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August 22, 2012

The Bank of Maine exceeds $600M financing goal

The Bank of Maine reported in a company press release Tuesday that it surpassed its goal of providing $600 million in financing to its customers since January 2011.

The bank is a top provider of U.S. Small Business Administration loans in Maine, the release stated, and offers Preferred Lender, Express, Export Express and Patriot Express status in its SBA lending.

January 2011 also marked the date when the bank, then operating as Savings Bank of Maine, reported it was no longer under increased scrutiny from the federal Office of Thrift Supervision. The regulatory agency had terminated two orders against the bank: a cease-and-desist order issued in August 2009 that claimed the bank was engaging in "unsafe or unsound practices," and a directive issued in March 2010 ordering the bank to double its capital-to-assets ratio by the end of September 2010.

Founded in 1834, The Bank of Maine is a 178-year-old FDIC-insured, federally chartered savings bank with more than $790 million in assets.

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