In Camden National Corporation’s third quarter 2009 results, the company also disclosed:
On Oct. 16, the [CNC’s] security group discovered that a Camden National Bank employee engaged in a series of improper and unauthorized transactions.
The company’s investigation into this matter is ongoing, and no determination has been made as to whether any amounts will be recorded as a loss by the company.
The company is in discussions with its insurance carrier and aggressively taking steps to recover the funds, including cooperating with law enforcement authorities.
To date, transactions involving approximately $850,000 have been identified.
