We’re not just a bank, we’re your neighbors. Together we can do incredible things.
Founded in 1827, Saco & Biddeford Savings has been in business longer than any other bank in Maine. We have branches in Saco, Biddeford, Old Orchard Beach, Portland, Scarborough, South Portland and Westbrook — all in the same places our employees call home.
We’re proud of being a cornerstone in our community, helping generations of Mainers in every way we can. As that leader, we've contributed more than $4.7 million to area organizations over the last 10 years and continue to support the needs of the communities we serve.
Our Reason For Being
Our Mission is to serve with compassion while striving for excellence. Our Vision is to be a source of possibilities. The values that guide us:
Together, we can do incredible things.
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.
Letter from the CEO, President, and Chairman of the Board
We can all chalk up one more not-so-normal year. Like many businesses, we found ourselves dealing with staffing shortages, while still dealing with impacts from the Covid-19 pandemic. At the same time, we saw sudden and sharp increases in interest rates. If we were looking for “normal” in 2022, we didn’t find it!
We enjoyed many successes, despite the uncertainties and disruptions (which we added to by starting a significant renovation to our banking space in Saco). In a challenging labor market, we welcomed 24 new colleagues to our ranks in 2022. Between the Bank, Paquin & Carroll Insurance1, and S&B Financial Services2, we employ approximately 200 local residents. That’s 200 people with quality jobs who give their time and spend their money in the community as part of the local economic engine.
Operating as a mutual organization brings several duties. We have obligations to our customers, our communities and our employees. Those are managed in the context of ensuring the soundness of the organization. One of those responsibilities involves our philanthropic efforts. Along with countless volunteer hours given by our staff, we donated more than $660,000 in 2022, much of that through our charitable foundation. The increase of more than 10% over our previous high recognized in particular the growing needs in areas of mental health, food insecurity and heating fuel assistance.
Customer deposits topped $800 million at the end of 2022. It is notable to look back to the end of 2019 (pre-pandemic) and observe that those deposits grew more than 43% over a three-year stretch! Paquin & Carroll Insurance1 was a significant contributor to our bottom line, producing over $1.2 million in net earnings. S&B Financial Services grew to over $200 million in assets under management despite a very turbulent market. Loan activity was strong once again. After removing the impact of $11.5 million of Payroll Protection Program loans, our portfolio grew $77 million in 2022, an 8.5% increase.
Although our earnings and our capital were both negatively impacted by significant declines in the securities markets, net income came in above $5 million and regulatory capital remained quite healthy at more than 11% of assets. These levels sustain our continuing growth while also serving our purpose as a mutual.
Our two hundredth anniversary is just a few years away. We continue to navigate an extraordinary string of tempestuous times, with uncertainties involving the labor market, inflation, interest rates, wild swings in investment markets as well as concerns about public health. Throughout, we remain true to our mission of delivering service and value to our customers, granting assistance to our communities and supporting our employees. That is why we are here, and we will continue those efforts for many years to come.
— Robert C. Quentin, CEO, Roland Eon, Board Chair and Mark Jones, President
¹Insurance products and services offered by Paquin & Carroll Insurance are:
Advisory 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
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