Maine Community Bank Cares: The Biddeford and Mechanic Savings Charitable Foundation Delivers $30,000 to Provide Heating Assistance to Mainers

Westbrook, Maine – January 25, 2024 – In response to the cost of home heating oil, the Biddeford and Mechanics Savings Charitable Foundation has donated $30,000 to support the Keep ME Warm Fund, providing direct and immediate home heating assistance to Mainers in need. “Making a contribution to the Keep ME Warm Fund will allow us to help our neighbors when they need it most. No one should have to choose between paying for heat and other essentials. Our hope is that we can make the lives of individuals and families in the communities we serve a little easier this year,” says Jeanne Hulit, President and CEO of Maine Community Bank.

As we are amid the coldest months, the cost of basic needs, like rent and food, continue to rise in our state. Thousands of Mainers are faced with choosing between heating their homes and basic needs like food and medicine. Unfortunately, MaineHousing reports that federal LIHEAP (Low Income Home Energy Assistance Program) benefits will be about half of what they were last year, due to the end of some special funding programs. In addition, there has been an increase in applicants needing assistance. Donations to Keep ME Warm help to make the winter warmer and safer for Maine families. The Biddeford and Mechanics Savings Charitable Foundation donation will help people across Maine, including the bank’s footprint in the Androscoggin, Cumberland, and York regions. Keep ME Warm Funds are distributed through 211 Maine, local United Ways, and community partners.

The Keep ME Warm Fund, in partnership with local community service organizations, relies heavily on donations and distributes assistance based on need. “Thousands of Mainers are struggling to pay for heat this winter,” says Liz Cotter Schlax, President and CEO of United Way of Southern Maine. “Maine Community Bank’s generous support of Project Heat directly benefits the Keep ME Warm fund, which helps households in emergency situations. We are so grateful for their donation, which will help to keep seniors, children, and other vulnerable Mainers warm.”

Together, Maine Community Bank and the Biddeford and Mechanics Savings Charitable Foundation contributed over $325,000 to several local non-profit organizations in 2023 and continues to support the local community through donations, volunteerism, and in-kind donations each year.

About Maine Community Bank

Biddeford Savings and Mechanics Savings have been financial partners with the people of Central and Southern Maine for the past 150 years. To help carry out their commitment to the communities they serve, the two banks merged on January 1, 2020, becoming divisions of Maine Community Bank. The merger expands the lending capacity, product offerings, and branch service areas, while keeping all decision-making at the local level. They have branches in Auburn, Biddeford, Brunswick, Kennebunk, Lewiston, Scarborough, Waterboro, and Windham, with a new branch and operations center in Westbrook.

 

About the Biddeford and Mechanics Savings Charitable Foundation

The Biddeford and Mechanics Savings Charitable Foundation was created in July of 2020 and is structured to give back to the communities in a larger, more enduring way. The Foundation’s mission is to help individuals and families in the bank’s local communities meet their basic needs and achieve financial empowerment.

MEREDA Matters Podcast

Mereda Matters Podcast GraphicJeanne Hulit, President & CEO of Maine Community Bank, recently joined Maine Real Estate & Development Association (MEREDA) on their monthly podcast “MEREDA Matters” where she and Steve deCastro, President & CEO of Gorham Savings Bank, spoke regarding our merger of equals.

Check it out: MEREDA Matters Episode 13

 

 

 

 

 

Maine Community Bank Cares: The Biddeford and Mechanics Savings Charitable Foundation Donates $50,000 to Trinity Jubilee Center

Check Presentation to Trinity JubileeWestbrook, Maine – December 20, 2023 – To support the important effort to strengthen the social and economic foundations of our community, The Biddeford and Mechanics Savings Charitable Foundation approved a donation of $50,000 to the Trinity Jubilee Center, a community leader in providing crucial services to the hungry, the homeless, and those in need.

