Maine Community Bank Joins Maine Marathon to Empower Three Local Charities in 2025

PORTLAND, Maine – The Maine Marathon is excited to announce that Maine Community Bank has signed on as the title sponsor for the next five years. Additionally, the race is thrilled to reveal the 2025 primary beneficiaries: In Her Presence, Grahamtastic Connection, and Children’s Odyssey. Each of these exceptional Maine-based nonprofit organizations will receive $20,000 from the proceeds of this year’s nonprofit, all-volunteer race, set for Sunday, October 5, 2025, in Portland.

The Maine Community Bank Maine Marathon, Half Marathon, and Relay, a celebrated annual event organized by the Maine Track Club, continues its tradition of supporting local charities that make a meaningful impact in the community. This year’s beneficiaries were selected for their dedication to empowering and uplifting Maine residents, particularly children and families, through innovative programs and services.

  • In Her Presence: Based in Westbrook, In Her Presence supports immigrant women by providing English language education, cultural integration resources, and community-building opportunities. Their mission to empower women to thrive in their new home aligns with the marathon’s commitment to fostering wellness and inclusion.
  • Grahamtastic Connection: Located in Springvale, Grahamtastic Connection provides free laptops, tablets, and internet access to seriously ill children, enabling them to stay connected with school, friends, and family during treatment. Their work ensures that Maine’s youngest patients maintain vital educational and emotional support.
  • Children’s Odyssey: Operating in Portland, Children’s Odyssey offers high-quality early childhood education and care, focusing on children from diverse backgrounds. Their programs promote learning, growth, and development, laying a strong foundation for future success.

“Every year, I am impressed and thrilled by the organizations selected by the beneficiary committee members. I look forward to working with them in 2025 to raise even more funds through other opportunities the event offers. It’s also exciting to see our valued collaboration with Gorham Savings Bank carry forward through their merger of equals with Maine Community Bank,” said Bob Dunfey, volunteer race director, Maine Community Bank Maine Marathon.

The Maine Community Bank Maine Marathon unites runners and supporters in a shared mission to uplift local causes. Since its launch, the event has channeled millions to Maine nonprofits, funneling all profits—after covering race costs—directly to its beneficiaries. Beyond the $20,000 grants awarded to this year’s primary recipients, participants can boost these organizations, or a charity they choose, through the “Run For A Cause” fundraising initiative.

The Marathon has raised nearly $8 million for charity since 1997. Each year, the volunteer organizers of the Marathon select a group of charitable organizations in our community to receive proceeds from the race.

The 2025 race will feature a scenic, USATF-certified course, and an official Boston Marathon qualifying event, showcasing Portland’s skyline, Back Cove, Casco Bay, and vibrant fall foliage. Participants can choose from the full marathon, half marathon, or marathon relay, with registration now open at MaineMarathon.com. Beneficiaries play a key role by providing volunteers to assist with race-day operations, from water stations to course support, ensuring a successful event for all.

“We’re proud to support an event that not only promotes health and wellness but also uplifts organizations making a real difference in our communities,” said Steve deCastro, CEO of Maine Community Bank, the event’s title sponsor. “Together, we’re all in on Maine.”

For more information about the Maine Community Bank Marathon, to register, or to learn more about the 2025 beneficiaries, visit Maine Marathon.

About the Maine Track Club
The Maine Track Club, the state’s largest running club with over 500 members, has organized the Maine Marathon since 1997. As a nonprofit, volunteer-run organization, the club is committed to promoting running and raising funds for local charities.

About the newly combined Maine Community Bank

Headquartered in Portland, Maine Community Bank is the largest mutual savings bank operating exclusively in the state, with nearly $3 billion in assets and 21 branches across Androscoggin, Cumberland, and York counties. Formed from the merger of Gorham Savings Bank and Maine Community Bank—two of Maine’s longest-standing community banks with rich 150+ year heritages—the bank combines the strengths of both institutions to create an even stronger, more capable, and more convenient institution for Maine families, businesses, and communities.

As the only bank headquartered in Cumberland County, Maine Community Bank is a depositor-owned institution committed to local decision-making and offering a comprehensive suite of both personal and business financial services, as well as wealth management.

Committed to the well-being of its communities, Maine Community Bank annually contributes thousands of volunteer hours and financial resources to community-based initiatives. By investing in local partnerships that promote financial literacy, stimulate economic growth, and foster entrepreneurship, the bank strengthens the fabric of the communities it serves. Learn more at Maine.bank.

MEREDA Matters Podcast

Mereda Matters Podcast GraphicJeanne Hulit, President & CEO of Maine Community Bank, recently joined Maine Real Estate & Development Association (MEREDA) on their monthly podcast “MEREDA Matters” where she and Steve deCastro, President & CEO of Gorham Savings Bank, spoke regarding our merger of equals.

