Founded in 1827, we've been in business longer than any other bank in Maine. We have branches located in Saco, Biddeford, Old Orchard Beach, Portland, Scarborough, South Portland and Westbrook. As a leader in community banking, we have contributed more than $3.5 million to area organizations over the last 10 years and continue to support the needs of the communities we serve.
As a mutual savings bank, our mission is to:
There’s a difference between living in a place and being a part of it.
Simply going about your days or having an impact on others’.
It’s about caring.
It’s about belonging.
It’s about feeling home … at home.
As a mutual savings bank, we take that word “mutual” seriously.
Working to our customers’ mutual advantage on things that are mutually beneficial.
Not for our own good, but for the good of the community.
The people we serve helping us serve those around us.
Giving us the chance to give more.
Because when each of your customers is part-owner, too, everyone’s in it together.
That’s why our focus is on our people.
Our friends and family right here in our neighborhoods.
The dreams we dream. The hopes we hope.
The values and beliefs we all share.
It’s the people that are the heart of every community.
We see how much you love it here. And we do too.
As the oldest bank in Maine, we’ve been here for 190 years.
And we’ll be in it together for 190 more.
Wow! It is wonderful to report that 2016 was another highly successful year for Saco & Biddeford Savings. This is particularly pleasing to me, as I will be retiring at the end of May but continuing on as a member of the Board of Directors. The statistics of strong growth in our core business of providing deposit services and making home and business loans in our communities only tell part of the story. We are proud of the fact that more and more customers turn to us for all of their financial needs. Critical components of that are the services provided by P&C Insurance1 and S&B Financial Services.2 P&C1 again contributed over $500,000 to our record net income, while S&B Financial Services2 continued to expand its customer base.
With this being my final report, I must convey a few numbers. Net Income exceeded $6.5 million, our third consecutive record year. Customer deposits grew over $25 million and loans outstanding increased by $14 million. Total assets now exceed $878 million! Meanwhile, we donated over $400,000 to causes in our communities.
And the success runs well beyond the numbers. Many customers enjoy new services, such as Apple Pay, Google Pay and Samsung Pay. We are also in the process of opening a Business Banking office on Commercial Street in Portland in the spring of 2017.
I look to the future of the Bank with great confidence, supported by a dedicated and knowledgeable team of employees, Corporators and Board of Directors. They, along with our loyal customers, have made me extremely proud to be a part of the Saco & Biddeford Savings family.
¹Insurance products and services offered by P&C Insurance are:
²Securities and insurance products are offered through Cetera Investment Services LLC, member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with Saco & Biddeford Savings Institution where investment services are offered. Investments are:
For our Diversity & Inclusion Statement click here.