Exhibit 99.1

Camden National Corporation Extends Stock Repurchase Program

    CAMDEN, Maine--(BUSINESS WIRE)--July 27, 2004--Robert W. Daigle,
President and Chief Executive Officer of Camden National Corporation
(AMEX: CAC; or the "Company"), announced today that the Board of
Directors of the Company has renewed the Company's Common Stock
Repurchase Program for an additional one-year term. The renewal will
allow for the repurchase of up to 5%, or approximately 383,500 shares,
of the Company's outstanding common stock. Since the inception of the
Company's stock repurchase program in 2001, the Company has
repurchased 533,098 shares at an average price of $26.09.
    The "2004 Stock Repurchase Program" will expire on July 1, 2005.
The authority granted under the 2004 Common Stock Repurchase Program
may be exercised from time to time and in such amounts as market
conditions warrant. Any purchases are intended to make appropriate
adjustments to the Company's capital structure, including meeting
share requirements related to employee benefit plans and for general
corporate purposes.
    Camden National Corporation, headquartered in Camden, Maine, and
listed on the American Stock Exchange, the Russell 3000(R) Index and
the small-cap Russell 2000(R) Index under the symbol CAC, is the
holding company for a family of three financial services companies,
including: Camden National Bank (CNB), a full-service community bank
with 12 banking offices serving Midcoast, Kennebunk and Portland,
Maine, and online at www.camdennational.com, and recipient of the
Governor's Award for Business Excellence in 2002; UnitedKingfield Bank
(UKB), a full-service community bank with 15 offices serving Central,
Eastern and Western Maine and online at www.unitedkingfield.com; and
Acadia Trust, N.A., offering investment management and fiduciary
services with offices in Portland and Bangor, Maine and online at
www.acadiatrust.com. In addition, Acadia Financial Consultants
operates as a division of CNB and UKB, to offer full-service brokerage
services.

    This press release and the documents incorporated by reference
herein contain certain statements that may be considered
forward-looking statements under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
the use of the words "believe," "expect," "anticipate," "intend,"
"estimate," "assume," "will," "should," and other expressions which
predict or indicate future events or trends and which do not relate to
historical matters. Forward-looking statements should not be relied
on, because they involve known and unknown risks, uncertainties and
other factors, some of which are beyond the control of the Company.
These risks, uncertainties and other factors may cause the actual
results, performance or achievements of the Company to be materially
different from the anticipated future results, performance or
achievements expressed or implied by the forward-looking statements.
    Some of the factors that might cause these differences include the
following: changes in general, national or regional economic
conditions; changes in loan default and charge-off rates; reductions
in deposit levels necessitating increased borrowing to fund loans and
investments; changes in interest rates; changes in laws and
regulations; changes in the size and nature of the Company's
competition; and changes in the assumptions used in making such
forward-looking statements. Other factors could also cause these
differences. For more information about these factors please see our
Annual Report on Form 10K on file with the SEC. All of these factors
should be carefully reviewed, and readers should not place undue
reliance on these forward-looking statements.
    These forward-looking statements were based on information, plans
and estimates at the date of this press release, and the Company does
not promise to update any forward-looking statements to reflect
changes in underlying assumptions or factors, new information, future
events or other changes.

    CONTACT: Camden National Corporation
             Suzanne Brightbill, 207-230-2120
             sbrightbill@camdennational.com