Gorham Savings and Maine Community Bank Complete Merger, Forming the Largest Mutual Savings Bank Operating Exclusively in Maine

The Newly Combined Maine Community Bank is ‘All in on Maine’ to Enhance Financial Services and Community Support Across Southern and Central Maine

PORTLAND, Maine – January 2, 2025 – Gorham Savings Bank and Maine Community Bank are pleased to announce the completion of their merger of equals, forming the largest mutual savings bank operating exclusively in Maine. This significant milestone creates a new major player in community banking, with nearly $3 billion in assets and 21 branches throughout Androscoggin, Cumberland, and York counties. The combined entity will offer businesses and consumers enhanced financial capabilities and an even greater commitment to serving the communities of southern and central Maine.

The merger closed on January 1, 2025. The combined institution will operate under the name Maine Community Bank, uniting the strengths and traditions of both legacy banks.

Customers of both Gorham Savings Bank and Maine Community Bank can expect their accounts, services, and banking relationships to remain uninterrupted and secure. All branches will continue to operate as usual with the same familiar staff. Customers will retain access to their existing online banking platforms and mobile apps, with no changes to account numbers, routing numbers, or debit and credit cards at this time.

Gorham Savings Bank will undergo a rebranding process to transition building signage, online banking, and mobile apps to the Maine Community Bank name and logo over the next several weeks. The newly combined Maine Community Bank website can be accessed at a new URL: maine.bank.

Following systems integration in late 2025, Maine Community Bank will offer customers greater convenience and accessibility through the largest branch network spanning Androscoggin, York, and Cumberland counties, along with a wider array of financial services, combining the strengths of both legacy banks. Customers will benefit from:

  • Enhanced Products and Services: Including wealth management and expanded cash management services.
  • Increased Lending Capacity: Allowing for more substantial support of personal and business financial needs.
  • Investments in Improved Technology: Providing a more efficient and user-friendly banking experience.

Maine Community Bank is all in on Maine and will reaffirm its deep commitment to southern and central Maine, continuing to invest in local initiatives and partnerships that foster financial literacy, economic growth, and support entrepreneurship. The merger strengthens the bank’s capacity to support community development projects and nonprofits, enhancing its role as a vital community partner.

Steve deCastro, President and CEO of Gorham Savings Bank, becomes the new CEO of Maine Community Bank, leading the unified organization with the support of a skilled board of directors and an experienced executive team drawn from both banks. Jeanne Hulit, the former President and CEO of Maine Community Bank, will serve as President of the combined institution through 2025 and oversee the integration.

“Our merger of Gorham Savings Bank and Maine Community Bank marks a significant milestone in banking in this region, as we become the largest mutual savings bank serving Maine exclusively,” said Steve deCastro. “I’m very proud of our teams, who have integrated seamlessly over the past year, and while there’s still work to be done, our focus remains on ensuring a smooth transition for all customers. This merger represents a true partnership of equals, driven by shared goals, common interests, and a deep dedication to building a better bank for our customers and Maine communities.”

“I am so very pleased with the entire newly combined Maine Community Bank team and how they have come together in the past year,” added Jeanne Hulit. “I’m also thrilled that our combined bank will be led by CEO Steve deCastro and board chair Jeff Worthing. They each possess considerable skills and abilities that will ensure Maine Community Bank continues to lead the way throughout the communities we serve.”

Work to integrate the core operating systems of the two banks into a single platform is already underway. Customers will receive advance notice of any changes and personal support to ensure a smooth transition, with core integration expected in late 2025.

Maine Community Bank CEO, Steve deCastro, with President Jeanne Hulit, at the bank’s India Street headquarters in Portland

 

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.

Maine Community Bank is a member FDIC. To learn more, visit maine.bank.

Maine Community Bank Elects New Board Member, Deborah Roy.

Westbrook, Maine—June 7, 2024—Maine Community Bank is pleased to announce the addition of Deborah Roy to its’ Board of Directors.

