From the Wires
Finance Authority of Maine Names Camden National Bank "Financial Institution of the Year"
Award Marks Third in the Last Four Years
By: Marketwire .
Nov. 13, 2012 10:36 AM
CAMDEN, ME -- (Marketwire) -- 11/13/12 -- Based on its commitment to the community and volume of loans throughout the course of the year, Camden National Bank has been named "Financial Institution of the Year" by the Finance Authority of Maine (FAME). This marks the third year that Camden National has received the distinction out of the last four. Camden National Bank will be honored this afternoon during FAME's 13th annual "Showcase Maine" event, which starts at 4:30 p.m. at Holiday Inn by the Bay in Portland.
"Camden National Bank is committed to helping Maine businesses succeed while strengthening our local communities," says Greg Dufour, president & chief executive officer of Camden National Bank. "This is especially true with new businesses that may need the extra support our partnership with FAME can provide."
Kyle Murdock of Sea Hag Processing is an example of that. Murdock, a young lobsterman, says almost all processing plants are located in Canada. He saw an opportunity in Maine. "When no one else would talk to me, Camden National not only entertained my request, but they got involved in the process," Murdock says. In January 2012, Camden National Bank loaned him $878,000. "I am so grateful that they afforded me this opportunity."
Murdock says because of this support, his processing plant is projected to gross $3 million this year alone. Murdock's loan is one of many that earned Camden National Bank the "Financial Institution of the Year" distinction from FAME, whose focus is to help businesses access capital to grow, expand and succeed by providing insurance to banks to help them assist borrowers.
"Over the past year, Camden National partnered with FAME on 41 loans totaling over $11.8 million. This in turn helped to create 102 Maine jobs and retain an additional 360 jobs," stated FAME Chief Executive Officer Beth Bordowitz. "They're also an active contributor to FAME's Lender Advisory Council and are committed to the communities in which they operate. We're pleased to again recognize them with this award."
"This comes at an exciting time for us at Camden. We just successfully expanded our footprint and welcomed 30,000 customers to our family," says Dufour. "We plan to continue the same high level of commitment as we head into 2013."
In October, Camden National Bank expanded its footprint into Auburn, Augusta, Brewer, Gardiner, Old Town, Newport and Waterville, and increased its presence in Bangor and Lewiston. In addition, Camden National will re-open the former Bank of America branch in Orono this December. Camden National Bank now operates 50 locations and is the fourth largest bank in deposit market share in the state of Maine.
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