Biddeford Savings and Mechanics Savings to consolidate into single charter bank
Maine Community Bancorp
Jeanne Hulit, president and CEO of Maine Community Bancorp, announced today that Biddeford Savings and Mechanic Savings have filed a merger application with regulators to operate under a single charter as Maine Community Bank.
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Biddeford Savings and Mechanics Savings announced today that have filed a merger application with regulators to operate under a single charter as Maine Community Bank. The two banks will maintain their respective brand identities, as well as local decision-making, while operating as divisions of Maine Community Bank.
Both will “maintain their financial commitment to their communities through local lending and philanthropy, offering competitive products for their banking customers, as well as providing stable and high-quality professional employment opportunities," according to a news release.
Chartered in 1867, Biddeford Savings Bank has offices in Biddeford, Waterboro, Scarborough and Kennebunk. It reported having total assets of more than $496 million. Mechanics Savings Bank, based in Auburn, has provided personal service to its customers since 1875. It reported having total assets of $402.6 million. It has offices in Auburn, Brunswick, Lewiston, and Windham. Together, the two banks have 162 employees.
“Both Biddeford Savings and Mechanics Savings have developed extremely strong community roots over the last 150 years, so keeping those brands intact, while bringing greater opportunity for expanded lending and services to remain competitive, is really the best of all options for both our customers and our staff,” said Jeanne Hulit, president and CEO of Maine Community Bancorp, the holding company of both banks.
Operating under a single charter will allow both Biddeford Savings and Mechanics Savings to increase lending capacity, expand product offerings, and enable customers to access full-service banking at all branch locations. All branches will remain open, and the single charter will provide more mobility and opportunity for the employees of both community banks.
In 2016, Biddeford Savings and Mechanics Savings formed an alliance to operate as subsidiaries of one mutual holding company, Maine Community Bancorp. The Biddeford Savings and Mechanics Savings board of directors, along with the Maine Community Bancorp board of directors, has unanimously approved the charter consolidation, which is expected to be completed by the end of 2019, pending regulatory approval.
“Both banks have seen tremendous growth that would not have been possible without the Maine Community Bancorp alliance,” said Hulit. “Bringing Biddeford Savings and Mechanics Savings Bank under one charter is a natural progression of our partnership. We’re excited to see what the future holds as we continue growing stronger together.”
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