CAMDEN, Maine, Sept. 24, 2013 /PRNewswire/ -- Gregory A. Dufour, president and chief executive officer of Camden National Corporation (NASDAQ®: CAC; the "Company") announced today that the board of directors of the Company declared a $0.27 per share dividend payable on October 31, 2013, for shareholders of record on October 17, 2013.
In addition, the board of directors authorized a common stock repurchase program for the repurchase of up to 250,000 shares or approximately 3.3% of the Company's outstanding common stock. The program is expected to continue until the authorized number of shares is repurchased or the Company's board terminates the program.
"The dividends we pay to shareholders and the common stock repurchase program are two critical elements of our overall capital management plan," said Dufour. "Over the years, we've effectively used the repurchase program to acquire outstanding shares when we believe market conditions and our estimates of future capital needs align to make a repurchase attractive." The program also ensures the Company will maintain the appropriate regulatory capital requirements prior to a repurchase.
The authority granted under the Common Stock Repurchase Program may be exercised from time to time and in such amounts as market conditions warrant. Any purchases are intended to make appropriate adjustments to the Company's capital structure, including meeting share requirements related to employee benefit plans and for general corporate purposes.
This press release and the documents incorporated by reference herein contain certain statements that may be considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "will," "should," and other expressions which predict or indicate future events or trends and which do not relate to historical matters. Forward-looking statements should not be relied on, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties and other factors may cause the actual results, performance or achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.