Camden National Corporation to Establish Credit Card Alliance with Elan Financial ServicesCredit Card Alliance Agreement • August 14th, 2003 • Camden National Corp • National commercial banks
CAMDEN, Maine, August 14, 2003 – Camden National Corporation (AMEX: CAC) (the “Company”) signed a definitive agreement to sell the consumer and business credit card portfolios of its bank subsidiaries to Elan Financial Services (“Elan”), one of the largest and most experienced credit card issuers in the nation. The sale is expected to be finalized in the fourth quarter of 2003. As a result of this transaction, the Company estimates a positive impact to earnings of $0.02 to $0.05 per share during the fourth quarter. The Company cautioned that the estimated impact to earnings per share is subject to credit card balances and other contractual requirements at the time the sale is completed and is not indicative, nor should be interpreted as, an estimate of overall earnings or performance of the Company.
