RBC Capital Markets

Financial Institutions

Conference

September 26, 2007

Presenter

Robert W. Daigle

President and Chief Executive Officer

Exhibit 99.2

2

Safe Harbor Statement

This report contains statements that may be considered forward-looking statements within the meaning of

Section

27A

of

the

Securities

Act

of

1933

and

Section

21E

of

the

Securities

Exchange

Act

of

1934. 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 Camden National

Corporation ("Camden"). These risks, uncertainties and other factors may cause the actual results, performance

or achievements of Camden 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: (i) failure of the parties to satisfy the

closing

conditions

in

the

Merger

Agreement

in

a

timely

manner

or

at

all;

(ii)

failure

of

the

shareholders

of Union

Bankshares

Company ("Union Bankshares") to approve the Merger Agreement; (iii) failure to obtain

governmental approvals of the Merger, or imposition of adverse regulatory conditions in connection with such

approvals;

(iv)

disruptions

in

the

businesses

of

the

parties

as

a

result

of

the

pendency

of

the

Merger; (v)

integration

costs

following

the

merger,

(vi)

changes

in

general,

national

or

regional

economic

conditions; (vii)

changes in loan default and charge-off rates; (viii) reductions in deposit levels necessitating increased borrowing

to fund loans and investments; (ix) changes in interest rates; (x) changes in laws and regulations; (xi) changes in

the size and nature of the Camden's competition; and (xii) 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 Camden’s and Union Bankshares’

filings with the SEC, including their Annual Report on Form

10-K on file with the Securities and Exchange Commission ("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 report, 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.

3

Overview

•

Founded 1875 in Camden, Maine

•

Common Stock CAC trades on AMEX

•

Profile

–

Total Assets -

$1.8 billion

–

Assets under Administration -

$925 million

–

Total Households -

45,600

–

Employees –

324

–

Banking Centers -

27

4

Franchise Geography

5

Franchise Ranking

Source:

SNL

Financial;

Bank

of

America

and

KeyBank

do

not

provide

total

Maine-based assets

Top Fifteen Banks in Maine by Asset Size

Total Assets (000's)

Institution Name

As of June 30, 2007

TD Banknorth, National Association

$43,027,878

Bangor Bancorp, MHC

$2,078,791

Camden National Corporation

$1,761,103

First National Lincoln Corporation

$1,161,274

Gardiner Savings Institution, FSB

$976,444

Norway Bancorp, MHC

$835,076

Bar Harbor Bankshares

$833,450

Machias Bancorp, MHC

$795,958

Gorham Bancorp, MHC

$739,323

Kennebunk Savings Bank

$719,275

Saco & Biddeford Savings Institution

$674,339

Kennebec Savings Bank

$610,407

Union Bankshares Company

$565,426

Androscoggin Bancorp, MHC

$564,767

Northeast Bancorp

$556,866

6

Loan and Deposit Growth

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2002

2003

2004

2005

2006

Q2-07

Loans

Deposits

($ in millions)

7

Return On Equity

15.38%

15.85%

15.97%

16.99%

18.40%

17.97%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

2002

2003

2004

2005

2006

Q2-07

*

* Q2-07  year to date results annualized

8

Diluted EPS growth

$2.11

$2.38

$2.53

$2.80

$2.93

$1.00

$1.50

$2.00

$2.50

$3.00

2002

2003

2004

2005

2006

9

Strategic Focus

•

Maximizing Shareholder Value

•

Optimizing Capital

•

“Block and Tackle”

Banking

•

Investing in the Business

•

Merger of banking subsidiaries

•

Technology infrastructure

•

Deposit Group

10

Key Initiatives

•

Tender

Offer

/

Trust

Preferred

Issuance

–

2006

•

Merger

of

banking

subsidiaries

–

2006

•

Merger

Agreement:

Union

Bankshares

–

2007

11

Union Bankshares

Overview

Ticker

UNBH

Headquarters

Ellsworth, Maine

Founded

1887

Branches

13

Total Assets

$565 Million (1)

Total Loans

$373 Million (1)

Total Deposits

$318 Million (1)

Reserves to Loans

1.14% (1)

Efficiency Ratio (LTM)

71.49% (2)

(1)

At June 30, 2007

(2)

Last twelve months, as of June 30, 2007

12

Acquisition –

Pro Forma Map

13

Acquisition –

Terms

Purchase Price per share

$68.00 (1)

Consideration

60% stock / 40% cash

Fixed Exchange Ratio

1.9106

Aggregate Purchase Price

$72.5 Million (1)

Premium to Market

33% (2)

Price to Book/Tangible Book

174% / 205% (3)

Price to LTM Earnings

18.6x (3)

Anticipated Closing

January 2008

(1)

The

actual

purchase

price

at

closing

will

vary

with

changes

in

CAC’s

stock price. 

The purchase price reflects a CAC stock price of $35.59

(2)

Based on the August 13, 2007 closing price of UNBH

(3)

Financial data as of June 30, 2007

14

Acquisition –

Compatibility

•

Two 100+ year old Maine-based institutions

•

Contiguous geography

•

Comparable corporate culture

•

Focus on the customer experience

•

Conservative credit approach

•

Operational similarities

15

Acquisition –

Execution

•

Experienced senior management team

•

Merger of banking subsidiaries: operational

template

•

Achievable cost savings and growth

assumptions

•

Compatible cultures

Manageable Execution Risk

16

Acquisition –

Financial Impact

2008

2009

EPS Accretion

< 1%

4% -

5%

Cost Savings (1)

16%

25%

(1)

Cost

Savings

are

expressed

as

a

percentage

of

UNBH’s

2007

annualized

non-interest expense

•

The legal transaction is expected to be completed in January 2008

•

Operational integration is expected to be completed by the end of  

the first quarter in 2008

•

Full cost savings are expected to be realized in 2009.

17

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