Check it out: MEREDA Matters Episode 13

 

 

 

 

 

Gorham Savings Bank and Maine Community Bank to Combine in a Merger of Equals

The two 150-year-old financial services institutions will better serve customers, employees, and the community together

BIDDEFORD, Maine and GORHAM, Maine, December 7, 2023 — Maine Community Bancorp, MHC, the parent mutual holding company for Maine Community Bank (“Maine Community Bank”), and Gorham Bancorp, MHC, the parent mutual holding company for Gorham Savings Bank (“Gorham Savings Bank”), are pleased to announce that they have entered into a definitive agreement to merge under the Maine Community Bank name. The combined company will be strategically positioned to benefit from enhanced scale and improved opportunities for growth and profitability while remaining committed to its core markets.

Merger At a Glance:
This merger of equals creates the second largest mutual savings bank in Maine with nearly $2.7 billion in assets servicing nearly 76,000 depositors, with the largest branch network in Androscoggin, Cumberland, and York counties.

  • Positions the combined institution for growth in their commercial and consumer markets,
  • Enhances product offerings and services, while realizing economies of scale,
  • Increases capital to support Maine businesses,
  • Well aligned mission, vision, and values,
  • Builds on commitment to community outreach and involvement, and
  • No employee reductions are planned as a result of the merger.

Governance and Leadership
The combined company will be governed by a 16-person Board of Directors consisting of an equal number of Maine Community Bank and Gorham Savings Bank directors. The combined company’s chair of the board will be Maine Community Bank’s current board chair, Jeffrey S. Worthing. Gorham Savings Bank’s current board chair, Kathy Coster, will remain on the combined board, while Gorham Savings Bank’s current vice chair, Jere Michelson will retain his position. Each board enthusiastically and unanimously approved this union. The leadership team of the combined company will be comprised of leadership from both organizations with Gorham Savings Bank’s Steve deCastro serving as chief executive officer and Maine Community Bank’s Jeanne Hulit serving as president. Ms. Hulit will retire 12 months after the merger is finalized.

Operations and Headquarters
The combined company will employ more than 400 banking professionals and be headquartered out of Portland, Maine. Operation Centers remain in Gorham and Westbrook, while the expanded branch network will serve communities throughout Androscoggin, Cumberland, and York counties under the Maine Community Bank charter.

Timing and Approvals
The transaction is expected to close by the third quarter of 2024, subject to the completion of customary closing conditions, including the receipt of regulatory and corporator approvals.

From Jeanne Hulit, president and chief executive officer, Maine Community Bank
“Community banking is the foundation of Maine’s economy, providing the essential funding necessary for businesses to start and grow, providing housing, and helping our communities thrive. This merger of two locally focused banks gives us an even greater ability to meet these needs. Our shared values and commitment to the mission of mutual savings banks has shaped this merger and I look forward to partnering with Steve and the Gorham Savings Bank team.”

From Steve deCastro, president and chief executive officer, Gorham Savings Bank
“Merging our two institutions makes sense across the board and marks an exciting new chapter. Our values and mission align very well, underpinning our commitment to meeting the ever-growing needs of our customers, acting as a force for good in the communities we serve, and providing greater opportunities for our employees. Jeanne and I have known each other for many years and I’m excited about the opportunities ahead, building one even more capable financial services institution that also maintains a local focus.”

Advisors
Piper Sandler & Co. served as financial advisor to Gorham Savings Bank, and Performance Trust Capital Partners served as financial advisor to Maine Community Bank. Goodwin Procter LLP served as legal counsel to Maine Community Bank and Luse Gorman, PC served as legal counsel to Gorham Savings Bank.

About Maine Community Bank
Headquartered in Biddeford, Maine, Maine Community Bank began as a collaboration between two of the state’s longest-standing community banks, Biddeford Savings and Mechanics Savings, and has a rich heritage dating back to 1867. Today, Maine Community Bank continues to thrive with locations in Androscoggin, Cumberland, and York counties, supporting both personal and business customers throughout their communities with competitive services, financial assistance, and the friendly, local experience that is at the core of everything they do. Maine Community Bank is a member FDIC. Learn more at: mainecb.com

About Gorham Savings Bank
Since its founding in 1868, Gorham Savings Bank has delivered financial solutions tailored to the needs of Southern Maine’s businesses and consumers—including complete commercial and consumer banking products and services, as well as investment planning and wealth management. As the only bank headquartered in Cumberland County, Gorham Savings Bank has worked tirelessly to be a force for good in the communities it serves; with hundreds of thousands in donations and many thousands of employee volunteer hours in support of dozens of community-based initiatives annually. Gorham Savings Bank is a member FDIC. Learn more at: gorhamsavings.bank

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