Camden National (CAC) Approves 3-for-2 Stock Split
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Camden National Corporation (NASDAQ®: CAC) announced today that its Board of Directors has approved a three-for-two stock split to be effected in the form of a stock dividend on the Company's common stock. The three-for-two stock split is payable September 30, 2016, to its common shareholders of record at the close of business on September 15, 2016. Shareholders will receive cash in lieu of any fractional share of common stock that they otherwise would have been entitled to receive in connection with the split, except that participants in the Company's Dividend Reinvestment & Direct Stock Purchase and Sale Plan will have fractional shares credited to their accounts. The price paid for fractional shares will be the closing price the last trading day immediately prior to record date.
"The Company has delivered strong financial results through the first six months of 2016 as we continue to realize the benefits of the strategic acquisition of SBM Financial, Inc., the parent company of The Bank of Maine," said Gregory A. Dufour, president and chief executive officer of Camden National. "We believe this stock split will place the market price of the Company's common stock in a more attractive range for investors and, by increasing the number of shares outstanding, we also expect this action will help increase the liquidity of the Company's common stock."
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