Mainebiz

W W W. M A I N E B I Z . B I Z 27 N OV E M B E R 2 8 , 2 0 1 6 B A N K I N G & F I N A N C E F O C U S Now that convenience has been redefi ned as the ability to bank 24 hours a day, seven days a week, from any place on the planet, fi nancial institutions have had to rethink what kind of bankers' hours make sense. TD Bank, which uses the moniker "America's Most Convenient Bank," has long kept many of its branches open seven days a week, some days as late as 7 p.m. Now that the bank has a full suite of mobile and online services, it has shortened hours at some branches. "What we've discovered is that the number of physical locations is not a good measurement of convenience," says Larry Wold, TD Bank's market president for Maine. e Cherry Hill, N.J.-based bank has 19 locations in Cumberland County, down from 24 locations a decade ago. "Having people who are highly trained and highly accessible is much more important than hav- ing a lot of bodies out there," Wold adds. Competing for community bank customers Community banks strive to off er a more personal touch than big banks. But with so many small banks compet- ing for Portland-area customers, they must fi nd ways to diff erentiate themselves from one another. Bangor Savings recently acquired Buoy Local, a purveyor of gift cards for roughly 100 local retailers, restaurants and service providers that markets its mem- bers, and provides them with valuable market research. e acquisition strengthens Bangor's ties to the small-business community, and enhances the services the bank can provide to its 3,000 existing merchant services customers, says Jim Donnelly, the bank's execu- tive vice president and chief consumer offi cer. e bank plans to expand the Buoy Local program. Camden National Bank expanded its southern Maine presence in 2015 with its purchase of Bank of Maine, becoming the largest Maine-based bank. It recently merged its Acadia Trust and banking units to create a new division, Camden National Wealth Management. e merger will allow Camden National to leverage the technology, capital and resources of both companies to better serve clients, says Renee Smyth, the bank's chief marketing offi cer. Patricia Weigel, president and CEO of Norway Savings Bank, says that maintaining a competitive edge will boil down to what it always has — relationships. "Customers really want to do business with people they know and trust," Weigel says. "Particularly when their interests may involve large amounts of money such as when they are borrowing money for a home, invest- ing their retirement funds or buying a new business." C O N T I N U E D O N F O L L OW I N G PA G E » We've seen more change in our We've seen more change in our We've seen more change in our We've seen more change in our We've seen more change in our We've seen more change in our We've seen more change in our We've seen more change in our We've seen more change in our We've seen more change in our We've seen more change in our We've seen more change in our We've seen more change in our We've seen more change in our industry in the last 10 years than industry in the last 10 years than industry in the last 10 years than industry in the last 10 years than industry in the last 10 years than industry in the last 10 years than industry in the last 10 years than industry in the last 10 years than industry in the last 10 years than industry in the last 10 years than industry in the last 10 years than industry in the last 10 years than industry in the last 10 years than in the previous 50 years. We must continue to evolve in order to meet the challenges and opportunities of this dynamic marketplace. — Chris Emmons, president and CEO, Gorham Savings Bank

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