Camden National Bank plans to close four branches — including two in Augusta and another in Gardiner — when its $135 million merger with The Bank of Maine is completed in October.
The planned merger, which was announced in March, would give the bank 64 branches from York to Calais with 700 employees and more than $3 billion in assets, allowing Camden National to pass Bangor Savings Bank as the largest Maine-based bank. In a news release, the bank said employees of the closed branches are expected to be given positions elsewhere in the branch network.
The current Camden National branches identified for closure will be consolidated with nearby Bank of Maine branches.
• In Augusta, the branch at 127 Community Drive in Augusta will be closed and consolidated with the Bank of Maine branch at 130 Community Drive in Augusta, across the street. Also, the branch at 38 Bangor St. will be closed and merged with the Bank of Maine branch at 66 Eastern Ave., less than a mile away.
• In Gardiner, the branch at 192 Water St. will be closed and consolidated with the Bank of Maine branch at 190 Water St., next door.
• In Kennebunk, the branch at 108 Lafayette Center will be closed and consolidated with the Bank of Maine branch at 36 Portland Road, less than a mile away.
“We carefully reviewed our expanded branch network and determined that these branches were in such close proximity to each other that it would provide a better customer experience to combine locations in these instances,” said Gregory Dufour, CEO of Camden National Bank, in a news release.
Camden National will keep the Bank of Maine service center in Gardiner’s Libby Hill Park open after the merger, as Camden National said its Rockport center is reaching capacity. Dufour said the Gardiner center “offers a talented workforce as well as a great location” and “reflects how dynamic our combined organization will be after the merger.”
The bank said customer accounts at the closed locations will be transferred automatically to the closest branch, and customers won’t need to do anything. The consolidations won’t happen until October.
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