Mainebiz

V O L . X X I I N O. X X I X 46 BO O K O F L I S T S 2 0 17 F I NA N C E Largest Maine-based banks Ranked by total assets as of Dec. 31, 2015 (all dollar figures in thousands) Previous year's rank Assets Deposits Net loans and leases Liabilities Net income Maine offices Full-time employees Chief executive 1 Camden National Bank 1 2 Elm St., Camden 04843 236-8821, www.camdennational.com 2 $3,681,225 $2,749,853 $2,479,998 $3,286,821 $22,418 67 650 Gregory Dufour 2 Bangor Savings Bank 99 Franklin St., Bangor 04401 942-5211, www.bangor.com 1 $3,304,123 $2,337,102 $2,262,295 $2,949,518 $22,542 60 693 Bob Montgomery-Rice 3 Bar Harbor Bank & Trust 82 Main St., Bar Harbor 04609 288-3314, www.bhbt.com 3 $1,579,046 $943,705 $980,632 $1,422,650 $16,679 15 218 Curtis Simard 4 The First 223 Main St., Damariscotta 04543 563-3195, www.thefirst.com 4 $1,530,967 $1,044,620 $979,071 $1,393,534 $16,516 16 218 Tony C. McKim 5 Machias Savings Bank 4 Center St., Machias 04654 255-3347, www.machiassavings.com 5 $1,158,833 $954,480 $995,922 $1,012,254 $9,149 18 241 Lawrence Barker 6 Norway Savings Bank 261 Main St., Norway 04268 743-7986, www.norwaysavingsbank.com 6 $1,025,141 $845,958 $818,317 $884,547 $9,217 24 280 Patricia Weigel 7 Gorham Savings Bank 64 Main St., Gorham 04038 839-4450, www.gorhamsavingsbank.com 7 $995,830 $773,080 $763,359 $904,211 $5,648 13 177 Chris Emmons 8 Kennebunk Savings Bank 104 Main St., Kennebunk 04043 985-4903, www.kennebunksavings.com 8 $981,489 $861,432 $803,351 $872,255 $7,156 13 289 Bradford Paige 9 Northeast Bank 500 Canal St., Lewiston 04240 786-3245, www.northeastbank.com 11 $893,445 $743,469 $684,255 $782,570 $9,320 12 188 Richard Wayne 10 Androscoggin Bank 30 Lisbon St., Lewiston 04240 784-9164, www.androscogginbank.com 10 $866,156 $689,963 $706,806 $770,534 $6,004 12 133 Paul Andersen 11 Saco & Biddeford Savings Institution 252 Main St., Saco 04072 284-4591, www.sbsavings.com 9 $861,705 $561,886 $692,858 $770,277 $6,083 7 203 Kevin Savage 12 Kennebec Savings Bank 150 State St., Augusta 04332 622-5801, www.kennebecsavings.com 13 $814,358 $529,140 $654,598 $706,801 $6,329 5 112 Andrew Silsby 13 Bath Savings Institution 105 Front St., Bath 04530 442-7711, www.bathsavings.com 14 $794,075 $629,998 $509,875 $699,464 $6,961 11 173 Glenn Hutchinson 14 Katahdin Trust Co. 11 Main St., Patten 04765 528-2211, www.katahdintrust.com 15 $701,669 $606,369 $580,907 $632,700 $5,042 20 195 Jon Prescott 15 Skowhegan Savings Bank 13 Elm St., Skowhegan 04976 16 $563,533 $426,772 $429,564 $488,357 $3,216 16 132 John Witherspoon Largest Maine-based banks Ranked by total assets as of Dec. 31, 2015 (all dollar figures in thousands) Previous year's rank Assets Deposits Net loans and leases Liabilities Net income Maine offices Full-time employees Chief executive 1 Camden National Bank 1 2 Elm St., Camden 04843 236-8821, www.camdennational.com 2 $3,681,225 $2,749,853 $2,479,998 $3,286,821 $22,418 67 650 Gregory Dufour 2 Bangor Savings Bank 99 Franklin St., Bangor 04401 942-5211, www.bangor.com 1 $3,304,123 $2,337,102 $2,262,295 $2,949,518 $22,542 60 693 Bob Montgomery-Rice 3 Bar Harbor Bank & Trust 82 Main St., Bar Harbor 04609 288-3314, www.bhbt.com 3 $1,579,046 $943,705 $980,632 $1,422,650 $16,679 15 218 Curtis Simard 4 The First 223 Main St., Damariscotta 04543 563-3195, www.thefirst.com 4 $1,530,967 $1,044,620 $979,071 $1,393,534 $16,516 16 218 Tony C. McKim 5 Machias Savings Bank 4 Center St., Machias 04654 255-3347, www.machiassavings.com 5 $1,158,833 $954,480 $995,922 $1,012,254 $9,149 18 241 Lawrence Barker 6 Norway Savings Bank 261 Main St., Norway 04268 743-7986, www.norwaysavingsbank.com 6 $1,025,141 $845,958 $818,317 $884,547 $9,217 24 280 Patricia Weigel 7 Gorham Savings Bank 64 Main St., Gorham 04038 839-4450, www.gorhamsavingsbank.com 7 $995,830 $773,080 $763,359 $904,211 $5,648 13 177 Chris Emmons 8 Kennebunk Savings Bank 104 Main St., Kennebunk 04043 985-4903, www.kennebunksavings.com 8 $981,489 $861,432 $803,351 $872,255 $7,156 13 289 Bradford Paige 9 Northeast Bank 500 Canal St., Lewiston 04240 786-3245, www.northeastbank.com 11 $893,445 $743,469 $684,255 $782,570 $9,320 12 188 Richard Wayne 10 Androscoggin Bank 30 Lisbon St., Lewiston 04240 784-9164, www.androscogginbank.com 10 $866,156 $689,963 $706,806 $770,534 $6,004 12 133 Paul Andersen 11 Saco & Biddeford Savings Institution 252 Main St., Saco 04072 284-4591, www.sbsavings.com 9 $861,705 $561,886 $692,858 $770,277 $6,083 7 203 Kevin Savage 12 Kennebec Savings Bank 150 State St., Augusta 04332 622-5801, www.kennebecsavings.com 13 $814,358 $529,140 $654,598 $706,801 $6,329 5 112 Andrew Silsby 13 Bath Savings