Mainebiz

W W W. M A I N E B I Z . B I Z 31 J U N E 2 8 , 2 0 2 1 B Y R E N E E B Y R E N E E C O R D E S C O R D E S ainebiz: How are you applying your economic development ex- perience to what you're doing now? Jack Lufkin: In municipal economic development, you work with a broad range of stakeholders to promote capital investment in projects that advance com- munity goals. In banking, you're providing the financing that unlocks those projects, resulting in benefits for people, businesses and communities — there is significant overlap between those two efforts. While not every project is feasible, I bring the perspective of, 'How can we get to yes.' MB: What has it been like start- ing a people-focused job during the pandemic? JL: Fortunately, my team of bankers here in southern Maine are incredibly experi- enced and talented, with deep com- munity roots. Still, we all look forward to returning to in-person meetings and networking where you can truly build relationships with teammates and cli- ents. I've been working with businesses in the greater Portland area for more than 20 years; seeing those old friends and colleagues again will be a welcome return to normal. MB: What sets Machias Savings apart in an increasingly crowded market? JB: Since its earliest days, Machias Savings Bank has been committed to community, and that's something that has remained true even as the bank grew into one of the largest commu- nity-based banks in Maine. Machias Savings Bank has focused on growing differently by embedding and empow- ering cross-functional teams within local communities. We believe every community is unique, has a story to tell, and our goal is to listen and find ways to help people, businesses and communities prosper. MB: What's growing faster, retail or business banking — and why? JL: In southern Maine, our business banking has been growing at an incred- ible pace. From completing several thousand Paycheck Protection Program loans to localized decision-making, the secret is out among the business com- munity that Machias Savings Bank has exceptional bankers. Although don't count out our retail growth — you can expect to see Machias Savings Bank's presence grow in southern Maine in the coming months and years. MB: Why is real estate so busy right now, and to what extent do you expect that to continue? JL: In the greater Portland market, real estate development, especially hous- ing, couldn't be hotter. e desirability of southern Maine has brought in new residents from all over, resulting in developers constructing projects to meet the demand. Ranging from afford- able to high end, the need for hous- ing development is so robust, I don't see that trend reversing for some time. With historically low interest rates and despite a rise in material costs and labor shortages, which will hopefully subside the further out we get from the pan- demic, I believe real estate will continue to drive significant growth. MB: How is the culture of a commu- nity bank different from some larger banks you've worked for? JL: I've been fortunate to work at great financial institutions, both large and small, but I'm happiest at a community bank. Machias Savings Bank's mission is to build financial health, one person, one business, and one community at a time. It's a mis- sion I fully support personally and professionally. MB: What's your outlook for Maine's economy and banking sector in the near to medium term? JL: e southern Maine economy continues to be poised for growth, and as we diversify and expand our work- force, our opportunities will grow. e banking sector in Maine is strong, and without a doubt, we will fuel the finan- cial needs of our communities. P H O T O / J I M N E U G E R Jack Lufkin, who oversees the southern Maine market for Machias Savings Bank, is one of four new regional senior vice presidents at the Downeast-based bank, the fifth-largest Maine-based bank. The University of Maine alumnus, who came to banking by way of economic development, chatted with Mainebiz about how Machias Savings aims to tackle the competitive southern Maine market along with his outlook for Maine's economy and banking sector. Jack Lufkin, southern Maine regional market manager for Machias Savings, at the bank's retail branch on Middle Street in Portland. O N T H E R E C O R D M

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