Northway Financial Merges With Camden National Corporation Of Maine

CAMDEN, ME—The parent company of the Northway Bank chain has completed its merger with a Maine bank, which will result in the combined company having more than 70 branches in New Hampshire and Maine and around $7 billion in assets.

Camden National Corporation, a bank holding company for Camden National Bank, said Thursday it had completed its merger with Northway Financial, the parent company of Northway Bank. The merger was initially announced in September 2024.

All Northway Bank branches remain open but will be converted to Camden National Bank branches in mid-March, the company said.

The company said each outstanding share of Northway common stock was converted into the right to receive 0.83 shares of Camden common stock with cash payments to be made in place of fractional shares. Around 2.3 million shares were issued as part of the process.

“We are excited to have successfully completed Camden National’s merger with Northway and, in doing so, to strategically bolster our New Hampshire presence, creating a premier publicly-traded, northern New England bank,” Simon Griffiths, the president and chief executive officer of Camden National, said. “We remain committed to executing our long-term strategy of deepening customer relationships through advice-based conversations and exceptional customer service.”

The bank also announced that Larry Haynes, the CEO and president of Grappone Automotive Group in Bow, a member of Northway’s board, was appointed to Camden’s board.

Larry Sterrs, the chairman of Camden National’s board of directors, called Haynes “a thoughtful and highly esteemed leader, possessing an in-depth knowledge of New Hampshire’s growing market with a strong commitment to serving our shareholders, customers, team members, and local communities.” Haynes, who is also a CPA and CFP, has been with Grappone since 1997.

Northway Bank was created after the merger of two northern New Hampshire community banks in 1997 — Pemigewasset National Bank, founded in 1881, and Berlin City Bank, established in 1901. The banks changed their name to Northway in 2005, according to information online.

Northway Bank has 16 branches in New Hampshire, including Bedford, Concord, Manchester, and Portsmouth. Camden National also has locations in Manchester and Portsmouth.

Camden National also owns the Braintree Residential Lending Center in Massachusetts.

The bank was founded in Maine in 1875.

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