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Northway Financial, Inc. (NWYF) delivers community-focused banking services across New Hampshire through personalized financial solutions and strategic regional growth. This news hub provides investors and stakeholders with essential updates on corporate developments, financial performance, and operational milestones.
Access timely press releases detailing earnings reports, leadership appointments, and strategic initiatives like digital banking enhancements. Track updates on commercial lending activities, mortgage rate adjustments, and community reinvestment programs that reflect NWYF's commitment to local economic development.
Key content includes merger disclosures with regional banking partners, regulatory filings, and analyses of market positioning against national competitors. Discover how NWYF balances traditional relationship banking with modern financial technology investments to serve individuals and businesses.
Bookmark this page for verified updates directly from corporate communications. Check regularly for insights into dividend announcements, branch expansions, and specialized lending programs that define NWYF's role as a cornerstone of New England's banking landscape.
Camden National (NASDAQ: CAC) has completed its merger with Northway Financial, creating a combined institution with approximately $7.0 billion in total assets and 73 branches across Maine and New Hampshire. The all-stock transaction, announced on September 10, 2024, involved Camden National issuing approximately 2.3 million shares of its common stock, with Northway shareholders receiving 0.83 shares of Camden National common stock for each Northway share.
The systems conversion is scheduled for mid-March. In connection with the merger, Larry K. Haynes, former Northway board member and current president and CEO of Grappone Automotive Group, has been appointed to Camden National's Board of Directors, serving on the Audit Committee and Camden National Bank's Board and Trust Committee.
Camden National (NASDAQ: CAC) has received all necessary regulatory approvals for its merger with Northway Financial (OTCQB: NWYF). The merger, originally announced on September 9, 2024, is expected to close around January 2, 2025, following customary closing conditions. Northway shareholders approved all merger-related matters on December 17, 2024. The merger will expand Camden National's presence into New Hampshire, with customer account conversions planned for mid-March 2025.
Northway Financial reported Q3 2024 net income of $1.2 million ($0.45 per share), down from $1.6 million ($0.58 per share) in Q3 2023. For the nine months ended September 30, 2024, net income was $3.6 million ($1.31 per share), compared to $4.7 million ($1.71 per share) in 2023. The company reduced wholesale funding by $122 million and announced a pending merger with Camden National , expected to complete in Q1 2025. Total assets were $1.2 billion, with loans at $900 million and deposits at $1 billion. Non-municipal deposits increased by $18 million, while net interest margin decreased from 2.67% to 2.59%.
Camden National (NASDAQ: CAC) and Northway Financial, Inc. (OTCQB: NWYF) have announced a merger agreement valued at approximately $86.6 million. The all-stock transaction will create a premier northern New England bank with 74 branches across New Hampshire and Maine, boasting $7.0 billion in assets, $5.1 billion in loans, and $5.5 billion in deposits. The combined entity will operate under the Camden National Bank name.
The merger is expected to be 19.9% accretive to Camden National's 2025 earnings per share and 32.7% accretive to 2026 earnings per share. Subject to regulatory approvals and Northway shareholder approval, the transaction is anticipated to close in the first quarter of 2025. Post-merger, Camden National shareholders will own approximately 86% of the combined company, while Northway shareholders will own about 14%.
Northway Financial (OTCQB: NWYF) reported net income of $859,000 ($0.31 per share) for Q2 2024, down from $1.7 million ($0.63 per share) in Q2 2023. For the first half of 2024, net income was $2.4 million ($0.86 per share), compared to $3.1 million ($1.13 per share) in H1 2023. The company declared a semi-annual dividend of $0.35 per share. Total assets decreased to $1.3 billion, with loans at $919 million and deposits at $1 billion. The decrease in assets was driven by reductions in securities and loans. Non-municipal deposits decreased slightly, while wholesale funding saw a significant reduction. Net interest margin decreased from 2.70% to 2.60% year-over-year due to increased funding costs.
