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W W W. M A I N E B I Z . B I Z 29 A P R I L 1 7 , 2 0 1 7 F O C U S B A N K I N G / F I N A N C E Gregory A. Dufour, Camden National Bank's president and CEO, says the move followed an in-depth strategic planning process the year before. "When the Bank of Maine opportunity came up literally in January 2015, it fi t into our strategy," he notes. " e tendency for a lot of organizations, when they see an acquisition, is to adjust their strategy to fi t the acquisition. e uniqueness we have here was the acqui- sition fi t the strategy … at led us really right up front to have a diff erent collaborative view of things." e deal created the largest pub- licly traded bank holding company in northern New England, with $3.9 bil- lion in assets and 650 employees. e strategy delivered strong results for 2016, with net income up by 91% and the effi ciency ratio —a measure of how well a company uses its assets and liabil- ities internally — improving to 57.53%, from 61.13% in 2015. It's now looking to expand in New Hampshire, where it has already an offi ce in Manchester, with a location in Portsmouth in the next three to six months, Dufour says Asked whether he has aspirations to turn Camden National Bank into a regional player, Dufour says the goal is to "go into markets where we feel that we can provide a unique experience for customers for those communities … Once you start putting on 'region' that means you kind of have that pressure to grow. We are very methodical in what we want to do … We don't just want to grow for growth's sake." He also says that Camden National still sees potential in other parts of Maine, including Bangor, Lewiston-Auburn and the central Maine-Augusta-Waterville-Gardiner area. "Even though we have a lot of branches there, a lot of business there, we can grow there too, even in our traditional midcoast market." Like Camden National, Bar Harbor was keen on southern Maine, and Portland in particular, before eyeing Lake Sunapee. "We would love to come to Portland, but there was nothing for sale," says Simard. " ere wasn't really a lot of M&A left to be done in Maine, so when we started talking about strategy, we said, 'What looks and feels like Maine?' Certainly as a result, Lake Sunapee was on our radar … It was a bunch of banks that came together over a 125-year-period and had a fantastic culture, a great reputation, a strong retail base, a strong residential lending base, but really needed to expand their com- mercial capacity, so that was how we got on each other's radar." It remains to be seen what Bar Harbor does next. " at was a really bold move," says consultant Erin Hurley, "to really leap over Portland and go straight into New Hampshire and Vermont, without fi lling in the rest of the I-95 corridor. Perhaps their strategy will include backfi lling in Portland and southern Maine further down the road." ere have also been mergers among smaller institutions. Auburn- based Mechanic Savings Bank and Biddeford Savings Bank joined forces to form Maine Community Bancorp Inc., and EMMC Federal Credit Union of Brewer and Acadia Federal Credit Union of Fort Kent will form Acadia FCU. Bucking the consolidation trend, Bangor Savings Bank made an unusual move outside the tradi- tional banking world with last year's purchase of Portland gift card fi rm Buoy Local. It's also investing in new real estate, including a multi-building campus in Bangor to accommodate 400 to 500 employees. "We're talking about multimillions of dollars of investments," says Bob Montgomery-Rice, Bangor Savings' president and CEO. He adds that, although the bank is not beholden to shareholders like some of its peers, it also doesn't have the advantage of raising capital through the stock market. "We have to feed ourselves through our profi t," he says. "We can think about what investment we can make that will pay dividends over the next fi ve to 10 years." Renee CorDes, Mainebiz senior writer, can be reached at rcorDes @ mainebiz.biz Junior Achievement's 28th Annual Maine Business Hall of Fame For sponsorship opportunities, please contact Michelle Anderson at manderson@jamaine.org. Proudly Announcing The 2017 Laureates Melissa Smith President and CEO of WEX Inc. Bill Burke Chairman of the Portland Sea Dogs Rob Tod Founder of Allagash Brewing Company Join us as we honor three amazing contributors to our local economy and community. Monday, May 1 5:30pm – 8:30pm Portland Marriott at Sable Oaks Thank you to our Platinum Sponsor Financing that fuels progress for all. Local lender and national leader in rural business development To work with us or apply for a loan, call 207-504-5900 or visit CEI has committed millions of dollars to growing good jobs, supporting environmental sustainability and creating shared prosperity in Maine and across the country since 1977. I don't think we've seen the end of bank I don't think we've seen the end of bank I don't think we've seen the end of bank I don't think we've seen the end of bank I don't think we've seen the end of bank I don't think we've seen the end of bank I don't think we've seen the end of bank I don't think we've seen the end of bank I don't think we've seen the end of bank consolidation. The banking industry is very consolidation. The banking industry is very consolidation. The banking industry is very consolidation. The banking industry is very consolidation. The banking industry is very consolidation. The banking industry is very consolidation. The banking industry is very consolidation. The banking industry is very consolidation. The banking industry is very consolidation. The banking industry is very consolidation. The banking industry is very consolidation. The banking industry is very consolidation. The banking industry is very expensive, from the technology to anti-fraud monitoring to security and compliance costs. Banks have to have economies of scale... — Erin Hurley Hurley Solutions Inc.

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