Camden National Corporation Announces 3 for 1 Stock Split and Expanded Stock Repurchase Plan

Strategic Insights -

Camden National Corporation, a leading mid-sized banking company, has announced a 3 for 1 stock split, subject to shareholder approval, which will be voted on at a Special Shareholders' Meeting scheduled for November 9, 1998. The stock split aims to improve the liquidity of the company's stock and enhance shareholder value by increasing the number of shares available to the market. In addition, the company has voted to expand its stock repurchase plan, authorizing the repurchase of an additional $6,000,000 of its common stock outstanding, subject to the approval of the Comptroller of the Currency.

Key Takeaways:

  • The Camden National Corporation's Board of Directors declared a 3 for 1 stock split, subject to shareholder approval, which will increase the number of outstanding shares to approximately 6,700,000.
  • The stock split aims to improve the liquidity of the company's stock and enhance shareholder value by increasing the number of shares available to the market.
  • The company has voted to expand its stock repurchase plan, authorizing the repurchase of an additional $6,000,000 of its common stock outstanding.
  • The repurchase plan is subject to the approval of the Comptroller of the Currency.
  • Keith Patten, President & CEO of the Camden National Corporation, believes that the stock split and repurchase program will benefit remaining shareholders and enhance their ownership stake in the company.
  • The company is the holding company for three financial services companies: Camden National Bank, United Bank, and Trust Company of Maine.

Statistics:

  • The proposed 3 for 1 stock split will increase the number of outstanding shares to approximately 6,700,000.
  • The expanded stock repurchase plan authorizes the repurchase of an additional $6,000,000 of common stock.
  • Camden National Corporation is rated the sixth best mid-sized banking company in the nation by USBanker Magazine.
  • The company has ten banking offices located in Belfast, Camden (2), Rockland, Thomaston, Union, Bucksport, Vinalhaven, Waldoboro, and Damariscotta.
  • United Bank, a subsidiary of Camden National Corporation, has five offices located in Bangor, Corinth, Hampden, Hermon, and Jackman.

Sources:

  • PR Newswire, "Camden National Corporation Announces 3 for 1 Stock Split and Expanded Stock Repurchase Plan"
  • Camden National Corporation website
  • USBanker Magazine, "Top Mid-Sized Banking Companies in the Nation"