Camden National Corp. in Camden, Maine, said Tuesday it agreed to acquire Northway Financial in North Conway, New Hampshire, in an all-stock deal valued at $86.6 million.
The $5.7 billion-asset Camden said the combination, slated to close in the first quarter of 2025, would create a bank with $7 billion of assets and 74 branches across New Hampshire and Maine.
It would have $5.1 billion of loans, $5.5 billion of deposits, and $2 billion of assets under administration.
The combined company would operate under the Camden National name.
"Camden National and Northway share a similar culture, consistent credit and risk profiles, and deep commitment to the communities we serve," Simon Griffiths, president and CEO of Camden National, said in a press release.
"This union will increase our size and scale, and bolster our presence in New Hampshire, which we believe will drive profitability and shareholder value. Our customers, employees, and communities will significantly benefit from broader product offerings, higher lending limits, and an enhanced customer experience."
Northway has approximately $1.3 billion of total assets, $900 million of loans and $1 billion of deposits.
The merger is expected to be 19.9% accretive to Camden National's 2025 earnings per share and 32.7% accretive to its 2026 EPS.
Upon closing, Camden National shareholders would own approximately 86% of the combined company and Northway's shareholders would control the rest.
The company would continue to trade on the Nasdaq under the "CAC" ticker symbol.
