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March 5, 2018

Maine banks upbeat on 2018, after having good year in '17

Photo / Tim Greenway
Photo / Tim Greenway
Bar Harbor Bankshares, which owns Bar Harbor Bank & Trust and Lake Sunapee Bank, is in all three northern New England states. Pictured is Curtis C. Simard, president and CEO, who reports the bank had a record second quarter in 2017.

Banks across Maine had a strong 2017 and expect the same for 2018.

The Ellsworth American reported that contributing factors include a strong overall economy, roaring stock market and robust showing by tourism-based businesses. Bangor Savings Bank increased its customer base with its merger with New Hampshire-based Granite Bank, due to be completed this spring.

Bar Harbor Bank & Trust expanded its footprint into both New Hampshire and Vermont with the acquisition of Lake Sunapee Bank. Bar Harbor President and CEO Curtis Simard told the American the second quarter of 2017 was a "record quarter for us in both total revenue and earnings." Machias Savings Bank also expanded, opening a new branch in Portland.

Credit unions also did well. Kyle Casburn, president and CEO of Bucksport-based Seaboard Federal Credit Union, told the paper the credit union had an "extremely" good year, with loans up about 5%. On Mount Desert Island, Bar Harbor Savings & Loan Association President and CEO Bill Weir said the last several years have been record years at his institution.

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