The Foundation recently presented Trinity Jubilee a check for $50,000, which will be used to fund the new build of a 5,500-square-foot service center in downtown Lewiston, that will enable them to serve more people, fill gaps by providing those in need with bathrooms, showers, and laundry facilities, and feature design improvements that will allow their staff to focus on what’s important: caring and compassion.

“We are incredibly grateful for Maine Community Bank’s donation to our capital campaign. Since 1991 we have served downtown Lewiston and the surrounding communities. All of our programs, including our Soup Kitchen, Food Pantry, Diaper Bank, Day Shelter, Free Clinic, Resource Center, and Refugee Integration Program, will be able to serve more people, with more dignity, efficiency, and success, in our new space. Many of our clients face mental health struggles that contribute to their food insecurity and housing insecurity. Maine Community Bank’s generous donation creates a dedicated meeting room in our new facility where mental health caseworkers from partner agencies can meet privately with clients onsite. We are bringing mental health services into our space, where our hungry and homeless clients feel safe, in order to reduce the barriers to accepting help. This allows our clients to receive the food and shelter that they need to survive and receive the support they need to overcome challenges, improve their health, and increase their stability.”

Together, Maine Community Bank and the Biddeford and Mechanics Savings Charitable Foundation contributed over $300,000 to several local non-profit organizations in 2023 and continues to support the local community through donations, volunteerism and in-kind donations each year.

About Maine Community Bank

Maine Community Bank has been supporting Maine’s communities for over 150 years. They have branches in Auburn, Biddeford, Brunswick, Kennebunk, Lewiston, Scarborough, Waterboro, Westbrook, and Windham.

About the Biddeford and Mechanics Savings Charitable Foundation

The mission of the Biddeford and Mechanics Savings Charitable Foundation is to help individuals and families in the bank’s local communities meet their basic needs and achieve financial empowerment. In support of this long-term mission, the Foundation concentrates on the goals of providing support to families and individuals in our communities through health, housing, and hunger, as well as helping the next generation overcome issues of inequality and build unity across lines of differences in our communities. The Biddeford and Mechanics Savings Charitable Foundation was created in July of 2020 and is structured to give back to the communities in a larger, more enduring way.

Gorham Savings Bank and Maine Community Bank to Combine in a Merger of Equals

The two 150-year-old financial services institutions will better serve customers, employees, and the community together

BIDDEFORD, Maine and GORHAM, Maine, December 7, 2023 — Maine Community Bancorp, MHC, the parent mutual holding company for Maine Community Bank (“Maine Community Bank”), and Gorham Bancorp, MHC, the parent mutual holding company for Gorham Savings Bank (“Gorham Savings Bank”), are pleased to announce that they have entered into a definitive agreement to merge under the Maine Community Bank name. The combined company will be strategically positioned to benefit from enhanced scale and improved opportunities for growth and profitability while remaining committed to its core markets.

Merger At a Glance:
This merger of equals creates the second largest mutual savings bank in Maine with nearly $2.7 billion in assets servicing nearly 76,000 depositors, with the largest branch network in Androscoggin, Cumberland, and York counties.

  • Positions the combined institution for growth in their commercial and consumer markets,
  • Enhances product offerings and services, while realizing economies of scale,
  • Increases capital to support Maine businesses,
  • Well aligned mission, vision, and values,
  • Builds on commitment to community outreach and involvement, and
  • No employee reductions are planned as a result of the merger.

Governance and Leadership
The combined company will be governed by a 16-person Board of Directors consisting of an equal number of Maine Community Bank and Gorham Savings Bank directors. The combined company’s chair of the board will be Maine Community Bank’s current board chair, Jeffrey S. Worthing. Gorham Savings Bank’s current board chair, Kathy Coster, will remain on the combined board, while Gorham Savings Bank’s current vice chair, Jere Michelson will retain his position. Each board enthusiastically and unanimously approved this union. The leadership team of the combined company will be comprised of leadership from both organizations with Gorham Savings Bank’s Steve deCastro serving as chief executive officer and Maine Community Bank’s Jeanne Hulit serving as president. Ms. Hulit will retire 12 months after the merger is finalized.

