08:49 AM EDT, 09/10/2024 (MT Newswires) -- Camden National ( CAC ) has agreed to acquire Northway Financial in an all-stock deal valued at $86.6 million, the companies said Tuesday.

The transaction, expected to close in Q1, will result in a combined company that will operate as Camden National Bank with 74 branches across New Hampshire and Maine, holding about $7 billion in assets, $5.1 billion in loans, and $5.5 billion in deposits, according to the joint statement.

Northway shareholders will receive 0.83 shares of Camden National ( CAC ) stock per Northway share, giving them 14% ownership in the merged company, the companies added.

Camden National ( CAC ) forecasts the deal will add to its 2025 earnings per share by 19.9% and 2026 earnings by 32.7%. The combined company will continue to trade under the "CAC" ticker, the companies said.