STATE APPROVES CMC SALE
New Hampshire officials have approved HCA Healthcare’s acquisition of Catholic Medical Center (CMC). As the largest for-profit hospital company in the U.S., HCA’s acquisition will help CMC navigate its financial challenges. The approval, announced by Attorney General John Formella, includes conditions to protect patients from potential higher costs and service cuts. Key provisions include maintaining in-network access for commercial insurance patients and adhering to Catholic ethical directives under an agreement with the Diocese of Manchester.
The agreement also prohibits HCA from cutting essential services such as labor and delivery, emergency mental health care, and other core services for at least 10 years, with limited exceptions. The state previously imposed similar conditions on HCA’s acquisition of Frisbie Memorial Hospital, though it later reduced services there, raising concerns for future service cuts at CMC. To address this, HCA is restricted from cutting labor and delivery services in the first five years without a valid reason.
In addition to maintaining core services, HCA has committed to adding 10 new inpatient psychiatric beds in New Hampshire, including at CMC and other hospitals. The company will invest $2 million over three years in community health programs and pay $7.5 million over 10 years to support local health initiatives. HCA will also be prohibited from engaging in anti-competitive contracting practices.
CAMDEN NATIONAL CORP MERGES WITH NORTHWAY FINANCIAL
Camden National Corporation (NASDAQ: CAC), the bank holding company for Camden National Bank, announced the closing of its merger with Northway Financial, Inc. (OTCQB: NWYF), the parent company of Northway Bank. The all-stock transaction was originally announced on September 10, 2024. The combined institution has total assets of approximately $7 billion and 73 branches in Maine and New Hampshire.
The conversion of Northway’s banking products and services to Camden National systems is expected to occur in mid-March.
At the effective time of the merger, each outstanding share of Northway common stock was converted into the right to receive 0.83 shares of Camden National common stock, with cash to be paid in lieu of fractional shares. Camden National issued approximately 2.3 million shares of its common stock as merger consideration.
Effective upon the completion of the merger, Camden National appointed Larry K. Haynes, president and CEO of Grappone Automotive Group, to Camden National’s board of directors. Haynes has also been appointed to the board’s Audit Committee and to Camden National Bank’s board of directors and its Trust Committee.
PROMOCENTRIC ACQUIRES SCREEN GEMS
Newmarket-based PromoCentric, a provider of promotional products and branded merchandise, has acquired Screen Gems, which has offered screen printing and embroidery services in the Seacoast area since 1989.
“We are beyond excited to welcome Screen Gems to the PromoCentric family,” said Justin Gray, owner of PromoCentric. “Screen Gems has built an incredible reputation, and we are honored to continue their legacy while introducing their customer base to the unmatched service and innovative solutions that PromoCentric is known for. Together, we’ll deliver an even greater level of quality and satisfaction.”
As PromoCentric continues to grow, the company remains dedicated to its mission of empowering businesses with creative branding solutions that make a lasting impression.
“From the beginning, our goals at Screen Gems have always been to deliver quality, value, and, most of all, service,” said Bill Skaff. “We’re confident that PromoCentric shares these values and will uphold the standards our customers have come to trust.”