Operations and Headquarters
The combined company will employ more than 400 banking professionals and be headquartered out of Portland, Maine. Operation Centers remain in Gorham and Westbrook, while the expanded branch network will serve communities throughout Androscoggin, Cumberland, and York counties under the Maine Community Bank charter.

Timing and Approvals
The transaction is expected to close by the third quarter of 2024, subject to the completion of customary closing conditions, including the receipt of regulatory and corporator approvals.

From Jeanne Hulit, president and chief executive officer, Maine Community Bank
“Community banking is the foundation of Maine’s economy, providing the essential funding necessary for businesses to start and grow, providing housing, and helping our communities thrive. This merger of two locally focused banks gives us an even greater ability to meet these needs. Our shared values and commitment to the mission of mutual savings banks has shaped this merger and I look forward to partnering with Steve and the Gorham Savings Bank team.”

From Steve deCastro, president and chief executive officer, Gorham Savings Bank
“Merging our two institutions makes sense across the board and marks an exciting new chapter. Our values and mission align very well, underpinning our commitment to meeting the ever-growing needs of our customers, acting as a force for good in the communities we serve, and providing greater opportunities for our employees. Jeanne and I have known each other for many years and I’m excited about the opportunities ahead, building one even more capable financial services institution that also maintains a local focus.”

Advisors
Piper Sandler & Co. served as financial advisor to Gorham Savings Bank, and Performance Trust Capital Partners served as financial advisor to Maine Community Bank. Goodwin Procter LLP served as legal counsel to Maine Community Bank and Luse Gorman, PC served as legal counsel to Gorham Savings Bank.

About Maine Community Bank
Headquartered in Biddeford, Maine, Maine Community Bank began as a collaboration between two of the state’s longest-standing community banks, Biddeford Savings and Mechanics Savings, and has a rich heritage dating back to 1867. Today, Maine Community Bank continues to thrive with locations in Androscoggin, Cumberland, and York counties, supporting both personal and business customers throughout their communities with competitive services, financial assistance, and the friendly, local experience that is at the core of everything they do. Maine Community Bank is a member FDIC. Learn more at: mainecb.com

About Gorham Savings Bank
Since its founding in 1868, Gorham Savings Bank has delivered financial solutions tailored to the needs of Southern Maine’s businesses and consumers—including complete commercial and consumer banking products and services, as well as investment planning and wealth management. As the only bank headquartered in Cumberland County, Gorham Savings Bank has worked tirelessly to be a force for good in the communities it serves; with hundreds of thousands in donations and many thousands of employee volunteer hours in support of dozens of community-based initiatives annually. Gorham Savings Bank is a member FDIC. Learn more at: gorhamsavings.bank

Open Letter to Customers Frequently Asked Questions

Maine Community Bank Cares: The Biddeford and Mechanics Savings Charitable Foundation Donates $10,000 to Support Mental Health in the Community

Group Photo at Sweetser PlaygroundWestbrook, Maine – November 21, 2023 – To support some of the most vulnerable individuals throughout the state, The Biddeford and Mechanics Savings Charitable Foundation delivered a donation of $10,000 to Sweetser, a community mental health organization whose mission is to provide quality treatment, support, and hope to children, families, and adults through a network of mental and behavioral health, recovery, and educational services. In recent years, the awareness and stigma surrounding mental health has lifted, but the access and affordability of these services has not.

The Foundation recently presented Jayne Van Bramer, President & CEO at Sweetser with a check for $10,000 which will be used to construct a safe recreational play area for young clients. As many youths do not have the vocabulary to describe how they feel, play is proven to aid in treating children with mental health issues, and safe play structures provide an essential health service to Sweetser’s young clients.

