Maine Community Bank (MCB) and Gorham Savings Bank (GSB) are proudly joining together to be an even greater force for good in Maine. The two banks have entered into a definitive agreement to merge under the Maine Community Bank name. The combined company will be strategically positioned to benefit from our larger combined footprint and underscoring our continued focus on serving Maine people.
Why did Maine Community Bank (MCB) and Gorham Savings Bank (GSB) decide to merge?
Our combined bank will have the scale to meet the changing needs of our customers and our businesses, while making decisions locally by the people you know and trust. As a committed mutual savings bank, together we can support our customers and communities with more lending power, resources, and local control.
By coming together we’re able to improve efficiencies, reduce operational overhead, and redeploy resources to invest in the technology and services that the next generation of customers increasingly requires, while still providing an expanded full-service branch network.
With the declining workforce participation rate in Maine, we regularly compete for talented, experienced banking staff. By coming together our staff will have the depth and talent to continue supporting our customers, growing communities and provide competitive career paths for our colleagues.
What is the name of the combined bank? And why was Maine Community Bank selected?
The new entity will unite under the Maine Community Bank (MCB) name, emblematic of our larger combined footprint and underscoring our continued focus on serving Maine people.
Why Gorham Savings Bank?
They are simply such a great match for us. Very complementary and contiguous market geography, very community focused, and a very similar culture to ours.
Who’s going to be the leadership of the bank?
The combined company will be comprised of a talented leadership team from both organizations with Gorham Savings Bank’s Steve deCastro serving as chief executive officer. Jeanne Hulit will be serving as president and plan to retire 12 months after the merger is finalized.
Who will be on the Board of Directors?
The combined company will have 16 directors, consisting of 8 directors from Maine Community Bank and 8 directors from Gorham Savings Bank. Jeffrey Worthing, Maine Community Bank’s current Chair will continue to serve as Chair and Jere Michelson, from Gorham Saving Bank’s will serve as Vice Chair.
Did the banks need to merge because one bank was in trouble?
Absolutely not. This merger is forward looking, reflecting shared values of strengthening community banking for our customers and generations to come. Both banks bring strength to the table and together make for a more dynamic financial institution.
When will the merger be final?
That depends on our regulatory approval which we anticipate being the later part of 2024.
Will there be any branch closures or job layoffs as a result of this merger?
No reduction of staff. Our footprints are complementary and any further operational efficiencies will be determined as we move forward.
How will this merger benefit me, as a customer?
Customers will have double the amount of branch networks, access to more ATMs, new products, and new technologies for the future.
What does the merger mean for my commercial business relationship?
The increased size of the bank enables us to increase the lending limits to our borrowers to help them grow.
Are there any immediate changes to products/services/fees/terms?
Not at this time. The two banks will continue to operate separately until the merger is complete.
Can I visit an MCB or GSB branch to conduct my business?
Once the merger is complete, we will begin operating as one bank but until more information on timing is provided, please continue to use your current institution.
Can I use my debit card at an MCB or GSB ATM with no fee?
You can once the merger is complete. However, until an update is provided, please continue to use your card as you normally would.
How will we be kept informed of next steps and timing?
Both banks are committed to transparent communication and will have updates on our websites over the next several months as things progress. Maine Community Bank: www.Mainecb.com and Gorham Savings bank: www.Gorhamsavings.bank
If I have deposits at both banks, with a total in excess of FDIC coverage, what should I do?
Until the merger is complete, you don’t need to make any changes. Once the merger is complete you should meet with your bank representative to discuss the best ways to ensure you have optimal FDIC coverage.