Mainebiz

V O L . X X X I N O. I JA N UA R Y 1 3 , 2 0 2 5 8 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E in need with preference to nonprofits focused on youth, education, health- care, substance abuse recovery and/ or arts and culture. Fifty8 & Maine, a gift shop, opened at 81 Sweden St. in Caribou. Northern Light Eastern Maine Medical Center in Bangor said its Food Drive Face-off 10K Challenge collected 7,305 pounds of food for the Community Cupboard, a pantry located on the State Street Campus. Bangor Wine and Cheese owners Eric and Christine Mihan announced the sale of the store to Annie Cutler. Hair Boss Licensed to Carry LLC opened at 55 State Road in Presque Isle. N O T E W O R T H Y N O R T H E R N & E A S T E R N N O R T H E R N & E A S T E R N B I Z M O N E Y Just days into 2025, two bank mergers take effect B y R e n e e C o r d e s T wo bank mergers became official in the new year. Camden National Corp. (Nasdaq: CAC) has completed its acqui- sition of North Conway, N.H.-based Northway Bank to form a combined institution with assets of $7 billion and 73 branches across Maine and New Hampshire. The all-stock deal, valued at $86.6 million, was announced in September and completed as scheduled on Jan. 2 after getting the green light from regulators in December. Post-merger, Camden National employs more than 725 people in total. The tie-up closed a day after Gorham Savings Bank com- pleted its merger with Maine Community Bank. The combined entity will have nearly $3 billion in assets and 21 branches across three counties. The merger closed on Jan. 1, becoming the largest mutual savings bank operating exclusively in Maine. Based on rank- ings of Maine-based banks in the 2025 Mainebiz Book of Lists, that would make the merged entity Maine's sixth-largest bank, just ahead of Machias Savings Bank. The enlarged bank, now known as Maine Community Bank, employs more than 370 people, and has branches in Cumberland, Androscoggin and York counties. It is headquartered in Gorham Savings' building on India Street in Portland, with the building signage expected to be replaced around Jan. 21. Maine could continue to see an evolving banking landscape, with some experts predicting more M&A activity ahead. Camden National Bank grew with an acquisition of a N.H. bank, while Maine Community Bank merged with Gorham Savings. P H O T O S / C O U R T E S Y O F C A M D E N N AT I O N A L B A N K A N D R E N E E C O R D E S All in on Maine. INTRODUCING THE NEWLY COMBINED MAINE COMMUNITY BANK Our bank is defined by Maine—where we are, who we serve, and our mission. This singular focus has made us the largest mutual savings bank operating solely in our state. For us, community banking means helping Maine families, businesses, and communities reach their financial goals—and today, we can offer more than ever. Learn more at maine.bank.

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