If Camden National Bank’s acquisition of The Bank of Maine closes in October as expected, the city of Gardiner will lose a downtown tenant and a longtime supporter of the community.
Losing that support was a concern for a lot of people in Gardiner when the banks announced plans for the sale in March, said City Manager Scott Morelli. The bank, formed in 1834 as Gardiner Savings Institution, gave $1 million for the construction of the city’s Waterfront Park and, more recently, pledged $125,000 toward a downtown business incentives program.
But despite the initial concern, he said he’s optimistic after meeting with the leaders of the banks after the announcement.
The two leaders of the banks also say they expect the support of the city and community groups to continue after the merger.
“I anticipate keeping that relationship going and pairing with city officials there,” said Gregory Dufour, president and CEO of Camden National Bank.
The $135 million deal, if approved by federal regulators and shareholders, will create the largest locally owned bank in Maine. It will also lead to four Camden National Bank branches consolidating into existing The Bank of Maine branches, including two in Augusta and the Camden National Bank branch in downtown Gardiner.
In Augusta, where the two banks have three branches each, Camden National Bank would close its branches on 127 Community Drive and 38 Bangor St. and move. The bank would also close its Kennebunk branch at Lafayette Center and move into a The Bank of Maine branch less than a mile away.
In Gardiner, The Bank of Maine also owns around a half dozen parking lots near the downtown and a row of empty storefronts across Water Street from the Gardiner Public Library.
John Everets, president and CEO of The Bank of Maine, said the bank has explored possible uses for the row of mostly unused downtown storefronts and will continue to do so in the future. Camden National Bank would also continue to work with the city to market the properties, Dufour said.
As for the Camden National Bank branch at the corner of Church and Water streets, Dufour said he anticipates the bank would look to sell it at some point in the future.
The potential for that building to open up is an exciting prospect, said Patrick Wright, executive director of Gardiner Main Street.
But not everyone in the city is as optimistic about the merger.
Steve Marson, board member of the Gardiner Board of Trade and owner of the River Road Variety in South Gardiner, said he thinks the city will end up losing a lot of support if the bank sale goes through.
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