THEN AND NOW BANKING & FINANCE • Bangor Daily News Special Advertising Section • September 21, 2018
A history of banking and finance in Maine BY RICHARD R. SHAW
You might sport a little gray around your temples if you remember Maine banks and credit unions without ATMs, drive-through windows, and coin- sorting machines. To cash a check or make a deposit, you had to drive to your financial institution, wait in line, and speak with a teller (whose name you probably already knew). If you recall voting for FDR and listening to “The Shadow” on the radio, you probably have memories of male bank tellers with starched white collars, perched like canaries behind iron bars, just like in the Bailey Building and Loan showcased in the holiday movie classic, “It’s a Wonderful Life.” Lobby service is still a proud feature of most institutions, but many bank customers and credit union members prefer the ease of online services. Some former brick-and-mortar financial centers, built like fortresses to inspire investors’ confidence, have found new lives as a Rangeley museum, a Skowhegan bakery, and even a newspaper office (the Bangor Daily News is today based at 1 Merchants Plaza). “I sure remember working in that building as a teller and in the trust department,” said Judy Roundy of Bangor, a Merchants National Bank employee in the 1970s and ‘80s. “I learned the whole business, from the bottom up. I got to know many of our regular customers before they started shifting tellers from branch to branch. One man from Canada even brought me a red salmon as a gift before that sort of thing was discouraged.” You could hurl a rock from Merchants and hit the bank’s original Broad Street branch (now Evenrood’s restaurant), along with Penobscot Savings Bank, Eastern Trust and Banking Co., Bangor Savings Bank, and Merrill Trust Co., now home to the Bangor Region Chamber of Commerce. Each had its own customers and focused on different banking fundamentals. The only local bank still doing business under its original 1852 name, and in the same location since long before the Great 1911 Fire which claimed the earlier building, is Bangor Savings Bank. The others have closed or changed names, the results of multiple mergers. Camden National Bank’s Exchange Street base has housed three prior branches since its 1976 opening: Merrill and Fleet banks, and the Bank of America. Similar stories have been repeated throughout Maine. Vintage postcard views showing classic banks from Kittery to Calais and as far north as Fort Kent picture community landmarks. Bygone names include Rockland’s Security Trust Co., Waterville’s Ticonic National Bank, and Frontier National Bank of Eastport. Some might even show the iconic digital sign that tops Portland’s Time and Temperature Building at 477 Congress St., home to several banks since opening in 1924. Competing for customers’ business were privately-owned finance companies such as Beacon of Bangor and Portland’s Willco. Each set their own interest loan rates, depending on borrowers’ credit history.
Savings and commercial banks still face competition today from such investment companies as UBS Financial Services and Means Investment Co. Credit unions such as Maine Savings have also gone mainstream throughout the state, a departure from an earlier time when only factory and railroad workers seemed to be members. The history of early Maine banks closely parallels the state’s history, and even exists prior to 1820, before the District of Maine gained statehood and separated from Massachusetts. Over the years, Maine banks have marked important milestones with published histories. They make for fascinating reading about not only the institutions, but the towns and cities in which they are (or were) based. In the end, it is the people—on both sides of the tellers’ counter—who helped each bank prosper. Dean Lawrence Lunt’s “Here for Generations,” a history of Bangor Savings Bank, pays homage to Elijah Hamlin, the first president, and later visionaries Harold Nason, Malcolm Jones, and James Dow. “Union Trust Company, 1887-1987” is another impressive bank history that tells, in words and pictures, the story of a Maine institution. Now known as Camden National Bank, Union Trust began service as First National Bank in 1887. A third highly-readable bank history is Ruth G. Leubecker’s “The Test of Time: A History of a Bank and a Town,” regarding Machias Savings Bank’s long history. “Yes, those are good memories,” said Roundy, “even the challenging moments like [after the Feb. 2, 1976 Kenduskeag Stream flooding] when safe deposit boxes in Merchants’ bank basement flooded, soaking the contents. We worked day and night drying out the currency and paper items, which were getting pretty smelly.” When a box holder could not be notified, a court order was issued to remove the contents and store them elsewhere. “I discovered in a hurry that you can’t dry out paper money in a microwave oven,” Roundy said with a laugh. “Metal fibers in the paper would begin sparking like crazy.” As Maine prepares to celebrate its state bicentennial in 2020, the history of its banking institutions should be high on the list of important topics to discuss. They are truly the bedrock of the Pine Tree State.
