At Saco & Biddeford Savings Institution, our work begins with people. The people we serve. The communities we call home. And the people who help guide our mission forward.
As a mutual savings bank, SBSI is not owned by shareholders. We are owned by our depositors. This distinction is central to who we are and how we operate. It shapes our decisions, reinforces our commitment to long‑term community well‑being, and ensures that people always come first.
Supporting this structure are two essential groups: our corporators and our Board of Directors.
What It Means to Be a Mutual Bank
Because SBSI is mutually owned, our focus is not on maximizing shareholder returns. Instead, we prioritize safety, soundness, service, and community impact. This model is strengthened by individuals who help keep the bank connected to the people and places we serve.
Corporators and board members play distinct but complementary roles, working together to ensure SBSI remains grounded in its mission and values.
The Role of Corporators
Corporators are local community members who bring perspective, insight, and accountability to the bank. They represent the voices of our customers and our communities, helping ensure SBSI remains people‑focused and responsive to the needs of those we serve.
One of the most important responsibilities of corporators is electing the Board of Directors. Through this role, corporators help shape the future leadership of the bank while maintaining a strong connection between SBSI and the communities it serves.
Tina Richardson, a new corporator voted in during 2026, shared why SBSI stood out to her:
“SBSI most definitely stands out in personal service. I feel like there’s customer service and personal service, and they truly blend both beautifully. They genuinely care about their customers, especially their small local business owners like myself. I’ve never felt like a number here. I’ve always felt supported and valued.”
For Tina, becoming a corporator was a natural extension of her experience with the bank and her connection to the community.
A Perspective From Within
Corporators also include SBSI employees who bring firsthand insight into the bank’s culture and values. Steph Paquet, an SBSI employee and corporator voted in during 2025, spoke about what the role means to her:
“What makes SBSI so special is its employees. I see my colleagues going out of their way to help customers and each other, just fulfilling random acts of kindness. Being a corporator is another way for me to show up for our customers, our communities, and the bank as a whole.”
Steph described a strong sense of pride in being part of a group of people who share a common commitment to the bank and its mission.
The Role of the Board of Directors
While corporators provide community voice and elect leadership, the Board of Directors has a distinct responsibility. Board members oversee the business of the bank and are responsible for its safety, soundness, and long‑term strength.
The board works to ensure that SBSI operates responsibly, remains financially strong, and continues to serve its communities for generations to come.
Sue Clough, a new member of SBSI’s Board of Directors, reflected on what the role means to her:
“All of these different people who are corporators have their own little corner of the world that they’re taking our message back to. When I was asked to be on the board, I was really honored because this bank has been around for such a long time.”
Sue emphasized the importance of understanding people beyond numbers:
“When you’re dealing with small towns, small businesses, and entrepreneurs, you need to understand that people are more than just the numbers on the page. Trustworthiness, motivation, and work ethic are just as important as the numbers on the page."
Working Together With Purpose
Corporators and the Board of Directors work in partnership. Corporators bring community voice and elect leadership. The board provides oversight and safeguards the future of the bank. Together, they help ensure SBSI remains true to its mission and grounded in the values that have guided us since 1827.
We are grateful for the people who help guide SBSI with care, integrity, and purpose. Because when a bank is guided by its community, it remains a place where people come first.
Click here to watch the full-length video featuring our Board fo Directors and Corporators.
