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V O L . X X X I N O. V I I I A P R I L 2 1 , 2 0 2 5 4 A division of New England Business Media LLC C E O / GROUP PUBLISHER Peter Stanton P R E S I D E N T Tom Curtin DIGITAL DIRECTOR Jan Holder SENIOR ACCOUNT MANAGERS Ken Hanson, Kerry Rasor, Betsy VanderPloeg ACCOUNT EXECUTIVE Michelle Phillips EVENTS & MARKETING DIRECTOR Samantha Elliott OPERATIONS AND ADMINISTRATIVE MANAGER Allison Spies AUDIENCE DEVELOPMENT SPECIALIST Leah Allen CONTRIBUTING WRITERS Mark Jeanneret Carrie Yardley RESEARCH DIRECTOR Stephanie Meagher RESEARCH ASSISTANT Heide Martin ART DIRECTOR Matt Selva HOSPITALITY Buster HOSPITALITY EMERITUS Malcolm, Zoey PUBLISHER Andrea Tetzlaff EDITOR Peter Van Allen DEPUTY EDITOR Renee Cordes DIGITAL EDITOR Alexis Wells SENIOR WRITER Laurie Schreiber STAFF WRITER Tina Fischer C O N T E N T S Maine banks 'bank' on New Hampshire growth Granite State offers new market opportunities and a similar culture How To Choose the right benefits carrier 14 19 20 The Madison money trail How TimberHP got into financial trouble — and how it aims to reset 26 Largest Maine- based banks Ranked by assets as of Dec. 31, 2024 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S I N D U S T R Y T H U M B N A I L O N PA G E 1 2 » We took out the photo album at our ��rst meeting. R M D AV I S . C O M | P O R T L A N D , M E | P O R T S M O U T H , N H INVESTMENT MANAGEMENT • FINANCIAL PLANNING • TRUSTEE SERVICES Meeting you where you are in life. It's that simple. P H O T O / C O U R T E S Y O F J O S H G E R R I T S E N P H O T O S / C O U R T E S Y O F N O RWAY S AV I N G S B A N K 20 14 A Norway Savings Bank branch under construction in North Conway, N.H.