Camden National, Union Trust merger clears regulatory hurdle

By Lisa Kerner

Charlotte, N.C., Dec. 17 - Camden National Corp. received approval from the Office of the Comptroller of the Currency to merge Union Bankshares Co. subsidiary Union Trust Co. into Camden National Bank.

The merger is subject to a 15-day waiting period, according to a news release.

As previously reported, Camden National agreed to acquire Union Bankshares in a stock and cash transaction valued at $72.5 million. Union Bankshares shareholders can elect to receive $68 in cash or 1.9106 shares of Camden common stock for each share of Union Bankshares stock.

Union Bankshares' shareholders approved the merger on Nov. 29. The deadline for merger consideration elections has been extended to Dec. 26 from Dec. 20.

The merger is expected to close in early January.

"We expect to begin operating as one company at the end of the first quarter, when all of our customers will be able to enjoy banking at nearly 40 locations within our expanded geographic footprint," Camden president and chief executive officer Robert W. Daigle stated in the release.

"The interval between the January legal closing and the March systems integration will allow ample time to integrate our operating platforms and respective strong service cultures throughout our company as well as define ourselves in each of our communities."

Camden National is a financial services holding company based in Camden, Maine.

Union Bankshares is a banking organization based in Bowling Green, Va.

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