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David Cyr
May 10, 2022
Skowhegan Savings Bank reports 'historic' performance in 2021
By Staff
Skowhegan Savings Bank has reported its 2021 financial results, including $163.1 million in originated loans that represent a record high for the 152-year-old mutual savings bank.
Net income increased by nearly half, from $4.24 million in 2020 to $6.27 million. The bank’s assets climbed 8%, from $$722.3 million to $780.4 million, while its capital base increased 3% to $103.7 million.
In a news release, Skowhegan Savings called the 2021 results “historic” and said they represent the best financial performance since its founding in 1870.
President and CEO David Cyr said, “The solid position that the bank stands in today is directly attributed to our employees’ overall steadfast commitment to our customers and our communities.”
Among its milestones last year, Skowhegan Savings opened a business center in Portland, adding to its presence in southern Maine.
Also during 2021, Skowhegan Savings and its foundation made donation commitments to over 60 organizations for over $250,000 as part of its efforts to assist local communities. Bank employees volunteered over 1,600 hours to various organizations throughout the year.
Skowhegan Savings was ranked No. 17 on a 2022 Mainebiz list of the largest Maine-based banks. Headquartered in its namesake town, the bank has a dozen branches and roughly 130 employees.
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