Institution 105 Front St., Bath 04530 442-7711, www.bathsavings.com 14 $794,075 $629,998 $509,875 $699,464 $6,961 11 173 Glenn Hutchinson 14 Katahdin Trust Co. 11 Main St., Patten 04765 528-2211, www.katahdintrust.com 15 $701,669 $606,369 $580,907 $632,700 $5,042 20 195 Jon Prescott C O N T I N U E D O N P A G E 4 8 » Camden National, Bangor Savings duke it out to be top bank in Maine T he past five years saw major shifts in Maine's version of tectonic banking plates. More than 11 new CEOs and other top managers replaced aging bank executives. More technology entered the picture to prevent fraud and to draw in millennial customers accustomed to digital banking. But perhaps the big- gest change was the unseating of Bangor Savings Bank, long the top bank in the state, by the merger of Camden National Bank and the Bank of Maine. This merger ranked as the third largest in Maine in the past 18 months (see sidebar at right). The latter two banks switched rankings from December 2014 to December 2015. In 2015, Camden National topped Mainebiz's list of largest Maine-based banks with $3.68 billion in assets versus $3.30 billion at second-ranked Bangor Savings. Camden National had $2.75 billion in deposits in 2015 compared to $2.34 billion at Bangor Savings. The third-largest bank, Bar Harbor Bank & Trust, had $1.58 billion in assets and $943.7 million in deposits in the comparable period. One trend over the past year was for community banks with little or no exposure in Portland, Maine's larg- est city, to build a brick-and-mortar presence. Camden National, with 67 offices throughout the state, and Bangor Savings with 60 offices, have especially wanted a bigger physical presence in the prestigious Portland market. Bangor Savings, for example, opened a $5 million branch on Marginal Way, converted a branch on Fore Street and built a branch in Brunswick, wrap- ping up a $10-million expansion by the state-chartered bank into southern Maine. The physical buildings contrast to some scale-back of national banks like TD Bank and Bank of America, which are forgoing some "real life" branches in the state and focusing on online banking and services, following a national trend. One exception was People's United Bank, which expanded with a new Maine headquarters and branch at 350 Fore St., the former site of Merrill Lynch, in order to get all of its employees onto one floor instead of three in its former location, Maine Market President Daniel Thornton said. Gorham Savings, ranked seventh on our survey, took another approach by adding technology, like an interactive teller machine, to help it expand and ser- vice customers better. It essentially is an ATM that lets customers call a remote human teller and see and talk to him or her on the ATM screen. Bank President and CEO Christopher Emmons said the technology isn't new, but Gorham Savings is the first in the state to introduce it. He figured it's a way to save money, as a typical human bank teller transaction costs $3 to $4, while an online transaction costs 30 cents to 50 cents. Yet the bank is also investing in bricks and mortar, renovating Portland's Grand Trunk building for use as a branch and offices. Perhaps the biggest challenge to Maine banks is on the horizon. Maine Bankers Association President Christopher Pinkham told Mainebiz that in the coming years, local banks will have to figure out how to compete with their online counterparts in the digital world. — L o r i V a l i g r a Top 5 M&A deals from the past 18 months 1. WEX Inc., a South Portland-based corporate payment services company, paid $1.5 billion in cash and stock for rival Electronic Funds Source LLC. The seller was the private equity firm Warburg Pincus. (Announced in October 2016) 2. Putney Inc., a Portland-based maker of generic veterinary medicines, was acquired for $200 million in cash by Dechra Holdings US Inc., a subsidiary of the British company Dechra Pharmaceuticals Plc. (Closed in April 2016) 3. Camden National Bank acquired Bank of Maine, paying $135 million (October 2015) 4. Pine State Trading Co., a Gardiner-based distributor, sold its convenience-store division for $112 million to Core-Mark Holding Co. Inc., which is based in South San Francisco, Calif. (Announced in April 2016) 5. Kepware, a Portland technology firm, was acquired for $100 million by PTC, an Internet of Things tech company based in Needham, Mass. (Closed in January 2016) E D I T O R ' S N O T E : This list has been amended from what ran in the 2016 Fact Book to include the Camden National deal (No. 3). S O U R C E S : The companies, news reports

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