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:
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: