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April 17, 2017 Edition
Focus on Banking & Finance

Even in digital age, banks and credit unions still value 'bricks-and-mortar'

Laurie Schreiber

In this digital age, Maine banks and credit unions continue to invest in bricks-and-mortar branches right along with banking technology.

  • Next act: New challenges arise as craft brewing industry matures

    Lori Valigra

    Millennials still are driving craft beer demand, with a thirst for new flavors and experiential tasting. But there is a slowdown in New England regionally — which, along with distribution, will be one of the challenges going forward for Maine's craft brewers.

  • Opinion
    Opinion

    Like supermarkets, banks must offer choices

    Gorham Savings Bank seems to embody the pace and type of growth banks are seeing recently.

  • Protecting Maine’s coast: It takes a village

    Lori Valigra

    Small family businesses in Maine, especially in fisheries, remain under pressure by larger competitors, older generations wanting to get out of the business and more recently, by changing water temperatures and species mismanagement, both of which

  • Expert witnesses raising tough questions about FairPoint's $1.5B merger

    James McCarthy

    The proposed $1.5 billion merger of FairPoint Communications Inc.

  • How To's
    How To's

    How to: Navigate the new minimum wage law

    Eric Uhl And Alison Tozier

    There has been a lot of concern expressed lately about the effect of Maine's new minimum wage law on tipped service employees and employers in the restaurant and hospitality industries.

  • How To's
    How To's

    Ask ACE: How can we strengthen our team without engaging in partisan politics?

    Answered By Nicola Chin, Up With Community

    Q: Our business doesn't take political stands or engage in partisan politics. However, we've noticed an increase in employee distress and concerns in this moment.

  • In Short
    In Short

    IN SHORT

    New hiresSpruce Point Inn in Boothbay Harbor hired Eric Flynn as executive chef. Flynn was previously food and beverage director at the Portland Harbor Hotel.

Today's Poll

Is it time for the Federal Reserve to start cutting interest rates?
Poll Description

Over the past several months, banks and other businesses have been looking for the Federal Reserve Board to cut interest rates, but the waiting game continues.

Basing its decision on new economic reports, the Fed on May 1 said it doesn’t plan to cut rates until it has “greater confidence” that inflation is slowing toward the central bank's 2% target. Three rate reductions have been projected for 2024, likely starting in June.

But for now, it appears the key borrowing rate in the U.S. will stay at a two-decade high of roughly 5.3%.

Keeping the rate so high for so long may tame inflation, but can also discourage new investment and business growth.

“The Fed is really stressing the banking industry,” said Andrew Silsby, president and CEO of Augusta-based Kennebec Savings Bank, in a Mainebiz story last month. “The economic environment is really quite difficult, but I haven’t quite figured out whether we’re through the storm or in the eye of the storm.”

More Information