CAMDEN, Maine, April 16, 2012 /PRNewswire/ -- Camden National Corporation (NASDAQ: CAC) announced it has been named to Forbes' list of the 100 Most Trustworthy Companies in America — the only Maine-based company on the list. The organization was evaluated along with more than 8,000 other companies traded on U.S. Exchanges by GMI Ratings. GMI is an independent risk research firm that provides a statistically modeled assessment of corporate integrity. GMI's analysis looks beyond the raw data on companies' income statements and balance sheets to assess the true quality of corporate accounting and management practices.
"To be included on Forbes' list of America's Most Trustworthy companies is an incredible honor for any company, and I can say without hesitation that it's even more meaningful for Camden National because it validates what we've been doing for more than a century now," said Gregory A. Dufour, president and chief executive officer, Camden National Bank.
Camden National has been a part of the Maine community since 1875. Throughout its history, the company has maintained a strong focus on its core values. They have guided the company and remain succinct and clear: honesty and integrity above all else, trust built on fairness, service that is second to none, responsibility to use its resources for the greater good and excellence through hard work and lifelong learning. Camden National's employees — their stakeholders — are the ambassadors of these values. Through them, Camden National asks for and works hard to earn the trust of the individuals, businesses and the Maine communities it serves. Trust forms the basis of these partnerships.
In addition to exceeding a market cap of $250 million at the time the list was created, the company maintained an Accounting and Governance Risk (AGR) rating of "conservative" or "average" over the last four quarters, and had no amended filings, enforcement actions or material restatements with the Securities and Exchange Commission (SEC). Finally, the company ranked high on GMI's Equity Risk Ranking, indicating a positive forecast for equity returns, and minimal likelihood of distress as measured by GMI's Bankruptcy Risk model.
In the Forbes article unveiling the list, GMI Chairman James A. Kaplan stated, "What these companies have in common is what they don't have: problems that indicate elevated risk. Those problems can range from high executive compensation or incentives that are not aligned with shareholder interests to inconsistent application of accounting principles, or the occurrence of negative events."
Click here to view Forbes' full list of the 100 Most Trustworthy Companies in America.
About Camden National Corporation
Camden National Corporation, headquartered in Camden, Maine, is the holding company employing more than 400 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 38 banking offices throughout Maine. Acadia Trust offers investment management and fiduciary services with offices in Portland and Ellsworth. Located at Camden National Bank, Camden Financial Consultants offers full-service brokerage and insurance services.
SOURCE Camden National Corporation