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W W W. M A I N E B I Z . B I Z 15 JA N UA R Y 1 1 , 2 0 2 1 F O C U S 2 0 2 1 E C O N O M I C F O R E C A S T keep banks busy, and that Maine-based community banks will fare well amid competition from larger rivals from out of state, including internet-based firms. His observations come as JPMorgan Chase prepares to enter Maine's retail banking market with five locations by the end of 2022, and Skowhegan Savings Bank puts the finishing touches on a business center in Portland by April. Why so much activity now? "Every bank is seeking opportunities to expand their customer base," says Chris Pinkham, president and CEO of the Maine Bankers Association. He says that while growth this year directly depends on the success of COVID-19 vaccines, he's confident Maine banks will thrive, add- ing: "Banks continue to be the economic backbone of our communities, helping everyone endure this pandemic storm." Among credit unions, Scarborough- based Town & Country Federal Credit Union saw the number of loans on its books needing deferrals drop from 2,000 during the pandemic to less than 100 in December. "We expect that to rise through the winter months," predicts President and CEO David Libby. He also expects the mortgage refinancing market to remain strong as borrowers take advantage of low interest rates, along with demand for loans to buy land on which to build, saying, "at's a bright spot." Reflecting on the bigger industry picture, Todd Mason, president and CEO of the Maine Credit Union League, says, "Credit unions will focus on helping Maine recover from the pan- demic through safe, affordable financial services, our philanthropic efforts, and by providing small businesses with the resources they need to pursue emerging opportunities and grow." B RO A D B A N D Broadband poised for rural expansion B y L a u r i e S c h r e i b e r A s remote work gained traction during the pandemic, Maine has Since 1989 Local Decisions Be Budget! 800.924.4229 www.bdtme.com Problems Solved. Budget Document Technology is an industry leader in providing digital solutions for document creation, production, and distribution. • Multi-functional Color & B&W Copiers • Printers & Scanners • Postage & Mailing Equipment • Software & Network Solutions • Managed Print Services Helping Maine get business done! C O N T I N U E D O N F O L L OW I N G PA G E » Banks continue to be the economic backbone of our communities, helping everyone endure this pandemic storm. — Chris Pinkham Maine Bankers Association