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 $3.6 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.
It’s about caring and belonging.
That’s why our focus is on our you.
Because you, our friends, and our families 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.
We often make note of the fact that we are the oldest bank in Maine. Being around for over 190 years certainly counts for a lot, and we’re proud of that. But who and what we are is much more than simply longevity.
In 2017, we started a new branding effort that revolves around the fundamental concept of being "In It Together". A central part of the core branding message states "As a mutual savings bank, we take the 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 our communities."
I truly believe that. In fact, it is the best part of coming to work every day. Yes, we are here to make a profit, which is important to our sustainability. But being a mutual means that we also get to "do the right thing" while we earn that profit. We have the latitude to pay deposit interest rates consistently in the top tier of our local competition and to go the extra mile in helping people and businesses in our communities obtain loans. In 2017, we proudly made over $420,000 in charitable contributions to help worthy organizations. And we are a conscientious employer, offering quality jobs with excellent benefits and growth opportunities.
On the bank side of that mutual equation, we enjoyed another strong year of financial performance. Early in 2017, we surpassed $100 million in capital, an indication of our strength and long-term viability. Our assets grew by $79 million, driven by loan growth of $68 million. While our deposits grew nearly 6%, the pace of new loans led us to increase our borrowings from the Federal Home Loan Bank of Boston by $36 million. Our net income for the year of $6.2 million was aided by a record level of performance by our insurance subsidiary, P&C Insurance1, along with a near-zero level of loan losses. 2017 was our third consecutive year with earnings over $6 million, a level that allows us to continue to do what we do with a mutual purpose. Last March, we expanded our footprint by opening an office on Commercial Street in Portland, and have already enjoyed success with solid deposit and loan growth from that location.
All of this is made possible by faith and trust from our corporators and customers, strong guidance from our board of directors and dedicated performance from our employees. We are proud to serve you for many years to come.
President & CEO
¹Insurance products and services offered by P&C Insurance are:
For our Diversity & Inclusion Statement click here.