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W W W. M A I N E B I Z . B I Z 23 A P R I L 1 , 2 0 2 4 B A N K I N G / F I N A N C E / I N S U R A N C E In 2023, Kennebec Savings jumped into the crowded Portland marketplace with a branch at 53 Baxter Blvd. Nearly 15% of the bank's loan portfolio was already in the Portland area. e location offers in-person as well as online and mobile services, providing consumer and com- mercial products and services, and wealth manage- ment products. "In seven months we ended up with $18 million in deposits, so we've been quite successful beyond our initial estimates," says Silsby. Today, the state-chartered community bank has $1.7 billion in assets and nearly 200 employees. ere are no immediate plans for additional branching. March to efficiency Most community banks, says Silsby, "historically have played in our own backyards. But as we have grown larger and need to continue to grow, we are all stepping into each other's backyard. So, it's get- ting highly competitive." at could result in more consolidation, he says. "We're seeing branch openings but also branch closures," he says. "It's about trying to find the right location." It's also about facility and staffing costs. "You want your branches to be profitable," Silsby says. "We're all trying to get more out of less. It's the march for efficiency." C O N T I N U E D O N F O L L OW I N G PA G E ยป F I L E P H O T O / T I M G R E E N WAY Andrew Silsby, president and CEO of Kennebec Savings Bank, says the banking market is "getting highly competitive." F O C U S