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The banking industry continues to evolve, even in an uncertain economy
The past year has been challenging for the banking industry. The industry was running full tilt when interest rates were low and homeowners were seeking to refinance mortgages and prospective home buyers were going through competitive bidding for houses. Nearly as soon as interest rates rose, bankers were shifting into other business lines. Meanwhile, turmoil at Silicon Valley Bank in California and Signature Bank in New York sent shock waves through the industry.
Yet, through it all, Maine’s banking industry has remained sound — and banks and credit unions continue to hire for a range of positions and continue to grow.
Here’s a roundup of some of the recent growth.
Camden National Bank has announced the creation of a critical new leadership position.
Kathleen “Kate” Bellmore was promoted to senior vice president for talent acquisition and diversity, equity and inclusion officer.
The promotion comes as Camden National “expands its diverse talent pipelines and builds upon its strong foundation to shape an environment where diverse voices and backgrounds continue to be welcomed and heard.”
Bellmore has helped Camden National Bank with recruiting activities across its footprint in Maine, New Hampshire, and Massachusetts for over 10 years. Bellmore will lead the bank’s DEI efforts while continuing her current role in talent acquisition.
“Adding this important role to our organization will help us become a stronger company with Kate’s guidance,” said Gregory A. Dufour, president and CEO of Camden National. “Kate brings extensive knowledge with over 15 years of experience in human resources and truly understands the value that a diverse workforce adds to how well we serve our customers and communities who encompass different perspectives and backgrounds.”
Bellmore has been recognized as a senior certified professional by the Society for Human Resource Management and a professional in human resources by the Human Resource Certification Institute.
She received her MBA in human resource management from Thomas College and is expected to graduate from the Maine Development Foundation’s Institute for Civic Leadership development program this spring.
Bellmore is a midcoast native and lives in South Thomaston. She volunteers in the local community by serving on the board of the Midcoast Human Resources Association and the Coastal Counties Workforce Board, which supports Maine’s six coastal counties.
Camden National Corp. (NASDAQ: CAC), with $5.7 billion in assets, has 58 banking centers and additional lending offices in New Hampshire and Massachusetts. It was ranked No. 2 on a list of Maine-based banks in the 2023 Mainebiz Book of Lists, ranked by Maine deposits as of June 30, 2022.
Northeast Bank (Nasdaq: NBN), based in Portland, has hired a veteran banker to serve as the new senior vice president of the community banking development office.
In this new role, Stevan Stromsky will help individuals and businesses access deposit products and services designed to help them earn a higher rate of return and save money on fees.
“I look forward to serving the greater Portland area with Northeast Bank’s full suite of consumer and small business deposit products, services, and excellent savings rates,” Stromsky said.
Stromsky most recently worked at KeyBank, where he was the branch manager of the One Monument Square location in Portland. Before KeyBank, Stromsky worked for Bank of America.
Stromsky is a member of the Portland Rotary Club and also volunteers at Preble Street, Junior Achievement of Maine and the Salvation Army.
“His customer-centric approach, along with two decades of banking experience in the Maine market, is a great fit for Northeast Bank as we expand our reach throughout Maine and offer the communities we serve access to competitive deposit products, services, and interest rates,” said Robert Banaski, senior vice president, director of Community Banking.
Northeast Bank has branches in Portland, Poland, Brunswick, Augusta, Bethel and South Paris, as well as offices in Lewiston, Boston and New York City. The bank is ranked No. 8 in the 2023 Mainebiz Book of Lists, with assets of $1.58 billion as of June 30, 2022.
Atlantic Federal Credit Union, Maine’s largest credit union, has opened its newest branch in Westbrook at the corner of Larrabee Road and Riverside Street, at Exit 48 off the Maine Turnpike.
Construction for the branch began in October 2021, but the company faced many challenges due to supply chain issues.
“It has been an odyssey, but well worth the effort,” said Scott Chretien, president and CEO.
The location will offer easy access off Maine Turnpike Exit 48, with ATMs at three drive-thru lanes and a video teller.
