Mainebiz

V O L . X X V I I N O. I I I F E B R UA R Y 8 , 2 0 2 1 18 C O M M E R C I A L D E V E L O P M E N T F O C U S "We're very excited about this location," says Skowhegan Savings President and CEO David Cyr. ough it had also considered down- town, Cyr says it didn't feel right, add- ing: "e East Bayside neighborhood is a good fit for us with such a vibrant community of innovators, creators and makers. Similar to the businesses in East Bayside, our team isn't afraid to roll up their sleeves and get to work." In nearby Westbrook, the newly formed Maine Community Bank is building an $8 million, 23,000-square- foot operations center and full-service branch slated for completion later this year. Conveniently located halfway between its existing bases in Biddeford and Auburn, the site is near the Rock Row development where Chase will have one of its branches, with a design that pays homage to the mill-town heritage of Biddeford, Lewiston- Auburn and Westbrook. It's also relo- cating within Brunswick, with plans to start construction on a bigger branch in the second quarter. Brunswick was originally a commer- cial loan office but "ended up growing and having so much business that we need a more full-service retail branch," says Jeanne Hulit, the bank's president and CEO. Speaking more gener- ally about what's driving bank branch expansion, she says: "e net interest margin for banks is very compressed for banks in this interest-rate environment, so the only way you're going to make it up and keep the bottom line from con- tracting is through growth." Hulit also says that while Chase will be competition for everyone, she is con- fident that smaller banks like hers will be able to hold their own "because we're part of the fabric of the communities." TD Bank, Bank of America Among national banks with a long- standing presence in Maine, TD Bank has 44 branches in 35 towns and cities. "We're very proud of our rich market share in northern New England, and in particular in Maine, our store platform is an incredibly important part of our strat- egy," says Sheryl McQuade, TD Bank's regional president for northern New England. "We also focus on our omni- channel distribution strategy" including digital and mobile solutions. "It's really a robust platform that we continue to evaluate, making sure that we're every- where our customers need to be and can access us in the most convenient way." BofA, which unveiled a nationwide branch expansion in new and existing markets in 2019, also sees its physical and digital activities as complementary, according to Maine market president Bill Williamson. In Maine, BofA sold 15 branches to Camden National Bank in 2012 and today has 11 branches. "ere was a time when you looked at consumer banking through the eyes of a financial center," he says. "Now you really have to look at digital and the financial centers together as the delivery system." Maine-based big three e largest Maine-based banks — Bangor Savings, Camden National and Bar Harbor — are all growing through strategic expansion. Bangor Savings, led by President and CEO Bob Montgomery-Rice since 2015, now has 57 branches in Maine, including five on the Midcoast through a merger with Damariscotta Bank and Trust Co. completed in December; they include two branches in Damariscotta and one each in New Harbor, Union and Warren. It sold a sixth to First Bancorp Inc. in Belfast, where Bangor Savings already had two branches. Bangor Savings is also building a new branch in Windham, where it already has a strong customer base. In New Hampshire, it has six branches includ- ing a new one in Concord as of Jan. 25 » C O N T I N U E D F RO M P R E V I O U S PA G E Specialized medical centers. High-tech education facilities. Destination resorts. Complex manufacturing. Downtown revitalization. You dream it, we build it. 131 Presumpscot Street, Portland pcconstruction.com B U I L D I N G S T R O N G E R T O G E T H E R Over the next several years we'll be doing more de novo branches. — Bob Montgomery-Rice Bangor Savings Bank P H O T O / C O U R T E S Y T D B A N K P H O T O / C O U R T E S Y B A N G O R S AV I N G S B A N K Sheryl McQuade, TD Bank Bob Montgomery-Rice, Bangor Savings

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