CAMDEN, Maine, Oct. 14, 2015 /PRNewswire/ -- The board of directors of Camden National Corporation (NASDAQ®: CAC; "Company" or "Camden National") and Camden National Bank, the Company's wholly-owned subsidiary, are pleased to announce that David J. Ott and Carl J. Soderberg have been elected to serve as members of the board of directors. Ott and Soderberg are joining Camden National and Camden National Bank in conjunction with, and subject to completion of, the merger with SBM Financial, Inc. ("SBM") and its wholly owned-subsidiary, The Bank of Maine. Ott and Soderberg have served as directors of SBM since 2010 and 2011, respectively. In addition to their roles as board members, Ott will serve as a member of the Audit Committee and Director's Loan Review Committee, and Soderberg will serve as a member of the Governance and Risk Committee and Asset and Liability Committee.
"Both David and Carl will be great assets to Camden National and its shareholders," said Karen W. Stanley, Chair of the board of directors of the Company and Camden National Bank. "With the merger of SBM into Camden National scheduled to close on October 16, 2015, David and Carl will provide a breadth of knowledge and experience through their past roles on the SBM board of directors and their extensive careers that will benefit the Company moving forward."
David Ott has over 25 years of banking experience serving in senior leadership roles with Fleet Financial Group and Banknorth, Inc., including President of Fleet Bank of Maine and Senior Executive Vice President and Chief Banking Officer of Banknorth, Inc. In addition to Ott's extensive banking experience, he also has served as a director of the Susan Curtis Foundation, Portland Museum of Art, Mitchell Institute, and the United Way. Ott currently serves on the board of directors of HTech Holdings, Inc.
"I am excited to join the board of directors of Camden National and serve the shareholders of these two merging companies," said Ott. "Camden National and SBM share similar values and vision which makes this merger attractive to both shareholders and stakeholders."
Carl Soderberg is the President of Soderberg Company, Inc., a construction company in Caribou, Maine, and has served on numerous boards including as past director of First Citizens Bank, serving as Vice Chairman from 2005 – 2007 and on the Loan and Audit Committees of the board of directors from 1996 – 2007. Soderberg currently serves as a director for the University of Maine at Presque Isle Foundation and for the Big Rock Mountain Ski Area in Mars Hill.
"Camden National is a proven leader within the community banking space across Maine, and I am looking forward to serving as a director of the Company and assist with shaping its future," said Soderberg. "With the joining of these two companies under the Camden National franchise, the Company is poised to achieve great things going forward."
About Camden National Corporation
Camden National Corporation is the holding company employing more than 480 Maine residents for two financial services companies including 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 44 banking offices throughout Maine and a commercial loan office in Manchester, New Hampshire. Acadia Trust offers investment management and fiduciary services with offices in Portland, Bangor and Ellsworth. Located at Camden National Bank, Camden Financial Consultants offers full-service brokerage and insurance services. Learn more at www.CamdenNational.com. Member FDIC.
Certain statements contained in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, projections and other statements, which are subject to numerous risks, assumptions and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Certain factors that could cause actual results to differ materially from expected results include delays in completing the proposed merger, difficulties in achieving cost savings from the proposed merger or in achieving such cost savings within the expected time frame, difficulties in integrating Camden National and SBM, increased competitive pressures, changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business in which Camden National and SBM are engaged, changes in the securities markets and other risks and uncertainties disclosed from time to time in Camden National's Annual Report on Form 10-K for the year ended December 31, 2014, as updated by other filings with the Securities and Exchange Commission ("SEC"). Camden National does not have any obligation to update forward-looking statements.
Additional Information and Where to Find It
In connection with the proposed merger, Camden National has filed with the SEC a Registration Statement on Form S-4 that includes a Proxy Statement of SBM and Camden National and a Prospectus of Camden National, as well as other relevant documents concerning the proposed merger. Investors and shareholders are urged to read the Registration Statement and the Proxy Statement/Prospectus regarding the proposed merger and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information. A free copy of the Registration Statement and Proxy Statement/Prospectus, as well as other filings containing information about Camden National and The Bank of Maine, when they become available, may be obtained at the SEC's Internet site (www.sec.gov). Copies of the Registration Statement and Proxy Statement/Prospectus and the filings incorporated by reference therein may also be obtained, free of charge, from Camden National's website at www.CamdenNational.com or by contacting Camden National Investor Relations at (207) 236-8821 or by contacting SBM Investor Relations at (207) 518-5607.