Camden National's Business Segments

Camden National Corporation is a publicly-held bank holding company, incorporated under the laws of the State of Maine and headquartered in Camden, Maine. The Company, as a diversified financial services provider, pursues the objective of achieving long-term sustainable growth by balancing growth opportunities against profit, while mitigating risks inherent in the financial services industry. The primary business of the Company and its subsidiaries is to attract deposits from, and to extend loans to, consumer, institutional, municipal, non-profit and commercial customers. The Company offers commercial and consumer banking products and services through its subsidiary, Camden National Bank (the “Bank”), as well as brokerage and insurance services through Camden Financial Consultants (“Camden Financial”), a division of the Bank. The Banks wholly-owned subsidiary, Healthcare Professional Funding Corporation ("HPFC"), provides specialized lending to dentists, optometrists and veterinarians across the United States ("U.S."). The Company also offers investment management and fiduciary services through its subsidiary, Acadia Trust, N.A. (“Acadia Trust”), a federally-regulated, non-depository trust company headquartered in Portland, Maine. The consolidated financial statements of the Company accompanying this Form 10-K include the accounts of the Company, the Bank and its subsidiaries and division, and Acadia Trust. All inter-company accounts and transactions have been eliminated in consolidation.

Camden National Corporation, headquartered in Camden, Maine, operates primarily through its wholly-owned subsidiary, Camden National Bank. Founded in 1875, the Bank has a long history of providing financial services to the people of Maine and parts of New England. There are several key segments, products, and services that Camden National offers, catering to a diverse clientele which includes individuals, families, businesses, and institutions.

1. Retail Banking

a. Deposit Accounts:
Camden National Bank attracts deposits from consumers through various types of checking, savings, money market, and certificate of deposit (CD) accounts. These accounts are designed to meet the varying financial needs of their customers, whether they are looking to save for short-term goals or earn interest over the long term.

b. Personal Loans:
The Bank provides a range of personal lending products such as unsecured personal loans, auto loans, home equity lines of credit (HELOC), and installment loans. These products are aimed at helping customers finance personal expenditures, large purchases, or home improvements.

c. Residential Mortgage Loans:
Camden National Bank is a prominent lender in the mortgage sector, offering various mortgage products including fixed-rate and adjustable-rate mortgages. The focus is on helping individuals and families achieve homeownership, with services that guide them through the loan process.

Commercial Banking

a. Business Loans:
The Bank offers a variety of commercial lending options, including term loans and lines of credit to small and medium-sized enterprises (SMEs). These loans are tailored to assist businesses in funding their operational needs, capital investments, and growth strategies.

b. Commercial Real Estate Loans:
Camden National provides financing solutions for commercial real estate ventures, including loans for purchasing, refinancing, or developing commercial properties. This caters to real estate developers and businesses looking to invest in or expand their physical presence.

Wealth Management and Financial Services

a. Camden Financial Consultants:
This division acts as a full-service brokerage and insurance provider, serving both individuals and businesses. Camden Financial offers comprehensive wealth management services, including:

- Investment Planning: Customized investment strategies, including mutual funds, strategic asset management accounts, and planning around specific financial goals.
- Retirement Planning: Assistance with retirement savings accounts and pension planning to ensure a secure financial future.
- Estate Planning: Services to help clients manage their estates, including wills, trusts, and inheritance strategies.

b. Acadia Trust, N.A.:
A wholly-owned subsidiary of Camden National Bank, Acadia Trust specializes in wealth management services tailored for high-net-worth individuals and institutions. Its offerings include:

- Trust Services: Acting as trustee for various types of trusts to help clients manage their assets according to their wishes.
- Investment Management: Comprehensive investment solutions that align with the clients’ financial objectives and risk tolerance, catering to both individual investors and non-profit organizations.

Specialized Lending

a. Healthcare Professional Funding Corporation (HPFC):
HPFC focuses on providing specialized financing solutions to particular professionals within the healthcare field, including dentists, optometrists, and veterinarians. This subsidiary was established to understand the unique financial needs of these professions, helping them with:

- Practice Acquisition Loans: Financing to help healthcare professionals purchase existing practices or start new ones.
- Equipment Financing: Specialized loans to acquire medical or dental equipment, including both new and used technologies.
- Working Capital Loans: Loans designed to bolster operational cash flow for progressive healthcare practices.

Customer Access and Experience

Camden National Bank ensures that customers can access its wide range of financial products and services through various channels. In addition to in-person services at their branches across Maine, the Bank also provides digital banking options that allow customers to manage their accounts, pay bills, and conduct transactions online. This robust omnichannel banking experience aims to facilitate convenience and accessibility for customers.

Conclusion

In summary, Camden National Corporation and Camden National Bank offer a comprehensive suite of financial services that encompass retail and commercial banking, wealth management, specialized lending, and personal finance. By focusing on the diverse needs of its clientele, Camden National continues to foster strong relationships with customers, contributing to the economic growth of the community it serves.