THEN AND NOW BANKING & FINANCE • Bangor Daily News Special Advertising Section • September 21, 2018
Bangor Savings Bank
has rich community history, connection COURTESY OF BANGOR SAVINGS BANK
It was May 5, 1852, when an associate of a local doctor, Edmond Abbott, walked into the “Circular Building” on West Market Square and deposited $440 to become Bangor Savings Bank’s first customer. The bank’s stated purpose was coined by the original Corporators: Service to the community – always keeping faith with the community as its needs grow. And Bangor was certainly growing. Eight years later the city’s population was 17,000, fueled by the logging and lumber milling trades, new railroads, boat building, and shipping along the Penobscot River. Bangor Savings’ customer base grew as the city’s commerce and population continued to grow through the late 1800s and into the 1900s. The bank faced its first “security challenge” with flying colors during the Great Fire of 1911, as the safe holding customer deposits kept all the money unharmed. By its 100th anniversary Bangor Savings had started holiday and vacation savings clubs and its first community outreach program, the Special School Savings Department, which taught local students how to save and use money wisely. By the mid-1900s, the bank’s mortgage department had helped thousands of families in Bangor and surrounding towns purchase a home. As Bangor Savings has grown to serve communities in all directions from the Queen City, it has kept the promise to meet the needs of its customers. The Bank joined the ranks of the top banks in the US by being one of first to offer their customers all three
major mobile wallet payment solutions, and one of the first to offer its customers Free ATMs worldwide. The bank is a champion for New England business owners and those with dreams of starting a business. For more than 20 years, the Bangor Savings Bank Foundation has provided grants to communities and organizations to improve the health, education, culture, and the economy. The completion of the Bangor Savings Waterfront Campus overlooking the Penobscot River in Bangor will bring the bank full circle, back to where it helped shipwrights, boat owners, and lumber mill managers deposit their money and build a better future. The more than 900 bank employees who work in New England remain committed to creating a bright future for individuals and families in need of quality banking services. And they look forward to giving back to the communities that Bangor Savings Bank calls home.
THEN AND NOW BANKING & FINANCE • Bangor Daily News Special Advertising Section • September 21, 2018
Maine credit unions
live the ‘People Helping People’ philosophy COURTESY OFMAINE CREDIT UNION LEAGUE
To understand the “Credit Union Movement,” you have to know about Batchi the cow. In 1938, a family in Lewiston needed a cow for milk, but didn’t have the $100 to buy, feed, and properly care for it. Sainte Famille Federal Credit Union, which had just started that very same year, stepped in to help when no else would and provided the needed loan. The family and Batchi were taken care of for years because of it. While this may seem like an uncommon story today, it is not. Credit unions continue to help Mainers in similar ways every day. It could be a loan for a snowplow or logger. Or it could be a little help to get someone through a tough time. Credit unions were founded on the philosophy of “People Helping People” that continues today, not only in Maine, but around the world. As we get ready to celebrate International Credit Union Day on October 18, we reflect on our past while we celebrate the difference that credit unions continue to make today.
What Is a Credit Union?
There often is a misconception that all financial institutions are the same because of shared terminology. While credit unions offer many of the same services that banks do, such as of fering loans, accepting deposits, and providing modern digital banking solutions,
the way they operate is very different. Credit unions are cooperative, not-for-profit, community-focused institutions that work to help their members achieve financial success. Earnings made by credit unions are returned to members through better rates and service, and lower fees. Member-owners not only conduct transactions at their credit union, they have a say in how it is run. Instead of shareholders, a volunteer board of directors elected by the membership governs day-to-day operations. Credit union members have a common bond, such as an employer or organizational affiliation, or they live, work, worship, or attend school in the same community.
