Machias Savings Bank! Successful Transformation!

By: Sharon J. Lorman
Jeffrey P. Marsico
Gregg J. Wagner

Guest: Lawrence “Larry” Barker, CEO Machias Savings Bank

Podcast Show Notes:

Our This Month In Banking (TMIB) podcast features discussion with colleagues and other industry thought leaders on interesting banking news that happened this month. TMIB will be available on the last Wednesday of every month here, and on Apple and Droid podcast apps for your listening enjoyment. Join us on your commute or at your desk.

Topic: Successful Transformation!  Machias Savings Bank!
Machias Savings Bank (“Machias” or “Bank”) is a $1.3 billion mutual savings bank headquartered in rural Machias, Maine.  With leadership from the top down, the Bank successfully transformed its funding structure from one dominated by CD’s to one focused on core deposits.  In 2017, the Bank opened a branch in Portland, Maine in the heart of the commercial district.  Also, over a decade ago, the Bank began an unprecedented investment in cash management talent and technology and now has state of the art cash management products and services for businesses; technology which is atypical for a mutual savings bank.  Listen to Machias’ CEO Lawrence “Larry” Barker tell us Machias’ story and how they did it!

About Lawrence “Larry” L. Barker
Lawrence L. Barker currently serves as President of the Machias Savings Bank (“Bank”).  He began his banking in Collections at the Bank in 1991.  He worked his way up through the Business Banking Department and was later promoted to Senior Vice President of Business Banking in 2008 and named President & CEO in 2011.  He earned his Bachelor of Science degree in Business Administration from University of Maine at Machias.  Mr. Barker currently serves on the Board of Trustees for Washington Academy and is a past President of the Board of Directors for Washington Hancock Community Agency.

Watch for episode 30 of This Month in Banking to be released on Wednesday, June 27, 2018 and a new episode on the last Wednesday of every month.

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