Issue link: https://nebusinessmedia.uberflip.com/i/1518166
W W W. M A I N E B I Z . B I Z 21 A P R I L 1 , 2 0 2 4 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 ince October 2023, Lewiston-based Androscoggin Bank has opened a com- mercial banking office in Portsmouth, N.H., and a business development office in the Piscataquis County town of Guilford. e expansion into Guilford was a result of col- laboration with local officials and businesses that highlighted an unmet need in Piscataquis County for commercial and treasury finance and deposit services, as well as wealth management services. "Our new Guilford business development office shares space with the Guilford town office and other area economic development groups, making it an ideal area to expand the bank's foot- print and help to create a hub for business devel- opment in the area," says Neil Kiely, president and CEO of Androscoggin Bank. ere will soon be a closure, too. Androscoggin Bank plans to close a retail branch at 12 Subaru Drive in Auburn, due to the close proximity of another retail branch in Auburn less than 3 miles away. "is consolidation allows us to better allocate our people and resources to ensure we continue to best meet the needs of our clients and employ- ees," Kiely says. Competition and opportunities Like Androscoggin, quite a few banks across Maine are looking to right-size their footprint and leverage market opportunities, with transi- tions in recent years that include expanded facilities and consolidations. Bangor Savings opened branches in Boothbay Harbor, Manchester, N.H., Bar Harbor and Kennebunk. Kennebec Savings opened its southernmost branch. In 2022, First National opened a Brewer branch and Northeast Bank closed its Buckfield branch. Northeast Bank, headquartered in Lewiston, recently announced its intent to move its Auburn branch within the city. JPMorgan Chase & Co., which has branches in Falmouth, Portland, Saco, Westbrook and Yarmouth, plans to open in Scarborough later this year. A further southern Maine branch is planned at an undisclosed location. Branching OUT In an age of banking apps, institutions grapple with the physical footprint B y L a u r i e S c h r e i b e r IT PAYS TO BE A CUSTOMER OWNER. This year, we paid $130 million in patronage dividends. Farm Credit East customer-owners received $120 million in cash patronage dividends based on 2023 earnings, but we didn't stop there. Thanks to outstanding financial results, we were able to distribute an additional one-time special patronage of $10 million to members. We're grateful to continue serving farm, fishing and forestry business owners like you . No other lender delivers more value than Farm Credit East. Loans & Leases Financial Record-Keeping Payroll Services Profitability Consulting Tax Preparation & Planning Appraisals Estate Planning Beginning Farmer Programs Crop Insurance C O N T I N U E D O N F O L L OW I N G PA G E ยป