Camden National Corp., of Camden, Maine, announced Tuesday that it has agreed to buy Union Bankshares Co., of Ellsworth, Maine, for about $72.5 million, or 1.82 times book value.
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The acquisition would make Camden the largest independent banking company in the state and move it into Washington County for the first time.
Union shareholders may choose $68 in cash or 1.9106 shares of Camden stock for each of their shares, but the final deal must be 40% cash and 60% stock. It is expected to close in the fourth quarter or early next year.