“Convenience is how we help our members do better,” said Chretien. “Whether it is digital banking on the phone, video banking on the phone, or video tellers in the drive-thru, the goal is to meet our members where they need us to be.”
Rene Daniel, chair of the Westbrook Planning Board, said in a press release that the design of the new branch is a “fantastic architectural piece of art that is going to be beautiful in our gateway. With its innovative look and a floor-to-ceiling video screen, the Westbrook branch has become the newest attraction to the growing Rock Row area.”
Atlantic Federal Credit Union has over $1 billion in assets and serves more than 49,000 members, with branches in Biddeford, Brunswick, Cumberland, Freeport, Saco, Sanford, South Sanford, Topsham, Westbrook and York.
It is No. 1 among Maine’s largest credit unions, according to the 2023 Mainebiz Book of Lists. That ranking is ranked on total assets as of Sept. 30, 2022.
Kennebunk Savings has hired its next branch manager for the Sanford location.
Jason Errington knew at a young age that he wanted to work in the financial sector. During his 16 years in the field has served as a mortgage underwriter, assistant branch manager and branch manager for other institutions.
Most recently, he was employed at Rocket Mortgage in Charlotte, N.C., as a mortgage underwriter. Prior to that, he was a branch manager at Family Trust Federal Credit Union in Rock Hill, S.C.
He has also worked at Norway Savings Bank, TD Bank, Barton Mortgage Corp. and Downeast Mortgage Corp.
As branch manager, Errington will be responsible for day-to-day operations at the Sanford location and be a proponent for local business owners and customers. He will also mentor staff and encourage the bank’s culture of giving back to the community.
“Jason’s background in the various areas of banking is certainly valuable in his role as branch manager,” said Mark Ross, a vice president and retail experience manager. “But equally important is his ability to really listen to our customers and help them reach their financial goals.”
Kennebunk Savings is headquartered in Kennebunk. The bank operates 18 branches and offices in York County and seacoast New Hampshire. It has assets of $1.82 billion.
Kennebunk Savings is No. 10 among the largest Maine-based banks, according to the 2023 Mainebiz Book of Lists. That rank is determined by assets as of June 30, 2022.
Town & Country Federal Credit Union has added two members to its executive team by hiring Paul Musgrove as the new CFO and senior vice president and promoting Michael Jackson to the newly-created position of chief innovation officer and senior vice president.
Musgrove, a native of Montreal, Canada, started his career in financial services at the Royal Bank of Canada in risk and treasury after graduating from Concordia University in Montreal.
Musgrove, who is a CPA, brings more than 25 years of experience in the financial services industry to this position, including nearly 20 years as a chief financial officer at various financial institutions. He has worked for Boston-based online financial institution LendingClub Banking, and Main Street Bank, also in Boston.
As the new CFO at Town & Country, Musgrove will be part of the credit union’s strategic planning and operations, and involved in innovation and economic analysis.
Jackson grew up in the Bangor area and is a veteran of the Coast Guard, where he was an electrician’s mate.
Jackson started at Town & Country while still in college and has more than 15 years with the credit union. He has worked in a variety of roles, with a focus on e-commerce, digital banking, project management, strategy and innovation.
In his new position, Jackson will be working with staff and members to develop innovative products, services and member experiences.
He received his master’s in business innovation from GBSB Global Business School in Spain and a bachelor’s in business administration from Columbia Southern University in Alabama. Jackson also has other certifications and certificates in innovation, strategy and artificial intelligence.
David Libby, president and CEO at Town & Country, called both individuals “great additions to our executive team whose knowledge, experiences, and backgrounds align with the credit union’s strategic vision and solidifies our position as a leader in the financial services industry now and moving forward.”
Town & Country is ranked No. 4 among the largest Maine-based credit unions in the 2023 Mainebiz Book of Lists. The rankings are based on total assets as of Sept. 30, 2022.
The credit union is headquartered in Scarborough and has branches in Portland, South Portland and Saco.