Mainebiz

W W W. M A I N E B I Z . B I Z 23 A P R I L 1 7 , 2 0 1 7 F O C U S B A N K I N G / F I N A N C E "Twenty-fi ve years ago, there was telephone banking," says Christopher Pinkham, president of the Maine Bankers Association. "As the web came in, we off ered online banking. As mobile became standard, we rolled out mobile. e earliest ATMs only delivered cash. Currently there are smart ATMs that have replaced whole physical branches. e next generation that's arrived in a couple of places in Maine is the kiosk, with a TV screen, and you're looking at a teller who's in a central location. I'm not sure anyone has the corner on where this is headed, other than everyone's scrambling to ensure they have many available channels." A 2015 report by the Federal Deposit Insurance Corp. noted that the rise of electronic banking has resulted in a decline in the number of transactions at physical banking offi ces, with one nationwide study showing the average number of teller transac- tions per offi ce declined by 45% between 1992 and 2013. e decline also resulted in a slowdown in branch-generated revenue growth. But, the FDIC noted, customers still like their local branches. Among most households that prefer online or mobile banking, most also continue to visit tellers to access their accounts. C O N T I N U E D O N F O L L OW I N G PA G E » New branches, Bank and credit union branches are popping up with some frequency lately. A sampling: Commercial banks: Machias Savings Bank opened its fi rst Portland branch at 193 Middle St. Bangor Savings converted space at 77 Middle St. in Portland and opened a branch at 127 Community Drive in Augusta. Gorham Savings Bank opened its Grand Trunk site at 1 India St. in Portland on April 3. Saco & Biddeford Savings Institution opened a branch at 136 Commercial St. in Portland in March. Credit unions: Infi nity FCU is building a branch on Baxter Boulevard (see cover). Five County Credit Union, based in Bath, is building a branch at 219 U.S. Route One in Yarmouth. York County Federal Credit Union is building a branch in York to replace another in the area. Casco Federal Credit Union replaced its West Gorham branch with a new facility in July 2016. Midcoast Federal Credit Union will open a new branch at its original location in Bath. Bangor Federal Credit Union in June 2016 built a branch at 10 Venture Way in Bangor to replace a small branch on Hammond Street. Connected Credit Union in July 2016 opened its main offi ce at 85 Civic Center Drive in Augusta, replacing another elsewhere in Augusta. S O U R C E : Maine Bankers Association, Maine Credit Union League, fi nancial institutions

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