XML 77 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2012
SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS

 

On July 17, 2012, the Office of the Comptroller of the Currency (“OCC”) approved Camden National Bank’s (the “Bank”) acquisition of 15 branch banking locations from Bank of America, including branches in Auburn, Brewer, Gardiner, Lewiston, Newport, Old Town, Rockland and Waterville, Maine, as well as three branches in the Augusta and Bangor markets. The Bank will also re-open the Orono location.

 

Following a customary antitrust review, the Bank reached an agreement with the Department of Justice to divest the branch located in Rockland, Maine. On July 1, 2012, the Bank signed definitive agreements to sell the acquired Bank of America branch in Rockland, Maine, including the deposit accounts and a small volume of loans as well as the Company’s Bangor, Maine, building subsequent to the relocation of the Company’s branch facility.

 

The Company has evaluated events and transactions subsequent to June 30, 2012 for potential recognition or disclosure as required by GAAP.