November 19, 2018

FAME recognizes Androscoggin Bank for its commercial lending

About Androscoggin Bank

Androscoggin Bank, headquartered in Lewiston since 1870, reported assets totaling $955.6 million at the end of 2017. Androscoggin Bank is a member of the Federal Deposit Insurance Corp.

The Finance Authority of Maine recognized Androscoggin Bank with its Lender at Work for Maine Award at the FAME 35th anniversary "Showcase Maine" event. The annual celebration recognizes FAME's successful partnerships with Maine's business, lending, governmental, and higher education communities.

Androscoggin Bank was recognized in the category for lenders with less than $1.5 billion in assets. In the past year, Androscoggin Bank partnered with FAME on eight loans to Maine companies totaling over $5 million, helping to create 45 Maine jobs and retain an additional 114 jobs.

"We are pleased that FAME has chosen to recognize our commercial lending, credit, loan-processing and loan-servicing Teams with this prestigious award," Neil Kiely, president of Androscoggin Bank, said in a news release. "It is a reflection of both their expertise and willingness to work with our clients to overcome financing challenges to move their businesses forward. We also appreciate the opportunity to partner with FAME to serve as an economic development engine within our communities,"

Two of the eight loans involved Austin Street Brewery and Front Street Shipyard.

Androscoggin Bank partnered with Austin Street Brewery to finance a major expansion. In addition to developing a large tasting room and retail space on Fox Street in Portland, the brewery will be relocating their manufacturing and production to the new facility. This expansion will increase manufacturing capacity and provide a second retail location for the popular Maine brand.

Androscoggin Bank worked with the FAME, the U.S. Small Business Administration, Maine Technology Institute and the City of Belfast to finance the construction of Front Street Shipyard's "Building 6" project, which will give the shipyard the capacity to construct large composite passenger ferries for commercial use. This planned business expansion is expected to result in 40 new jobs.

Front Street Shipyard received the Business at Work for Maine Award at the Showcase Maine event.


Type your comment here:

Today's Poll Do you support creating a cabinet-level position to oversee the state’s energy goals and policies?<>
Most Popular on Facebook