds, with the pro forma company well-positioned for future growth. The merger is expected to be completed during Q1 of 2025, subject to certain customary conditions, including the receipt of required regulatory approvals and approval by Northway shareholders. Upon completion of the transaction, Camden National shareholders will own approximately 86% of the combined company and Northway's shareholders will own approximately 14% of the combined company, which will continue to trade on Nasdaq under the "CAC" stock ticker symbol.