– USA, ME – Camden National Corporation (NASDAQ: CAC) 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.
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