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.

 

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.