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May 14, 2019

Machias Savings launches $5M expansion in its hometown

Machias Savings Bank Courtesy / Machias Savings Bank Machias Savings Bank President Larry Barker and Machias Town Manager Christina Therrien break ground Monday at the site of the bank’s new $5 million headquarters in Machias. 

Machias Savings Bank broke ground Monday on a new $5 million facility in Machias that will allow it to build its workforce and add amenities like meeting space, fitness center and a cafeteria. 

Benchmark, a design-build, general contracting and construction management company based in Westbrook, is the contractor on the facility, which is expected to open in 2020.

Machias Savings Bank has 16 branches in Maine, stretching from Caribou to Portland, and had $1.5 billion in assets in 2018, an 11% increase over the previous year. It is the second largest mutual savings bank in Maine.

“Today marks another milestone in the history of our community and our bank with the groundbreaking of a new state of the art facility giving us the capacity to add another 50 employees over the next decade,” said Machias Savings Bank President Larry Barker. “The new building will have a fitness center, meeting spaces, flex working spaces and a cafeteria style open eating area —  all for use by the entire Machias Savings Bank campus. We intend to share the incredible outdoor space leading down to the river with the community.”

Courtesy / Machias Savings Bank
An artist’s rendering of what the new headquarters will look like once it’s completed in 2020.

Barker was joined by Machias Savings employees and a number of local business officials at Monday’s ground-breaking.

“The selectboard is deeply grateful for the enduring anchor of our community, Machias Savings Bank,” said Machias Selectman Bill Kitchen. “They've not only been headquartered here for 150 years, they are, in fact, doubling down on Machias. We're confident that with their help, we've crested a critical tipping point, and that this initiative will lead the way for a substantial revitalization of Main Street and Machias overall.”

Machias Town Manager Christina Therrien characterized the bank as “a great employer and a great partner.”

“It’s no secret why they continue to grow in a challenging industry. Exceptional service goes a long way,” she said.

Amanda Michaud, president of the Machias Bay Area Chamber of Commerce, called Machias Savings Bank “a model member of our chamber and a model business in Maine.”

“We are proud of the successes they have achieved and proud that they will continue to call Machias home for a long time,” she said.

Barker reflected on the bank’s impact on his personal life, saying: “This bank has had a commitment to growth for years and that growth benefited me 28 years ago when I was raking blueberries, detailing cars, washing dishes and working at the motel. I was fortunate to be able to start a career at the bank and we’re excited to be offering that same opportunity to many others as we continue to grow.”


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