Mainebiz

W W W. M A I N E B I Z . B I Z 29 N OV E M B E R 2 8 , 2 0 1 6 People's United Bank, which came into the market in 2008 with the acquisition of Maine Bank & Trust, has developed a signifi cant presence here, with 5.31% market share in Cumberland County. KeyBank, TD Bank and Bank of America still dominate the market, combining for 62% market share (compared to 71% in 2006), without the physi- cal presence they once had. KeyBank, for instance, has four fewer branches in Cumberland County than it did in 2006, but its market share has jumped from 20% to 26% in that time. roughout KeyBank, twice as many transac- tions are conducted via online and mobile channels as those completed at a branch offi ce, says Sterling Kozlowski, regional executive for New England. Yet the Cleveland-based bank has seen consistent deposit growth in Maine over the past four years, including 14% growth in the past year, Kozlowski says. Wold, of TD Bank, says that having fewer branches with more deposits and more, well-trained people in each branch helps the bank's long-term viability. "Improved effi ciency results in more resources to invest in people, products and technology," he says. "It creates a better employee and customer experience." And Wold isn't worried by the increased presence of community banks. "Just as a smaller banks will argue that they off er a more personal approach, we'll argue that we have more capacity, more products and services, sophis- tication and technology that makes it more conve- nient," he says. "We work with our relationship man- agers to become trusted advisors of their clients, not just bankers. If you have a banker who knows you, and who you like and trust, the size of the organiza- tion becomes almost insignifi cant at that point." J V A , a w r i te r ba s e d i n Ya r m o u t h , c a n b e r e a c h e d a t @ . Maine, malted. Local lender and national leader in rural business development We put millions of dollars into Maine's creative economy, and we don't stop there. To work with us, call 207-504-5900 or visit With funding from CEI and the Maine Technology Institute behind them, Blue Ox Malthouse is quickly becoming a premier supplier of conventional and organic malt from Maine-grown grains to the $35 million Maine brewery market. You spoke. We listened. Simple and affordable checking for Maine businesses. mainesavings.com/bizwallet Bangor | Brewer | Corinth | Ellsworth | Hampden Jax Lab | Milo | North Vassalboro | Old Town P H O T O / T I M G R E E N WAY Jim Donnelly, EVP and chief consumer offi cer at Bangor Savings Bank, is based at the bank's new site at 20 Marginal Way in Portland. F O C U S

• Cover