Camden National in Camden, Maine, is uniting its trust and bank units to form a wealth management division.
The $3.9 billion-asset company said Tuesday that it will combine Acadia Trust with Camden National Bank to create Camden National Wealth Management. The combination is expected to occur in the fourth quarter.
Mary Beth Haut, who joined Acadia as president and chief executive in April, was named managing director of the wealth management group. She will also serve on the company's executive committee.
A unit of Camden National since 2001, Acadia Trust provides wealth management, investment management and trust services. Camden National Bank has 63 branches in Maine; it offers investment, insurance and financial planning services through its Camden Financial Consultants division.
"We concluded that by making Acadia part of Camden National Bank, we'll be able to leverage the technology, capital and resources of both companies to better serve our clients," Gregory Dufour, Camden National's president and chief executive, said in a press release.