As JPMorgan Chase prepares to enter southern Maine’s crowded retail banking market, rivals are watching but not standing still.
“They’re formidable,” Curtis Simard, president and CEO of Bar Harbor Bank and Trust (with $3.6 billion in assets) says of JPMorgan Chase, the largest U.S. bank with $2.7 trillion in assets. Both opened commercial offices in Portland in 2018, and now the Wall Street behemoth is preparing to open its first retail office there along with four others in Greater Portland by 2022.
“We’ll be watching to make sure they don’t have broader plans than that,” says Simard.
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Chase Bank will start its Maine expansion with a downtown Portland branch.
Tue, 02/02/2021 - 11:30am
L to R, Debbie Mullinder, Deidre Wallace, Karen Pier, KCHC Board Treasurer, Becca Gildred, Director of Development. (Photo courtesy Knox County Homeless Coalition)
ROCKPORT Knox County Homeless Coalition was recently presented with a $1000 corporate giving check to support the organizations continued efforts around addressing homelessness and housing insecurity in Midcoast Maine.
As part of the recent merger of Damariscotta Bank & Trust with Bangor Savings Bank, employees at the financial institution supported local nonprofits through 12 Days of Giving.
“At Bangor Savings Bank, we are impressed with the work Knox County Homeless Coalition is doing for the community,” said Deidre Wallace, Union Branch Manager, in a KCHC news release, “and we are proud to support their efforts.”
First Bancorp (Nasdaq: FNLC), the Damariscotta-based parent company of First National Bank, reported a 6.3% increase in 2020 earnings to $27.1 million, a record amount.
The company said Wednesday it had a 14% year-on-year increase in net interest income before loan loss provision, largely the result of a $269.3 million increase in earnings assets. Total assets as of the end of 2020 were $2.36 billion, up $292.4 million from a year earlier.
Non-interest revenue before securities gains rose 21.5%, amid a 166.4% increase in mortgage banking and a 10.3% jump in wealth management, the bank said. It released its results after the close of trading on Nasdaq. These accomplishments were made possible by the remarkable contributions of our entire team who worked diligently in supporting the company s customers and strategic vision over the past year, Tony C. McKim, the company s president and CEO, said in a statement. I am very proud of their efforts.
Bangor Savings Bank Foundation makes multiple Midcoast gifts: Rockport library, Recovery Coalition, Waldo Woodshed Mon, 12/14/2020 - 1:30pm
The Waldo County Woodshed is a volunteer-run nonprofit that works to provide free firewood for people in need in the Waldo County. The Woodshed was founded in 2015 and currently operates from eight distribution sites throughout the County. (Photo courtesy Bob MacGregor)
Supporting health and wellness, providing for basic needs, making sure families have enough to eat, and administering mental health are just some of the focal points of 14 Midcoast Maine nonprofits that are receiving a total of $100,000 in grants from the Bangor Savings Bank Foundation through the Damariscotta Bank and Trust Foundation Special Project Fund.
Bangor Savings Bank Foundation makes multiple Midcoast gifts: Rockport library, Recovery Coalition, Waldo Woodshed Mon, 12/14/2020 - 1:30pm
The Waldo County Woodshed is a volunteer-run nonprofit that works to provide free firewood for people in need in the Waldo County. The Woodshed was founded in 2015 and currently operates from eight distribution sites throughout the County. (Photo courtesy Bob MacGregor)
Supporting health and wellness, providing for basic needs, making sure families have enough to eat, and administering mental health are just some of the focal points of 14 Midcoast Maine nonprofits that are receiving a total of $100,000 in grants from the Bangor Savings Bank Foundation through the Damariscotta Bank and Trust Foundation Special Project Fund.