Camden National Bank Bundle
Who Owns Camden National Bank?
Understanding Camden National Bank's ownership is key to its strategic direction and stakeholder accountability. A significant development was its acquisition of Northway Financial, Inc., closing January 2, 2025.
This all-stock deal, valued around $86.6 million based on September 9, 2024, stock prices, expanded the bank's reach and assets considerably.
Who owns Camden National Bank?
Camden National Corporation (NASDAQ: CAC), established in 1984, is the bank holding company for Camden National Bank, founded in 1875. The 2025 merger with Northway Financial created a combined entity with approximately $7.0 billion in assets and 73 branches across Maine and New Hampshire, making it Northern New England's largest publicly traded bank holding company. This strategic growth impacts its ownership structure and stakeholder interests, which can be further analyzed using tools like the Camden National Bank BCG Matrix.
Who Founded Camden National Bank?
Camden National Bank was established in January 1875 in Camden, Maine, during a period of significant industrial growth and maritime activity. The institution was founded by local business leaders and community members aiming to create a stable banking entity for the town.
Founding Vision
The bank's establishment in 1875 was driven by a need for local financial services. This coincided with Camden's importance in shipbuilding and the lumber industry.
Early Community Focus
Camden National Bank was created by community stakeholders. Their goal was to support the financial requirements of the growing town and its businesses.
Corporate Reorganization
In 1984, Camden National Bank underwent a corporate reorganization. This led to its establishment as a direct, wholly-owned subsidiary of Camden National Corporation.
Limited Early Ownership Details
Specifics regarding the initial equity distribution or early investors are not readily available. Information on early agreements or founder exits is also not detailed in available records.
Historical Context
The bank's founding occurred during a period of economic expansion for Camden. This era saw the town thrive as a shipbuilding center and a significant contributor to Maine's lumber trade.
Parent Company Formation
The creation of Camden National Corporation in 1984 marked a significant structural change. This entity became the parent company, overseeing Camden National Bank's operations.
While the specific names of all initial founders are not widely documented, the establishment of Camden National Bank in 1875 was a community-driven initiative. The bank's formation was intrinsically linked to Camden's economic landscape, particularly its maritime and lumber industries. The transition to a subsidiary of Camden National Corporation in 1984 represented a key development in its corporate structure, though detailed information on early shareholding or investor relations from that period is not extensively publicized. Understanding the Competitors Landscape of Camden National Bank can provide further context to its historical market position.
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How Has Camden National Bank’s Ownership Changed Over Time?
The ownership structure of Camden National Corporation, the parent company of Camden National Bank, has evolved significantly since its founding in 1984 and its NASDAQ listing in 1997. Key acquisitions and a recent merger have reshaped its shareholder base and overall market position.
| Ownership Category | Percentage (Source 1) | Percentage (Source 2) |
| Institutional Investors | 40.76% | 63.08% |
| Insiders | 2.19% | |
| Public Companies and Individual Investors | 57.05% | |
| Other | 4.61% | |
| Individuals | 3.21% |
Camden National Corporation's journey to its current ownership configuration has been marked by strategic growth through acquisitions. The company integrated Maine Bankshares in 2001, Acadia Trust, N.A. in 2007, and The Bank of Maine in 2015. These moves were instrumental in broadening its reach and enhancing its service offerings. A pivotal moment in its ownership evolution was the merger with Northway Financial, Inc., which concluded on January 2, 2025. This transaction, structured as an all-stock deal, resulted in Camden National shareholders holding approximately 86% of the combined entity, with Northway's shareholders owning the remaining 14%. This merger has significantly increased the combined institution's asset base to around $7.0 billion.
Key Institutional Shareholders
As of July 2025, a number of institutional investors hold significant stakes in Camden National Corporation. These entities play a crucial role in the company's governance and market performance.
- Clean Yield Group
- Means Investment CO. Inc.
- Ipswich Investment Management Co. Inc.
- Delphi Management Inc. MA
- Empowered Funds LLC
- Goldman Sachs Group Inc.
