Machias Savings opens Portland branch
Photo / Dave Clough
Larry Barker, president and CEO of Machias Savings Bank, says the bank's new branch in Portland is intended to boost the bank's presence in Maine's largest city.
Machias Savings Bank has opened a new branch at 193 Middle St. in Portland.
The branch, which opened on Feb. 27, brings to 18 the number of branches Machias Savings has statewide, plus an existing business office in Portland. It is based in Machias, Washington County.
Many of its branches are Downeast or in Aroostook County. It opened a business office in downtown Portland, at 2 Union St., in January 2013. That site eventually started serving the bank’s retail customers as well.
“The interesting thing is we’ve been doing business in Portland for more than a decade. We’ve had a significant presence there and we’re continuing to build on that. That tends to be how we go into a market,” CEO Larry Barker told Mainebiz on Wednesday. “It has a strong enough loan and deposit portfolio.”
By deposits in Maine, Machias Savings is the state’s ninth-largest commercial bank, with $972.2 million, or 3.63% of the market, according to Federal Deposit Insurance Corp. data through June 2016. Even without a full-service branch in Cumberland County, it had $16.5 million in deposits, or 0.18% of the market, through June.
Customers can still do retail business at the 2 Union St. site, but it will again focus on loan-origination and commercial business. The new branch is Machias Savings’ first dedicated full-service branch in Portland and its only full-service branch in southern Maine.
“We have no plans to open any new branches in Maine for the next two to three years,” Barker said. “We’ve made significant expansion [in recent years] and now need to fill out those markets.”
On the same Middle Street block, it is situated near Bard Coffee, Urban Outfitters, Stonewall Kitchen, Starbucks and Bangor Savings Bank.
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