Roy is an Occupational Safety and Health Keynote Speaker and Principal of SafetySpeaks, as well as a business owner and President of SafeTech Consultants, Inc.,

Roy has consulted on global safety and health management systems, Total Worker Health®, and risk management for twenty years. Roy was also a corporate executive at L.L. Bean where she led staff and programs that impacted the health, safety, and wellness of 10,000 employees globally for twelve years.

Roy received her Master of Public Health degree (MPH) in Occupational Health and Safety from the University of North Carolina at Chapel Hill. She was inducted as a Fellow by both the American Society of Safety Professionals (ASSP) and the American Association of Occupational Health Nurses for her significant contributions to the profession. Roy has authored several book chapters and peer-reviewed journal articles including the financial chapter for a book called the “Consultants Business Development Guide”.

Roy currently Chairs the Professional Code of Conduct committee for ASSP. She served as Board member for the 38,000 member ASSP organization as President in 2020-2021, a Trustee of the ASSP Foundation, and as Board Member and Treasurer of the credentialing organization, American Board for Occupational Health Nurses.

Locally, Roy also currently serves as a Corporator of Maine Community Bank, as a Board member of the Biddeford and Mechanics Savings Charitable Foundation, and as a member of the Town of Falmouth Community Wellness committee.

About Maine Community Bank

Maine Community Bank began as a collaboration between two of the longest-standing community banks in Central and Southern Maine, Biddeford Savings and Mechanics Savings. Maine Community Bank supports both personal and business customers throughout Central and Southern Maine with competitive services, financial assistance, and the friendly, local experience that is at the core of everything they do. They have branches in Auburn, Biddeford, Brunswick, Kennebunk, Lewiston, Scarborough, Waterboro, Westbrook, and Windham.

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

 

 

 

 

 

Maine Community Bank Helps Food Pantries Address Food Insecurity in Maine

Westbrook, Maine – December 28, 2023 – According to data from Feeding America, 1 in 10 Mainers face hunger; and of those, 1 in 7 children. To help alleviate hunger issues in the community, Maine Community Bank is taking decisive action. Through the Biddeford and Mechanics Savings Foundation, Maine Community Bank is donating $30,000 to 12 different organizations focused specifically on food insecurity.

To address this very serious problem, the Foundation has pledged individual donations of $2,500 each to 12 different organizations working to curb hunger. These include:

Good Shepard Food Bank

High Street Congregational Church Food Pantry

Biddeford Food Pantry

Community Outreach Services Food Pantry

Mid Coast Hunger Prevention

Saco Food Pantry

Scarborough Food Pantry

Stroudwater Christian Food Pantry

Trinity Jubilee Center

Waterboro Food Pantry

Westbrook Food Pantry

Windham Food Pantry and Clothes Closet

Each of the 12 hunger relief agencies provide essential services in partnership with food pantries, meal sites, senior and health centers, and schools across all 16 counties in Maine. MCB’s donation will provide 100,000 meals to needy Mainers.

“Your support assists us in our mission to help our neighbors who are in need. Your generous support makes it possible for our organization to exist and to make the community a great place to live,” said Jean Liden for Cleo Smith, director of Waterboro Food Pantry.

About Maine Community Bank

Biddeford Savings and Mechanics Savings have been financial partners with the people of Central and Southern Maine for the past 150 years. To help carry out their commitment to the communities they serve, the two banks merged on January 1, 2020, becoming divisions of Maine Community Bank. The merger expands the lending capacity, product offering, and branch service areas, while keeping all decision-making at the local level. They have branches in Auburn, Biddeford, Brunswick, Kennebunk, Lewiston, Scarborough, Waterboro, Windham, and Westbrook.

About the Biddeford and Mechanics Savings Foundation

The Biddeford and Mechanics Savings Charitable Foundation was created in July of 2020 and is structured to give back to the communities in a larger, more enduring way. The Foundation’s mission is to help individuals and families in the bank’s local communities meet their basic needs and achieve financial empowerment.

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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