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V O L . X X I V N O. X X V I I N OV E M B E R 2 6 , 2 0 1 8 24 B A N K I N G / F I N A N C E F O C U S recent, long economic expansion," he says, noting that KeyBank's Maine- based commercial team has doubled in size over the last decade. "Maine-based companies will continue to benefit from the addition of new sources of capital." Not to be outdone by its larger peers, Lewiston-based Androscoggin Bank will open a Portland commercial lending and cash management office by year's end, at 100 Middle St. Bank President Neil Kiely, who will also have an office there, says there will be an initial team of eight to 10 with more hires in mind, adding: "We're always looking for great people." The 'full force of JPMorgan' For JPMorgan, the Portland move comes as part of a five-year branch expansion plan into 15 to 20 new mar- kets, including a Northeast Corridor presence in Washington, Philadelphia and Boston. Like many peers, it's also investing heavily in technology. "We are extremely excited to be expanding again," CEO and Chairman Jamie Dimon declared earlier this month with third-quarter results. "Every time we open branches in a new market, we bring the full force of JPMorgan Chase to that community." Griffin, JPMorgan's new executive director in Portland, has spent his first few months doing just that, in what's been "overwhelming in a good way." "It's one part recruiting, one part networking," he says before heading to a meeting with a job prospect who found him through LinkedIn. While the ability to draw from JPMorgan's 250,000-strong company- wide talent pool eases the hiring pres- sure, winning new business will be a harder slog. "Most bankers give up after just a few calls because they haven't sold something, when statistically you're into the seventh call before you're actually delivering something you can get paid for," says Griffin, who is also a marathon runner and surfer. Even before the first call to a potential client, Griffin says it's important to study up on a company, and stay current and ready to answer questions at any time. "You have to be very persistent." Analyst Cassidy sees JPMorgan's main strengths as an "unparalleled" breadth of service, good management and knowledge of winning new business. While commercial banking doesn't require the economies of scale that retail demands, Cassidy urges new entrants in any new market to expand with caution, and not be overeager to take on clients that competitors are seeking to offload. "ey have to stick to their guidance for underwriting, and not bend the rules to win new market share," he says. "You don't want to give away the store to win new business. It could come back to haunt you in the next credit cycle." JPMorgan is entering a market where retail banking is well-served and highly fragmented. More than half of the Portland market's deposits, 51%, are held by the top four — TD Bank, Bank of America, KeyBank and People's United Bank. Like KeyBank's Kelley, top brass at other lenders see JPMorgan's arrival as more of a validation of what they're doing than a threat. "Every bank is looking to grow these days," says Larry Wold, Maine state president of TD Bank. Another distance runner, Wold likens the commercial banking market to a crowded field of cross-country runners. "If you have 102 people instead of 100 it doesn't feel dramatically different to have them come in here." And at Bank of America, with five commercial banking relationship managers covering Maine, state President Bill Williamson notes they're already competing against JPMorgan. "e only difference is now they have a physical presence," he says. He also notes that it's not unusual to be on the same side of the table for larger debt deals, adding: "We're used to working together." The bank from Downeast Simard, the leader of Bar Harbor Bank, said his institution would not have moved into Portland without Wentworth and Delano. "We feel banking is entirely a personal relationship business," he says. "If we couldn't have gotten the people we wanted, we wouldn't have done it." Wentworth's background includes 24 years as a commercial lender in southern Maine and 17 years at Citizens Bank, where he first crossed paths with Simard, while Delano's resume lists TD Bank, Camden National Bank and Bangor Savings Bank. At NBT 207-854-6000 • infinityfcu.com • Westbrook • Portland • Bangor • Arundel We do banking differently to keep you a step ahead in life SUPPLY THE PAVEMENT MAINTENANCE INDUSTRY WITH A SEALMASTER FRANCHISE BUSINESS OPPORTUNITY * Offer made by prospectus only. Learn more at sealmaster.net or call (800) 341-7325 Protected Territories Available Throughout New England Distribute a Full Line of Pavement Maintenance and Sport Surfacing Products and Equipment. » C O N T I N U E D F RO M P R E V I O U S PA G E We've got a head start on really digging our feet in the market. — Daryl Wentworth Bar Harbor Bank & Trust

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