CAMDEN — The shareholders of the Camden National Corp. (AMEX: CAC) at a special shareholders’ meeting Nov. 9 approved an amendment to the company’s article of incorporation to increase the number of authorized shares of common stock from 5 to 10 million shares. This approval will allow the company to implement the previously announced three-for-one stock split. The split will apply to shareholders of record as of Nov. 19, 1998, and will be distributed Dec. 4, 1998.
Shareholders of record as of Sept. 28, 1998, were entitled to vote at the special meeting. Shareholders will own three shares for every share they currently own, and the number of outstanding shares will increase to approximately 6.7 million shares.
“The stock split should improve the liquidity of our stock and could, thereby, enhance shareholder value by increasing the number of shares available to the market,” said Keith Patten, president and chief executive officer of the Camden National Corp.
“In addition,” Patten said, “the directors and the office of the comptroller of the currency, the primary regulator of National Bank, previously approved a repurchase program which should also be in the best interest of remaining shareholders as their larger percentage of ownership will benefit more in the future earnings of the company. At current price levels, we believe the continued repurchase of Camden National Corporation stock represents a very good value and an investment that will be beneficial to shareholders of our company.”
Shares of Camden National Corp. were selling at $67 Monday afternoon.
Camden National Corp., headquartered in Camden, is the holding company for three financial services companies: Camden National Bank, a full-service community bank with 10 banking offices located in Belfast, Camden, Rockland, Thomaston, Union, Bucksport, Vinalhaven, Waldoboro and Damariscotta; United Bank, a full-service community bank with nine offices located in Bangor, Corinth, Hampden, Hermon, Jackman, Milo, Winterport, Greenville and Dover-Foxcroft; and Trust Co. of Maine, headquartered in Bangor offering traditional trust and investment services throughout central and eastern Maine.