Issue link: https://nebusinessmedia.uberflip.com/i/1518166
W W W. M A I N E B I Z . B I Z 13 A P R I L 1 , 2 0 2 4 Find the right IRA plan With the start of MERIT in 2024, businesses can take ownership of their IRA packages. Gorham Financial Group offers customizable retirement programs that are right for your business and your employees. LESLEY WARN Registered Representative, LPL DIRECT (207) 383-9120 EMAIL Lesley.Warn@lpl.com Connect with Gorham Financial Group's Lesley Warn to explore options. Securities and advisory services are offered through LPL Financial (LPL), a registered advisor and broker-dealer (Member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Gorham Savings Bank and Gorham Financial Group are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Gorham Financial Group and may also be employees of Gorham Savings Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Gorham Savings Bank or Gorham Financial Group. Securities and insurance offered through LPL or its affiliates are: NOT INSURED BY FDIC OR ANY OTHER GOVERNMENT AGENCY | NOT GORHAM SAVINGS BANK GUARANTEED | NOT GORHAM SAVINGS BANK DEPOSITS OR OBLIGATION | MAY LOSE VALUE. 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 S O U R C E : Federal Deposit Insurance Corp. BANK MARKET INSTITUTIONS BRANCHES DEPOSITS IN BILLIONS SHARE AS OF (PERCENTAGE) JUNE 30, BY YEAR In Maine, TD Bank and its predecessors BankNorth and People's Heritage have had a long history of having the largest market share. TD Bank is still the market leader, but Bangor Savings and Camden National have steadily gained larger shares. Another thing to note is that there are fewer branches and far fewer overall institutions in the market, but the deposit base has grown dramatically in the past 30 years. 2023 1. TD Bank 13.37% 2. Bangor Savings 12.32 3. Camden National 10.92 4. Bank of America 6.17 5. KeyBank 6.03 2018 1. TD Bank 13.07% 2. Camden National 10.48 3. Bangor Savings 10.39 4. KeyBank 8.44 5. Bank of America 6.85 2013 1. TD Bank 9.76% 2. KeyBank 6.80 3. Bangor Savings 5.73 4. Camden National 5.07 5. Bank of America 3.74 2008 1. KeyBank 7.39% 2. TD Bank 7.39 3. Bank of America 5.15 4. Bangor Savings 4.59 5. Camden National 4.07 2003 1. BankNorth 18.98% 2. KeyBank 14.28 3. First National (Rhode Island) 8.17 4. Bangor Savings 6.78 5. Camden National 3.63 1998 1. People's Heritage 22.02% 2. KeyBank 14.45 3. Fleet Bank of Maine 11.42 4. Bangor Savings 6.81 5. Camden National 3.01 1994 1. Fleet Bank of Maine 17.28% 2. KeyBank 16.40 3. People's Heritage 13.70 4. Casco Northern Bank 7.53 5. Bangor Savings 4.92 '94 '98 '03 '08 '13 '18 '23 '94 '98 '03 '08 '13 '18 '23 '94 '98 '03 '08 '13 '18 '23 0 375 400 425 450 475 500 525 10 20 30 40 50 60 $0 $10 $20 $30 $40 $50 $60 51 46 42 36 32 31 29 492 499 507 519 515 472 442 $11.9 $12.7 $16.1 $34.8 $37.7 $29.4 $42.8