Banking overview: New branches; a former Sea Dog takes out mortgages
In an era when banking apps have become an integral part of personal finance management, bank branches continue to spring up in Maine.
Chase Bank opened the first of four planned branches, on Monument Square in Portland. Three more branches will open in a newly constructed space.
Chase has a stand-alone âpadâ site branch that is slated to open at Rock Row in Westbrook. A branch in Falmouth is planned on the ground floor of a four-story building under development on US Route 1 in Falmouth. In the not-so-distant future, it will open the ground on another branch of the platform site, past the Hannaford in Yarmouth.
Maine Community Bank recently opened a branch in a three-story building on Larrabee Road in Westbrook, just across from Rock Row. The three-story building serves as the operations center and on the ground floor is a branch for Biddeford Savings Bank. Maine Community Bank also owns Mechanics Savings.
Bangor Savings Bank is finalizing the renovation of a former branch of University Credit Union, where it will move in January. His move is short, on the other side of Brighton Avenue. Each of these Bangor Savings branches have addresses in Portland but are not far from the Chase branch in Rock Row and a planned credit union branch.
Photo / Peter Van Allen
In Westbrook, Atlantic Federal Credit Union plans to open a new branch soon.
This credit union branch will be for Atlantic Federal Credit Union, which plans to build on land across from the mall with Shaw’s, Kohl’s and Pizza Hut, among other tenants. It will be on the west side of Riverside, with an address in Westbrook.
Christopher McGorrill, chief marketing officer for Atlantic FCU, said it will be opening soon and the branch is on track to open next year.
In Waterville, Katahdin Trust Co. has a branch under construction not far from the Maine Turnpike.
This is all happening at a time when the big banks are closing branches, not drastically but cautiously – more a cut than a full haircut. US Bancorp, Wells Fargo, PNC, Capital One and Chase all closed branches in the United States in 2020, according to the financial brand.
But in Maine, which has 30 active commercial banks, physical branches remain an important component of doing business. Brick and mortar is always an important part of showing a commitment to the communities of Maine.
In terms of market share in Maine, the top five banks are TD Bank, Bangor Savings, Camden National, KeyBank and Bank of America, according to the Federal Deposit Insurance Corp.
Michael MacDonald joined Bangor Savings Bank as a Mortgage Development Agent Partner.
Portland Sea Dogs fans may remember Mike MacDonald, as he was called, as a dependable, efficiency-conscious right-hander who was here for the 2012 season.
Photo / Courtesy of Bangor Savings
Michael MacDonald of the Mortgage Department at Bangor Savings.
MacDonald, 40, was born in Camden and played baseball at the University of Maine. He was the first Mainer to play for the Sea Dogs.
After being drafted by the Toronto Blue Jays, he spent nine seasons in the minors, pitching for a dozen teams at the Single-A, Double-A and Triple-A levels. For his career, he had a career record of 61-62 and an earned-run average of 4.63, according to Baseball-Reference.com.
His long stint with minors bears little resemblance to the fictional life of Crash Davis, played by Kevin Costner in the movie “Bull Durham”.
âThere was none of this madness,â he told Mainebiz. “It’s a chore to play 142 games in 164 days.”
With the exception of AAA, where the teams flew commercial flights, there was a lot of bus travel and many awakenings at 4:30 a.m., he says.
Photo / Courtesy of the Portland Sea Dogs
Michael MacDonald, former Portland Sea Dogs pitcher.
MacDonald said his longevity earned him the nickname âPoppyâ. It was for his age, he says quickly.
âNot like Big Papi,â he said, referring to Red Sox slugger David Ortiz.
MacDonald, who lives with his family in Saco, will be posted to the Southern Maine area of ââBangor Savings.
In recent years, he worked in sales for Patriot Subaru in Saco.
His goal at Bangor Savings is to make transactions âless transactional and more of an experienceâ.
He said he was “100% excited” to join Bangor Savings. âThere is a real team atmosphere there.
Bangor Savings, Maine’s largest bank, has $ 6 billion in assets and 60 branches.
âWe are delighted that Mike has joined the mortgage team at Bangor Savings Bank,â said Stephen Jordan, vice president and regional sales manager. âWe are confident that Mike’s commitment to customer service will translate into a great customer experience. “
Bank employee giving
Bar Harbor Bank & Trust, the third largest bank based in Maine, said it had donated $ 11,000 to four nonprofits in northern New England. The funds came from the bank’s employee-led charitable giving program, Casual for A Cause.
The recipients of contributions collected in the third quarter of 2021 are: Easterseals New Hampshire, Safe Harbor Recovery Home for Women and Children, Veterans Inc. and Vermont Institute for Natural Science.
âThese donations are a testament to our employees’ commitment and investment in the health and vitality of the communities where we live and work,â said Jack Frost, Vice President and Director of Community Giving at Bar Harbor Bank & Trust . âThe four organizations selected this quarter provide important services to our friends and neighbors, and we are honored to support their efforts. “
Since 2018, Bar Harbor Bank employees have donated $ 139,000 to dozens of organizations in northern New England.
Bar Harbor Bankshares (NYSE American: BHB), parent company of Bar Harbor Bank & Trust, has $ 3.6 billion in assets and 50 branches in Maine, New Hampshire and Vermont. He is based in Bar Harbor.