Camden National Corp. in Maine said Thursday that it is combining its two banks, Camden National Bank and UnitedKingfield Bank, into a single unit under the Camden National name.
UnitedKingfield is itself a combination of two banks Camden bought in the 1990s.
Robert W. Daigle, the holding company's president and chief executive officer, aims to streamline its management structure and lower marketing and compliance costs. "To remain an independent Maine-based company in today's rapidly changing banking environment … it is imperative to efficiently support our strategic growth objectives while at the same time deepen our ties to our customers and the communities we serve," he said in a press release.
Camden National has $1.7 billion of assets and 27 branches in Maine. The merger of its two banks is expected to be completed by midyear.
