Former Union Trust bank branches will be rebranded under the Camden National Bank name in February, the bank’s president said Wednesday.
Camden had acquired the Down East region bank chain in early 2008, and had continued operating the branches under the Union Trust name. All the banks’ systems and operations were combined in that year.
President and CEO Gregory Dufour said the bank suspected it would need to change the name to Camden National at some point, but hadn’t made any definitive plans to do so until recently.
Both customers and employees told bank management that the two-name setup was getting confusing, said Dufour. And employees can easily get an “us versus them” mentality when all of the branches aren’t under one name, said Dufour, so the bank decided to do the rebranding.
After Feb. 22, 2011, customers will be redirected automatically to the Camden National website and will receive new debit-credit cards.
“We are the same bank employing the same people, but with a new name that sums up our goal of making this transition as smooth as possible for customers, employees and communities,” Dufour said.
The bank now has 38 branches ranging from the midcoast, to Down East, Bangor, Greenville, Rangeley, Lewiston, Portland and as far south as Kennebunk, where it just opened a new branch this fall.
Camden National remains on the lookout for future acquisitions or potential for further organic growth through new branch openings, said Dufour. This February, the bank will offer a new online banking platform that includes a robust mobile banking offering, he said.
The bank is valued at $2.3 billion, employs 425 people and serves 67,000 households and businesses throughout Maine, Dufour said. Camden National is publicly traded on the NASDAQ under the CAC symbol, and was trading at $37.42 a share midday Wednesday.
In the third quarter, which ended Sept. 30, the bank reported profits of $7.4 million, compared to $6.3 million in the same period a year ago.