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 $4 million to area organizations over the last 10 years and continue to support the needs of the communities we serve.
Our Mission is to:
We're not just your bank.
We're your neighbor.
Looking out for you.
You need something, just ask.
Because we know you'd do the same for your neighbor.
It's a mutual thing.
You can call us Saco Bidd.
Sure, we sponsor the local team,
But we'll also talk to you about the game.
We support the local coffee shop and grab a cup on the way to work.
You'll see our name on the concert poster,
But you'll also see our face at the show.
Share pictures of your grandkids as we prepare your legacy.
And maybe we'll help you buy your next home,
Just down the street from ours.
So yeah... we'll do everything we can to help you,
And together we can do incredible things.
It's a mutual thing.
Despite the ongoing disruptions caused by Covid-19, we found several causes for celebration in 2021. One of those was the re-opening of our lobbies in March. While that clearly did not mark the end of the pandemic, we felt that we had figured out how to do our work and welcome customers back into our locations. The situation led us to realize that an important element of mutuality is to remain as accessible as possible to all of our customers, and for many that means being able to freely enter our lobbies. Circumstances may still hinder that effort, but we are committed to a standard of open doors as much as possible.
Our charitable giving never waned, and in 2021 we gave particular focus to the issues of food insecurity and mental health. Total donations for the year reached a new high of $595,013 when combined with the work of our charitable foundation. That raises the total over the last ten years to more than $4.7 million!
Loan growth amounted to $34 million. An exceptionally low interest rate environment brought many customers to refinance their debt, leading to a very high level of loan transactions. Along with that effort, our staff helped customers to get over 500 Payroll Protection Program loans forgiven by the Small Business Administration. We are also proud to report that we incurred no loan charge-offs in 2021, and ended the year with delinquency rates at the lowest in over 15 years. Customer deposits grew significantly once again, to the tune of $88 million. This represents an increase of 12.8%, allowing us to further reduce our need for wholesale funding. S&B Financial Services1 contributed $751,000 in revenues, a new high, and successfully ended the year with $168 million in assets under management (nearly double that of just four years ago). Paquin & Carroll Insurance2 also had strong results, providing net earnings of $651,000 which represents a return on our investment of more than 10%.
All of that, along with very strong returns from our stock portfolio, contributed to consolidated net earnings of over $7.9 million, a new high water mark for the institution. That, in turn, brought our capital to nearly $132 million (11.4% of total assets). As a mutual corporation, we aim for a capital level that supports a considerable degree of growth and security while not being excessive, and we believe that we are firmly within those parameters.
27 new staff members joined our team in 2021, offsetting retirements and allowing us to grow our employee base. We are pleased that so many chose SBSI and P&C. At the same time, the steadfast efforts of our nearly 200 dedicated staff have been critical to our performance as they strove to meet all of our customers’ needs during a period of constant challenges. As always, they are vital to our mutual mission!
Serving our customers, communities and employees is at the core of that mission. It is our pleasure to continue to honor that commitment as we have for 195 years.
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