CAMDEN, Maine, May 27, 2011 /PRNewswire/ -- Camden National Bank was named Maine's Top Performing 7(a) Lender of the Year at the Small Business Administration (SBA) Awards Luncheon Thursday, May 5. The luncheon, held at the Spectacular Event Center in Bangor, recognized outstanding small businesses in Maine.
"Several years ago we made a commitment to deepen our partnership with the Small Business Administration in order to better serve our small business customers," said Timothy P. Nightingale, executive vice president and senior lending officer of Camden National Bank. "Our recognition as the top 7(a) lender this year, along with last year's recognition as the top SBA 504 program lender, reflects the dedication and hard work shown by the lending and service teams at Camden National."
Recognition as the Top Performing 7(a) Lender of the Year is awarded to the bank that made the highest number of 7(a) loans in the previous year. The SBA's 7(a) Loan Program offers financial help to small businesses with special requirements, including businesses that handle exports to foreign countries, businesses that operate in rural areas, and borrowers who are active duty military personnel. Through the program, small businesses and entrepreneurs in underserved communities are able to access capital, which helps drive economic growth and job development.
"By working with the Small Business Administration, Camden National Bank was able to help businesses obtain much needed funds in order to maintain employment levels and in some cases even expand during the recession," said Gregory A. Dufour, president and chief executive officer of Camden National Bank. "We're also very appreciative of our many clients who had to take extra steps in working with these programs but were rewarded by receiving much needed capital for their businesses."
This is the first year Camden National has been named the Top Performing 7(a) Lender in Maine. Last year, the SBA recognized Camden National Bank as Maine's Top Performing 3rd Party Lender of the Year, which is awarded to the bank that made the most 3rd party lender loans in connection with the SBA's 504 loan program during the previous year. The 504 loan program provides small businesses with long-term, fixed-rate loans to be used in acquiring major fixed assets, and is designed to encourage economic development within the community.
Camden National Corporation (www.camdennational.com), headquartered in Camden, Maine, and ranked 12th in USBanker's list of top-performing mid-tier banks in 2010, is the holding company employing more than 400 Maine residents for two financial services companies: Camden National Bank and the wealth management company, Acadia Trust, N.A. Camden National Bank is a full-service community bank with a network of 38 banking offices throughout Maine. Acadia Trust offers investment management and fiduciary services with offices in Portland, Bangor and Ellsworth. Located at Camden National Bank, Camden Financial Consultants, formerly known as Acadia Financial Consultants, offers full-service brokerage and insurance services.
SOURCE Camden National Corporation