Mainebiz

W W W. M A I N E B I Z . B I Z 17 A P R I L 6 , 2 0 2 0 F O C U S B A N K I N G / F I N A N C E / I N S U R A N C E What's it like to run a bank or credit union in the midst of the ongoing health and economic crisis? To find out, Mainebiz checked in with business leaders around the state. Here's what they told us. Scott Budde PRESIDENT, CEO AND CO-FOUNDER Maine Harvest Federal Credit Union Encouraged by refocus on local food: "As we just got our charter in August of last year, we are still working to get our core services up and running. Operationally, we are fortunate to have a small staff that can do many things remotely. Plus we are working on ways to help other financial institutions in their work with small farms and food producers. Lastly, we are see- ing COVID-19 as already refocusing Mainers on local food, and we hope to be well-positioned as this sector con- tinues to grow." Andrew Silsby PRESIDENT AND CEO Kennebec Savings Bank Refinancing 'craze' a surprise: "Our bank just celebrated its 150th year, and there's no doubt in my mind that Kennebec Savings Bank and our com- munities will get through this … We have been working really hard to service our customers and businesses in their time of need while keeping our employ- ees and our clients safe. We were one of the early institutions to close our lobbies down and go to drive-thru only. Most folks have been very understanding, very complimentary of our decision to do that, and are appreciative. We've been around for 150 years, and we are seen as a safe and secure place for people to hold their money. At the same time all of this is going on, we're actually opening accounts for people who want safety for their money, and bringing dollars to the banks. What's different from the last crisis: "e banking industry has moved to a lot more electronic services, and all of us have been required to have pandemic plans, though I don't think any of us expected a pandemic to spread so quickly and to impact the economy so drastically. One of the things I probably wasn't prepared for was for the Federal Reserve to lower rates to zero. at has caused a bit of a refinance craze, so we're all a little bit challenged to deal with the volume while we're also dealing with helping customers." Jeanne Hulit PRESIDENT AND CEO Maine Community Bank 'Not going to be easy' for small businesses: "Compared to the 2008 financial crisis, this event is world- wide and impacts every aspect of our lives. We know that this is not going to be easy for many of our custom- ers, particularly small businesses that have had an unprecedented interrup- tion in their sales and production. We are working with customers who need temporary loan payment deferrals. As a community bank, we understand the important link between the bank and our customers' financial well-being. We are committed to being here for them for the long haul." C O N T I N U E D O N F O L L OW I N G PA G E » Banking in the age of CORONAVIRUS Insights from Maine bank and credit union chiefs B y R e n e e C o r d e s P H O T O / T I M G R E E N WAY P H O T O / C O U R T E S Y H A R V E S T F E D E R A L C R E D I T U N I O N P H O T O / C O U R T E S Y M A I N E C O M M U N I T Y B A N K Andrew Silsby Andrew Silsby, president and CEO of , president and CEO of Kennebec Savings Kennebec Savings Bank Bank, photographed through a drive-through window. , photographed through a drive-through window. The bank has 142 employees and six branches. As of The bank has 142 employees and six branches. As of March 27, four were open with drive-ups, one was open March 27, four were open with drive-ups, one was open by appointment only and one in a retirement community by appointment only and one in a retirement community was closed for safety reasons. was closed for safety reasons. Jeanne Hulit Jeanne Hulit, president and CEO , president and CEO of of Maine Community Bank Maine Community Bank Scott Budde Scott Budde, president, CEO , president, CEO and co-founder of and co-founder of Maine Harvest Maine Harvest Federal Credit Union Federal Credit Union We are seeing COVID-19 as already refocusing Mainers on local food, and we hope to be well- positioned as this sector continues to grow. — Scott Budde Maine Harvest Federal Credit Union F O C U S

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