Biddeford Savings and Mechanics Savings to Consolidate into a Single Bank Charter, Maintain Brands
Apr 18, 2019
Biddeford Savings and Mechanics Savings announced that the organizations have filed a merger application with regulators to operate under a single charter as Maine Community Bank. Biddeford Savings and Mechanics Savings will maintain their respective brand identities, as well as local decision making, while operating as divisions of Maine Community Bank.
Biddeford Savings and Mechanics Savings are both known for their financial commitment to their communities through local lending and philanthropy, offering competitive products for their banking customers, as well as providing stable and high-quality professional employment opportunities.
“Both Biddeford Savings and Mechanics Savings have developed extremely strong community roots over the last 150 years, so keeping those brands intact, while bringing greater opportunity for expanded lending and services to remain competitive, is really the best of all options for both our customers and our staff,” said Jeanne Hulit, President and CEO of Maine Community Bancorp, the holding company of both banks.
Operating under a single charter will allow both Biddeford Savings and Mechanics Savings to increase lending capacity, expand product offerings, and enable customers to access full-service banking at all branch locations. All branches will remain open, and the single charter will provide more mobility and opportunity for the employees of both community banks.
In 2016, Biddeford Savings and Mechanics Savings formed an alliance to operate as subsidiaries of one mutual holding company, Maine Community Bancorp. The Biddeford Savings and Mechanics Savings board of directors along with the Maine Community Bancorp board of directors has unanimously approved the charter consolidation, which is expected to be completed by the end of 2019, pending regulatory approval.
“Both banks have seen tremendous growth that would not have been possible without the Maine Community Bancorp alliance,” said Hulit. “Bringing Biddeford Savings and Mechanics Savings Bank under one charter is a natural progression of our partnership. We’re excited to see what the future holds as we continue growing stronger together.”