“Thank you to Maine Community Bank for their ongoing commitment to Sweetser, the clients we serve, and for their direct support assisting with our new outdoor recreation space on our Saco campus. This $10,000 donation will help us complete this project with our community partners. As we all know, outdoor play is good for children’s physical health, development, and mental well-being.”

Together, Maine Community Bank and the Biddeford and Mechanics Savings Charitable Foundation contributed over $335,000 to several local non-profit organizations in 2022 and continues to support the local community through donations, volunteerism and in-kind donations each year.

About Maine Community Bank

Biddeford Savings and Mechanics Savings have been financial partners with the people of Central and Southern Maine for the past 150 years. To help carry out their commitment to the communities they serve, the two banks merged on January 1, 2020, becoming divisions of Maine Community Bank. The merger expanded the lending capacity, product offerings, and branch service areas, while keeping all decision-making at the local level. They have branches in Auburn, Biddeford, Brunswick, Kennebunk, Lewiston, Scarborough, Waterboro, Westbrook and Windham.

About the Biddeford and Mechanics Charitable Savings Foundation

The Biddeford and Mechanics Savings Charitable Foundation was created in July of 2020 and is structured to give back to the communities in a larger, more enduring way. The Foundation’s mission is to help individuals and families in the bank’s local communities meet their basic needs and achieve financial empowerment.

Maine Community Bank Cares: The Biddeford and Mechanics Savings Charitable Foundation Donates $25,000 to Safe Voices of Maine

Check Presentation to Safe VoicesWestbrook, Maine – September 25, 2023 – To support the work of changing culture and ending domestic violence and sex trafficking, The Biddeford and Mechanics Savings Charitable Foundation approved a donation of $25,000 to Safe Voices, a nonprofit organization that provides person-to-person, individualized advocacy for all survivors of domestic abuse and violence, sex trafficking, and sexual exploitation in Androscoggin, Franklin, and Oxford counties.

The Foundation recently presented Grace Kendall, Executive Director of Development and Engagement, with a check for $25,000, which will be used to complete the build of a comprehensive survivor resource center.

Jeanne Hulit, President & CEO of Maine Community Bank, the parent company of the Foundation added, “We are honored to continue our longstanding support for Safe Voices, an outstanding organization that does the much-needed work of providing support to victims of abuse in our community and helping those that have been victimized rebuild their lives.”

Together, Maine Community Bank and the Biddeford and Mechanics Savings Charitable Foundation contributed over $300,000 to several local non-profit organizations in 2023 and continues to support the local community through donations, volunteerism, and in-kind donations each year.

About Maine Community Bank

Maine Community Bank has been supporting Maine’s communities for over 150 years. They have branches in Auburn, Biddeford, Brunswick, Kennebunk, Lewiston, Scarborough, Waterboro, Westbrook, and Windham.

About the Biddeford and Mechanics Savings Charitable Foundation

The mission of the Biddeford and Mechanics Savings Charitable Foundation is to help individuals and families in the bank’s local communities meet their basic needs and achieve financial empowerment. In support of this long-term mission, the Foundation concentrates on the goals of providing support to families and individuals in our communities through health, housing, and hunger, as well as helping the next generation overcome issues of inequality and build unity across lines of differences in our communities. The Biddeford and Mechanics Savings Charitable Foundation was created in July of 2020 and is structured to give back to the communities in a larger, more enduring way.

Maine Community Bank Cares: The Biddeford and Mechanics Savings Charitable Foundation Donates $5,000 to Support the Brunswick Housing Authority

Check Presentation to Brunswick Housing Authority
Jeanne Hulit, President & CEO of Maine Community Bank; John Hodge, Executive Director of Brunswick Housing Authority; Brian Robinson, Brunswick Branch Manager

Westbrook, Maine – To support families displaced by a recent fire at Perryman Village in Brunswick, The Biddeford and Mechanics Savings Charitable Foundation approved a donation of $5,000 to Brunswick Housing Authority, a community organization that owns and operates Perryman Village where five townhouse units were left unhabitable due to a recent fire. The Brunswick Housing Authority provides safe, quality, and affordable housing for eligible persons in need of assistance and promotes opportunities for the growth and development of residents as well as the community.

