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Updated: May 24, 2024

Q2 bank dividend roundup: Katahdin Trust, M&T Bank

bank building File photo / Courtesy, Katahdin Trust Katahdin Bankshares Corp. is the Houlton-based parent company of Katahdin Trust Co....

Two banks that do business in Maine — one based in the northern part of the state, and the other in upstate New York — announced second-quarter dividends this week.

Katahdin Bankshares Corp. (OTCQX: KTHN), the Houlton-headquartered parent of Katahdin Trust Co., declared a second-quarter cash dividend of 17.5 cents per share, the same as it paid to shareholders in the first quarter but 15.1% above last year's second-quarter payout.

The dividend is payable on June 21 to shareholders of record as of June 14.

In April, Katahdin Trust reported first-quarter net income of $2.04 million, down from $2.52 million in the same period last year. Total assets amounted to $1.02 billion, down from $1.03 billion the previous quarter. 

Katahdin Trust, led by President and CEO Jon J. Prescott, traces its roots to 1918. Today, the institution has 16 branch offices serving customers in northern Maine and the greater Bangor and Portland regions. 

The bank is ranked No. 16 among the largest Maine-based banks in the 2024 Mainebiz Book of Lists, based on assets $1 billion as of June 30, 2023.

M&T Bank

In a separate announcement, Buffalo, N.Y.-based M&T Bank Corp. (NYSE: MTB) declared a quarterly cash dividend of $1.35 per share on its common stock.

The dividend, payable on June 28 to shareholders of record at the close of business on June 3, is 4% higher than the first-quarter dividend of $1.30 per share.

M&T Bank has 19 branches in Maine, where operations are led by Maine Regional President Phil Cohen.

By market share, M&T Bank is No. 18 in Maine, just behind Katahdin Trust, according to the latest Mainebiz Book of lists. That ranking is based on $853 million in Maine deposits for M&T Bank as of June 30, 2023. Katahdin Trust reported $880 million.

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