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 $3.9 million to area organizations over the last 10 years and continue to support the needs of the communities we serve.
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 just for our own good, but for the good of the community.
The people we serve helping us serve those around us.
Giving us a 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.
At Saco & Biddeford Savings, we take our mission as a mutual community bank very seriously. It is about so much more than simply our financial results. Through living up to this strong sense of mutual benefit, we are able to balance the obligations we have to our customers, our communities and our employees, while maintaining the safe and sound position of the Bank. The phrase “In It Together” is part of everything we do. We hold our fees at low levels, while offering competitive interest rates. More importantly, we aim for solutions that give our customers the best result. Our mutual charter gives us the freedom to do this in a manner that takes a long-term view, free from the need to satisfy shareholder desires. We strive to be a responsible corporate citizen and a desired employer.
This takes form in many ways. Our deposit rates are consistently in the top tier of our market, without a lot of gimmickry that can leave you with less interest than you expected. We are very successful in providing loans to homeowners and local businesses. Our insurance agency, Paquin and Carroll¹ Insurance, follows that same approach as an independent agent by searching for the best coverage solution for the customer without constantly weighing what that means to our bottom line. S&B Financial Services² continues to grow in its 10th year, providing personal financial guidance to over 800 clients.
We are proud of our philanthropy. The Bank, Paquin and Carroll and the Saco & Biddeford Savings Charitable Foundation combined to donate more than $500,000 to nearly 300 organizations in 2019. Meanwhile, our employees gave countless hours of their time to many of these organizations, an effort that we strongly support.
A couple of benchmarks were met in 2019. Total assets surpassed the $1 billion level and, for the first time, our net income rose to above $7 million. A soaring stock market contributed greatly to that, as accounting rules now dictate that our reported earnings include the change in the market value of the stocks that we own. On the other hand, the flat (and at times inverted) yield curve presented many challenges. Despite that, our core earnings exceeded expectations. Our strong earnings increased our capital ratio to 11.52%, quite a lofty height compared to the 8.18% level of ten years ago.
Looking ahead to 2020, we see similar challenges with the yield curve, as well as the uncertainty of the stock market. As noted above, our structure affords us the opportunity to remain patient. This, in turn, helps to ensure our long-term success.
We benefit from the loyalty and confidence of our customers, the dedicated and consistent performance of our employees and the sound direction provided by our corporators and board of directors. We look forward to the privilege of continuing to serve you.
¹Insurance products and services offered by Paquin & Carroll Insurance are:
2Advisory services may only be offered by investment adviser representatives.
Securities 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:
Financial Professionals are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with residents of other states will only be made upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.
Cetera Investment Services LLC registered branch office: 252 Main Street, Saco, ME 04072