The Foundation recently presented John Hodge, Executive Director of Brunswick Housing Authority, with a check for $5,000, which will be used to support the families displaced in the fire.

“On behalf of the displaced families of the fire in Perryman Village, we are truly thankful for the outpouring of community support,” said John Hodge. “This is especially true of the generous support given to the families from Maine Community Bank. Their financial support will help to rebuild these families lives after such a traumatic event.”

Together, Maine Community Bank and the Biddeford and Mechanics Savings Charitable Foundation contributed over $335,000 to several local non-profit organizations in 2022 and continues to support the local community through donations, volunteerism and in-kind donations each year.

About Maine Community Bank
Maine Community Bank has been supporting Maine’s communities for over 150 years. They have branches in Auburn, Biddeford, Brunswick, Kennebunk, Lewiston, Scarborough, Waterboro, Westbrook, and Windham.

About the Biddeford and Mechanics Savings Charitable Foundation
The mission of the Biddeford and Mechanics Savings Charitable Foundation is to help individuals and families in the bank’s local communities meet their basic needs and achieve financial empowerment. In support of this long-term mission, the Foundation concentrates on the goals of providing support to families and individuals in our communities through health, housing, and hunger, as well as helping the next generation overcome issues of inequality and build unity across lines of differences in our communities. The Biddeford and Mechanics Savings Charitable Foundation was created in July of 2020 and is structured to give back to the communities in a larger, more enduring way.

Maine Community Bank Cares: The Biddeford and Mechanics Savings Charitable Foundation Donates $30,000 to Support the Homeless

Check Presentation to Tedford Housing
Left to Right: Justin Laverriere, Amy Landry, Don Kniseley, Andrew Lardie, Todd Savage, Brian Robinson

Westbrook, Maine – April 28, 2023 – To support some of the most vulnerable individuals throughout the state, The Biddeford and Mechanics Savings Charitable Foundation approved a donation of $30,000 to Tedford Housing, a community organization with a central belief that everyone deserves to have a safe and affordable home. Tedford Housing provides emergency homeless shelter, supportive housing for previously homeless families and individuals, as well as homeless prevention services.

The Foundation recently presented Tedford Housing with a check for $10,000, the first installment of a three-year $30,000 commitment, which will be used toward their newly proposed 17,568 square foot facility in Brunswick. The new facility will replace the existing building, which the organization has outgrown, and will increase their emergency housing capacity and family emergency capacity to a total of 64 emergency housing beds.

“This project is going to transform Tedford’s ability to meet our mission, during a time of overwhelming need for our services,” said Andrew Lardie, Tedford’s Interim Executive Director. “But it’s going to take all of us in the community lifting together, and this generous gift from the Biddeford and Mechanics Savings Charitable Foundation takes us a big step closer to that vision.”

Together, Maine Community Bank and the Biddeford and Mechanics Savings Charitable Foundation contributed over $335,000 to several local non-profit organizations in 2022 and continues to support the local community through donations, volunteerism and in-kind donations each year.

About Maine Community Bank

Maine Community Bank began as a collaboration between two of the longest-standing community banks in Central and Southern Maine, Biddeford Savings and Mechanics Savings. Maine Community Bank supports both personal and business customers throughout Central and Southern Maine with competitive services, financial assistance, and the friendly, local experience that is at the core of everything they do. They have branches in Auburn, Biddeford, Brunswick, Kennebunk, Lewiston, Scarborough, Waterboro, Westbrook and Windham.

