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W W W. M A I N E B I Z . B I Z 23 D E C E M B E R 2 , 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 Investing in both digital and physical branches Hamm says that in banking, there's a term called the "network effect," a phenomenon wherein large branch networks capture a disproportionate share of deposit market share and balances. e idea is that banks with more physical presence capture more deposits. e expansion of the Norway Savings Bank branch network started in 2001, with the acquisi- tion of Coastal Bank — doubling the number of branches and bank assets. Since then, the bank has added seven branches and will open its 25th branch and first in New Hampshire (in North Conway) in 2025. e bank continues to grow its customer and deposit base through branch expansion. "From a customer and community perspective, branches are integral to ensuring our communi- ties remain strong and have the support they need to thrive," says Hamm. "Having employees who live, work and play in Norway Savings Bank's footprint helps us stay connected to the needs of our customers and broader communities. Our employees volunteer their time and talents to hundreds of local organizations throughout our markets, which adds value beyond technology. Having multiple locations makes that personal touch even more accessible." At Camden National Bank, Simon Griffiths, president and CEO, says the bank's digital bank- ing logins grew to 22.6 million, a 17% increase over the previous year, while branch transactions decreased by 5% from the previous year. is indicates that the role of a branch remains significant despite the increased interest and reli- ance on self-service channels, such as the bank's mobile app and online banking tools. "e branch facilitates exceptional in-person conversations that provide personalized financial guidance for moments that matter, such as buy- ing a first home, saving for college or planning a retirement," says Griffiths. "e branch's role," he adds, "is to provide strong financial advice from knowledgeable bank- ers who live and work in the same communities, deepening customer relationships and enabling tailored financial guidance delivery." Griffiths says that having multiple branches allows the bank to be more accessible to customers, whether the location is in their community or near their place of work. Providing a branch network throughout the state is essential with a large geog- raphy such as Maine. While Camden National continues to invest in physical branches, it has also invested significantly in technology to provide customers with safe and reliable online banking access. Using biometrics and additional forms of multi-factor authentication, the bank continues to assist and educate its customers to keep their access convenient and secure. "It's just a matter of convenience," says Griffiths. "We know our customers are busy. We work to ensure they can take care of their day-to-day banking and larger financial objectives the way they prefer." We'll be there. More than forty years ago, we were there as Wilbur's of Maine laid their foundation in Freeport. Their search for a community-focused bank, one in harmony with their needs and dreams, led them to Bath Savings. Today, Wilbur's is still creating confections that spread joy throughout Maine, while we stand proudly as their financial partner. And our dedication to family-owned businesses assures we'll be there to celebrate all of their sweet successes. 1-800-447-4559 | bathsavings.bank MEMBER FDIC EQUAL HOUSING LENDER Andy Wilbur and Kristin Frazier Andy Wilbur and Kristin Frazier Owners of Wilbur's of Maine Owners of Wilbur's of Maine C O N T I N U E D O N F O L L OW I N G PA G E » P H O T O / C O U R T E S Y O F C A M D E N N AT I O N A L B A N K F O C U S Simon Griffiths, the president and CEO of Camden National Bank.

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