Allen Insurance and Financial agent becomes self-funded certified

CAMDEN — Sherree Craig, senior account executive in the insured benefits division at Allen Insurance and Financial, is now certified through the National Association of Health Underwriters' new professional development course on self-funding. This continuing education course for agents has been approved in all 50 states.

Craig completed this three-hour course to receive the most up-to-date information on the key technical components of self-funding and is prepared to counsel Allen Insurance clients on self-funded models and strategy.

"By taking this course, Sherree has joined an elite group who is uniquely qualified to assist clients in implementing and maintaining self-funded medical coverage," said Janet Trautwein, NAHU chief executive officer, in a news release. "She understands the benefits and risks between self-funded and fully-insured, and is in the perfect position to advise businesses Topics of study include:

 Implementing self-funding plan structure—technical knowledge and overview

 Fixed cost and aggregate risk

 Third party administrators—fees and services

 Stop-loss insurance

 Managing claims and controlling cost

 Plan design structure to influence consumer behavior

 Transparency

Allen Insurance and Financial is an employee-owned insurance, employee benefits, and financial services company with offices in Rockland, Camden, Belfast and Southwest Harbor. Call 800-439-4311. Online: AllenIF.com.

The National Association of Health Underwriters represents 100,000 professional health insurance agents and brokers who provide insurance for millions of Americans.

Joelle Albury joins Aldermere Farm

ROCKPORT — Joelle Albury is the new office and outreach manager at Aldermere Farm. A graduate of the University of Maine business management program, she recently served as the director of development and volunteer coordinator at P.A.W.S. Animal Adoption Center and was the operations manager at Youthlinks.

Albury will support Aldermere and Erickson operations and work with other respective MCHT staff in communications, fund raising, volunteer coordination, beef and retail sales, and financial records. 

Program Assistant Jeremy Lucas will report to Albury while taking on some new responsibilities including developing the volunteer programs in support of Aldermere and Erickson farm operations. He will also utilize his knowledge from working at Pine Tree Society and the Boy Scouts of America as the organization works to develop its new wellness trail at Erickson Fields Preserve.

Camden National Corporation reports 12 percent increase in first quarter 2015 core operating earnings

CAMDEN — Camden National Corporation (NASDAQ: CAC; "Camden National" or the "Company"), a $2.8 billion bank holding company headquartered in Camden, reported net income for the first quarter of 2015 of $5.6 million and diluted earnings per share ("EPS") of $0.75.

The Company reported core operating earnings1 and core diluted EPS1 for the first quarter of 2015 of $6.3 million and $0.84 per share, respectively, representing an increase of 12 percent and $0.10 per share over the first quarter of 2014. The Company's core return on average shareholders' equity1 and average assets1 for the first quarter of 2015 was 10.25 percent and 0.91 percent, respectively.

"We're very pleased with our financial results to start 2015," said Gregory A. Dufour, president and chief executive officer of the Company, in a news release. "Our core operating earnings and core diluted EPS grew 12 percent and 14 percent, respectively, over the same period last year, and is the result of strong loan growth seen throughout 2014 and into the first quarter of 2015."

Dufour added, "We have much to be excited about already in 2015. In addition to a strong start financially, we announced on March 30, 2015 that the Company entered into a definitive agreement with SBM Financial, Inc. to merge The Bank of Maine into Camden National Bank. This merger will make Camden National the strongest banking franchise in Northern New England while remaining headquartered in Maine."

The Merger of Camden National and SBM Financial, Inc.

On March 30, 2015, Camden National Corporation, the parent company of Camden National Bank, and SBM Financial, Inc. ("SBM"), the parent company of The Bank of Maine, announced the signing of a definitive agreement under which SBM will merge into Camden National and The Bank of Maine will merge into Camden National Bank, creating Maine's largest community bank. The combined organization will operate under the Camden National Bank name and brand.

Upon completion of the transaction, Camden National will have a combined network of 68 branches and three specialized lending locations. The transaction complements Camden National's existing footprint and expands the Company's presence in the higher growth Southern Maine market.

While this investment is expected to dilute Camden National's tangible book value by 14 percent the institution expects to earn back that dilution in five years and report earnings per share accretion in the mid-teens beginning in 2016. The anticipated closing date for the merger is October 2015, subject to shareholder and regulatory approval. 

First Quarter 2015 Financial Highlights

Core operating earnings increased $657,000, or 12 percent, over core earnings for the first quarter of 2014.

Core diluted EPS increased $0.10 per share, or 14 percent, over core diluted EPS for the first quarter of 2014.

Net interest income on a fully-taxable basis increased $1.2 million, or 6 percent, over the first quarter of 2014 driven by average loan growth of $189.8 million, or 12 percent. 

Asset quality continues to improve as non-performing assets to total assets of 0.67 percent at March 31, 2015 hit pre-2008 recessionary level.

The Company announced it entered into a definitive merger agreement with SBM, the parent company of The Bank of Maine, with an anticipated closing date in October 2015.

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. Learn more at www.CamdenNational.com. Member FDIC.