About the Biddeford and Mechanics Savings Charitable Foundation

The mission of the Biddeford and Mechanics Savings Charitable Foundation is to help individuals and families in the bank’s local communities meet their basic needs and achieve financial empowerment. In support of this long-term mission, the Foundation concentrates on the goals of providing support to families and individuals in our communities through health, housing, and hunger, as well as helping the next generation overcome issues of inequality and build unity across lines of differences in our communities. The Biddeford and Mechanics Savings Charitable Foundation was created in July of 2020 and is structured to give back to the communities in a larger, more enduring way.

Maine Community Bank Announces New Roles in Commercial Lending and Employee Promotions

WESTBROOK, ME – Maine Community Bank recently announced new roles within the Commercial Lending Department as well as promotions of two employees.

Jeffrey Gosselin was promoted to Senior Vice President, Chief Commercial Officer. He will be responsible for overseeing the commercial and cash management teams that serve our primary markets in both central and southern Maine. With 25 years of commercial banking experience, his banking career has its foundation in developing long-lasting client relationships as a trusted advisor with a broad perspective to serve our clients’ needs.

Todd Savage has joined us as Regional Vice President of Commercial Banking for Central & Midcoast Maine. He will be responsible for managing the Central & Midcoast Maine Commercial Lending team and maintaining and growing a portfolio of commercial loans and relationships centered around the Central & Midcoast Maine area. He joins us with many years of experience, most recently working for First National Bank.

Jennifer Sirois was promoted to Regional Vice President of Commercial Banking for Southern Maine. She will be responsible for managing the Southern Maine Commercial Lending team and maintaining and growing a portfolio of commercial loans and relationships centered around the Southern Maine market area.

Suzanne Carney was promoted to Chief Administrative Officer.  In her role, she oversees all aspects of Human Resources including talent management, compensation, benefits, employee relations and development.  In addition, she is responsible for Deposit eServices Operations, Call Center and is the Corporate Secretary for the Bank, Maine Community Bancorp and the Bank’s Foundation.

Matthew Boynton was promoted to Assistant Branch Manager of our Biddeford Main Street branch. He has been with the bank for almost eight years and comes from our Waterboro Branch. He will be responsible for managing the Main Street branch’s daily operations.

About Maine Community Bank

Maine Community Bank has been supporting Maine’s communities for over 150 years. They have branches in Auburn, Biddeford, Brunswick, Kennebunk, Lewiston, Scarborough, Waterboro, Westbrook and Windham.

Banking local is safe and secure.

March 13, 2023

To our Maine Community Bank customers:

With the recent collapse of a select few publicly traded specialty banks, customers have asked if there is reason to be concerned about their deposits and the stability of the financial sector.

First and most importantly, your deposits with Maine Community Bank are safe and secure.  Maine Community Bank bears no resemblance to the troubled banks you are hearing about in the news.  We are very well capitalized, have an extremely strong liquidity position and excellent credit quality.  As a mutual savings bank, we are not publicly traded, and therefore not subject to the unpredictable valuation declines driven by a spooked market.  Specifically, Maine Community Bank strengths are:

  • Our Tier 1 capital is almost three times the minimum regulatory requirement
  • Over 80% of our assets are in loans to Maine families and Maine businesses, not low yielding investments which are driving the declines in other bank tangible equity
  • We have a strong balance sheet and liquidity position with a diversified deposit base and access to multiple funding sources
  • In summary, Maine Community Bank is profitable, stable and secure.

As reported by the latest FDIC Quarterly Banking Profile data, America’s banks are strong and resilient. The events of the last several days do not change that. Regulators have a broad range of tools available since 2010 to deal with stresses inherent to banking.

Banking local means knowing firsthand how your money is being managed and who is making decisions.  At Maine Community Bank we only do business in Maine, we know our communities well, and we are prudent in delivering on our mission is to ensure our prosperity and the ability to enrich our customers, communities and employees.

For over 150 years your trust in us has been our priority, and we will continue to do so every day.

Please let us know if you have questions.

Thank you and Best regards,

Jeanne A. Hulit
President & CEO