Camden National (CAC) Reports Q4 Earnings
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Camden National Corporation (NASDAQ: CAC), reported Q4 EPS of $2.00 compared to $3.09 for the fourth quarter of 2007 and year ended December 31, 2007. The 2008 results were impacted by investment securities losses and higher loan loss provisions, in part offset by the favorable earnings impact of the Union Bankshares Company (“Union”) acquisition on January 3, 2008.
"Even though the State has seen a slowdown related to the economic recession, our loan pipeline is solid as we have seen some competitors retrench and more rational pricing in the market. Our wealth management subsidiary, Acadia Trust, N.A., is also seeing continued demand for its services as its 2008 above-benchmark investment performance has attracted investors."
Camden National Corporation is a bank holding company. The Company is a diversified financial services provider. [SM]
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