- Bridgeway Capital Management LLC
- AQR Capital Management LLC
- Franklin Value Investors Trust (Largest single shareholder)
Understanding who owns Camden National Bank requires looking at its parent company, Camden National Corporation, which is a publicly traded entity on NASDAQ under the ticker symbol 'CAC'. The ownership is diversified, featuring a substantial presence of institutional investors, alongside holdings by insiders and the broader public. The recent merger with Northway Financial, Inc. has further consolidated ownership, with Camden National's existing shareholders now representing the majority stake in the enlarged company. This shift in ownership structure, influenced by past acquisitions and the recent merger, underscores the dynamic nature of corporate control in the financial sector. For a deeper understanding of the company's market positioning, exploring the Target Market of Camden National Bank can provide valuable context.
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Who Sits on Camden National Bank’s Board?
The governance of Camden National Corporation is overseen by its Board of Directors. As of July 2025, key members include Lawrence J. Sterrs as Chairman and Simon Griffiths as President & CEO. The board structure reflects recent changes, including the addition of directors following a merger.
| Director Name | Position | Key Role |
|---|---|---|
| Lawrence J. Sterrs | Chairman | Oversight of Board Operations |
| Simon Griffiths | President & CEO | Chief Executive Leadership |
| Rebecca K. Hatfield | Director | |
| Larry K. Haynes | Director | Joined post-merger, previously on Northway's Board |
| S. Catherine Longley | Director | |
| Raina L. Maxwell | Director | Appointed February 25, 2025 |
| Marie McCarthy | Director | |
| Robert D. Merrill | Director | |
| James H. Page, Ph.D. | Director | |
| Robin A. Sawyer, CPA | Director |
Camden National's common stock operates on a one-share-one-vote principle, indicating no preferential voting rights for any shareholder group. The company is transitioning to an annual election for all directors, with the 2025 annual meeting set to elect twelve directors for terms ending in 2026. Shareholders have the opportunity to vote on executive compensation through a non-binding 'Say-on-Pay' resolution, a common practice in corporate governance. This structure ensures that Camden National Bank ownership is broadly distributed among its shareholders, with management and board accountability to the wider investor base. Understanding the Brief History of Camden National Bank can provide further context on its corporate structure and evolution.
Board Elections and Shareholder Influence
The election of directors is a key shareholder right. All directors are expected to be elected annually starting with the 2025 meeting.
- Majority vote required for uncontested director elections.
- 12 directors to be elected at the May 20, 2025 meeting.
- Terms for newly elected directors expire in 2026.
- Shareholders vote on executive compensation annually.
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What Recent Changes Have Shaped Camden National Bank’s Ownership Landscape?
Recent developments have significantly reshaped the ownership landscape of Camden National Corporation. The company's merger with Northway Financial, Inc., finalized on January 2, 2025, altered the shareholder distribution, with Camden National shareholders now holding approximately 86% of the combined entity. This strategic move has also seen leadership changes, with Simon Griffiths appointed President and CEO effective January 1, 2024.
| Development | Date | Impact on Ownership |
|---|---|---|
| Merger with Northway Financial, Inc. | January 2, 2025 | Camden National shareholders own 86% of combined entity; Northway shareholders own 14%. |
| Appointment of Simon Griffiths as President and CEO | January 1, 2024 | Leadership transition impacting corporate governance. |
| Equity Buyback Plan Announced | January 5, 2024 (Expired) | Indicates management's strategy to manage share count. |
Institutional investors play a substantial role in Camden National's ownership, holding between 40.76% and 63.08% of the company's stock. This indicates a strong presence of large investment firms and funds in the company's shareholder base. The company's financial performance remains robust, with fourth-quarter 2024 net income reported at $14.7 million and second-quarter 2025 net income at $14.08 million, demonstrating the positive financial impact of recent strategic decisions, including the Northway acquisition.
Merger Impact on Shareholding
Following the merger with Northway Financial, Inc., Camden National shareholders now hold approximately 86% of the combined company. This consolidation has expanded the company's asset base to around $7.0 billion.
Leadership Transition
Simon Griffiths assumed the roles of President and CEO on January 1, 2024. This leadership change is a key element in the company's ongoing strategic direction.
Institutional Investor Influence
A significant portion of Camden National's stock, ranging from 40.76% to 63.08%, is held by institutional investors. This highlights the importance of these entities in the company's ownership structure.
Financial Performance Post-Acquisition
The company reported strong financial results, with Q4 2024 net income at $14.7 million and Q2 2025 net income at $14.08 million. Continued improvement in operating expenses is anticipated as merger synergies are realized.
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