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.
The Company is committed to the philosophy of serving the financial needs of
customers in local communities, as described in its core purpose: Through each
interaction, we will enrich the lives of people, help businesses succeed and
vitalize communities.
The financial services industry continues to experience consolidations through
mergers that could create opportunities for the Company to promote its value
proposition to customers. The Company evaluates the possibility of expansion
into new markets through both de novo expansion and acquisitions. In addition,
the Company is focused on maximizing the potential for growth in existing markets,
especially in markets where the Company has less of a presence. Further details
on the Companys financial information can be found within the consolidated
financial statements within Item 8 of this report.
Camden National Bank. The Bank is a national banking association chartered
under the laws of the United States headquartered in Camden, Maine. Originally
founded in 1875, the Bank became a direct, wholly-owned subsidiary of the Company
as a result of a corporate reorganization in 1984. The Bank offers its products
and services across Maine, and focuses primarily on attracting deposits from
the general public through its branches, and then leveraging this relationship
to originate residential mortgage loans, commercial business loans, commercial
real estate loans and a variety of consumer loans across New England. The Company
has operations within 13 of Maines 16 counties. Customers may also access the
Bank’s products and services using other channels, including the Bank’s
website address. The Banks website address is www.CamdenNational.com.
Camden Financial Consultants, located at Camden National Bank. Camden Financial
is a full-service brokerage and insurance division of the Bank in the business
of helping clients meet all of their financial needs by using a total wealth
management approach. Its financial offerings include college, retirement, and
estate planning, mutual funds, strategic asset management accounts, and variable
and fixed annuities.
Healthcare Professional Funding Corporation. HPFC is a wholly-owned subsidiary
of the Bank and provides specialized lending to dentists, optometrists and veterinarians
across the U.S. The Company acquired HPFC in connection with the SBM acquisition
and The Bank of Maine.
Acadia Trust, N.A. Acadia Trust is a limited purpose national banking association
chartered under the laws of the United States headquartered in Portland, Maine.
Acadia Trust provides a broad range of trust, trust-related, investment and
wealth management services to both individual and institutional clients. The
financial services provided by Acadia Trust complement the services provided
by the Bank by offering high net worth individuals, businesses and non-profit
institutional customers investment management services, as well as serving as
trustee. Acadia Trust’s website address is www.acadiatrust.com.
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