Proposed alliance of Biddeford Savings Bank and Mechanics Savings Bank
February 5, 2015 / Auburn, ME – Biddeford Savings Bank and Mechanics Savings Bank have entered into an agreement to jointly form Maine Community Bancorp, a Mutual Holding Company that will own both banks.
The agreement has been approved by each bank’s Board of Directors and is subject to approval of each bank’s Corporators and Depositors as well as the State of Maine’s Bureau of Financial Institutions, FDIC and Federal Reserve. Closing on this transaction is targeted for early 2016.
Once finalized, Maine Community Bancorp will draw equally from each Board and Management team. Richard J. Vail, President and CEO of Mechanics Savings Bank, and Charles M. Petersen, President and CEO of Biddeford Savings Bank, will serve as co-CEOs of Maine Community Bancorp, the first multi-bank mutual holding company in Maine history. Each affiliate bank will retain its name and state charter, and each bank’s Board of Directors and senior management will continue to oversee the operations of their respective banks.
Through Maine Community Bancorp, the two banks will be in a position to build upon their respective strengths and competitive advantages. With shared resources this partnership will better position each bank to serve its customers and community with significantly greater loan capacity and leading edge products and services.
In addition to strengthening each bank’s long term commitment to their customers and communities, the partnership will preserve each bank’s status as a sound, stable and independent institution in the face of ongoing economic and industry challenges.
Petersen and Vail both expressed that they personally share a strong mutual respect and trust and that the banks enjoy similar corporate structures, histories and cultures. They pointed to the advantages of their geographic proximity, complementary yet distinct market areas, and their fundamental commitments to delivering high quality customer service.
Vail noted that, “We are confident that entering into this alliance positions both banks for a bright future together.” Petersen added, “By growing stronger together we will be able to continue supporting our customers and our communities while providing our staff with meaningful jobs.“