You may know that the Small Business Administration recently named Bangor Savings Bank its top lender in Maine in 2011 – but do you who the agency’s “Top Performing 7(a) Lender of the Year,” is for Maine?
Do you even know what a 7(a) loan is?
First off, 7(a) loans are given to small businesses with special requirements, such as those that operate in rural areas.
And the bank that made the most of these loans in Maine was Camden National.
On top of that, Camden National was recently named the Finance Authority of Maine’s “Financial Institution of the Year,” according to a release from the bank.
“Over the past year, the bank has partnered with FAME on 56 loans totaling over $16 million. This in turn helped to create 87 Maine jobs and retain an additional 561 jobs. Additionally, Camden National is an active contributor to FAME’s Lender Advisory Council. This has provided several excellent suggestions to help FAME help its lending partners better serve their customer,” said Beth Bordowitz, FAME’s CEO.
The bank noted that the work it’s doing in Maine communities is paying off. Camden National, which trades under the symbol CAC on the NASDAQ, reported an 11 percent increase in earnings for the first nine months of 2011.
“We are pleased to report strong financial performance for the first nine months of 2011, given various economic stresses such as the current low interest rate environment, continued negative im pact to both revenues and expenses from various changes in government regulations, and impact of what some are terming a ‘double dip’recession,” said Gregory A. Dufour, bank president and CEO.
Camden National has 38 banking offices throughout Maine. It’s Acadia Trust division offers investment management and fiduciary services with offices in Portland, Bangor and Ellsworth. And Camden Financial Consultants offers full-service brokerage and insurance services.