The Origins of the Credit Union Movement
The earliest iterations of the credit union movement can be found in the European cooperative societies of the 1840s. In North America, Alphonse Desjardins is credited with starting the first cooperative credit organization, La Caisse Populaire de Levis, in Levis, Quebec, in 1900. He wanted to open a people’s bank, but wanted to incorporate different terminology because many potential members had been denied loans at their local banks. “Caisse,” roughly translated, means “credit society.” In 1908, Monsignor Pierre Hevey, pastor of SaintMarie’s Parish, launched the first credit union in the United States in Manchester, NH, La Caisse Populaire Ste. Marie, on the banks of the Merrimack River, overlooking the massive Amoskeag Mills that employed thousands of new immigrants. At the time, Manchester was the largest textilemanufacturing center in the country. Monsignor Hevey recognized that many members of his parish worked in the mills, and although they were gainfully employed, they still were being denied access to build savings and credit. Working under the guidance of Alphonse Desjardins and with local attorney Joseph Boivin (who became the first president of the credit union), Hevey organized the nation’s first credit union, which operated out of Boivin’s home from 1908 to 1913. The initial staff consisted entirely of volunteers and the safe used was a metal box purchased from a local newspaper.
Today’s Credit Union Difference
Since 1921, credit unions have continued to grow in members, the services that they offer, and the assets that they hold. In Maine alone, there are 55 different credit unions, 691,098 credit union members, and they hold over $7 billion in assets. Maine has become one of the strongest credit union states in the nation! Today’s credit unions are rooted in the same mission, purpose, and philosophy that existed at the beginning of the movement: “People Helping People.” But credit unions are each as unique as the individuals who belong to them, and they have evolved alongside today’s technology to provide the latest digital banking products and apps available. Because of their unique structure and cooperative approach to serving their members, credit unions are able to offer services like Shared Branching, where members can visit any participating credit union and conduct transactions as if it were their home branch, and, in Maine, the SURF ATM Network, which allows members to use any of over 260 ATMs across Maine with no surcharge fees. Beyond conducting financial transactions, the credit union industry is committed to serving their communities and living the “People Helping People” philosophy. Since 1990, over $8 million has been raised through the Maine Credit Unions’ Campaign for Ending Hunger, with 100% of all funds raised staying in Maine. Other ways that Maine credit unions help their communities include providing financial education, such as through high school financial fitness fairs, and outreach and having a presence at or sponsoring community events.
Being Part of Something Bigger
Being part of the credit union community is being part of something bigger. You aren’t a “customer” at a credit union, you’re a “member.” You belong to something—an entire movement steeped in history. This history reverberates throughout Maine credit unions in everything that they do today to help their members and communities. Members build strong relationships with their credit unions, through their financial needs, shared connections, and involvement in the community. Many members are lifelong members, who know that they belong to a community that lives and breathes “People Helping People.”
The History of
Maine Savings Federal Credit Union COURTESY OF MAINE SAVINGS FEDERAL CREDIT UNION
PHOTO FROM 1964 OF BRAKEMAN DON RAFFORD SIGNALING A TRAIN FROM THE BANGOR AND AROOSTOOK RAILROAD IN PRESQUE ISLE.
ONE OF BARCOS (NOW MAINE SAVINGS) FIRST BRANCHES LOCATED IN EAST CORINTH.
UNIVERSITY OF MAINE STUDENTS ENJOYING THE MODERN AMENITIES OF THE MOST RECENT MAINE SAVINGS BRANCH IN OLD TOWN.
Maine Savings Federal Credit Union began as BARCO Federal Credit Union in Millinocket in 1961 for the Bangor & Aroostook Railroad Company. Since that time, we have grown to be the largest credit union in eastern Maine with over $200 million in assets, nearly 25,000 members, more than 450 Select Employee Groups, and ten locations throughout eastern Maine—in Hampden, Bangor, Brewer, Milo, Corinth, Ellsworth, Vassalboro, Old Town and in Bar Harbor at Jackson Laboratory. In 2001, our directors made the strategic decision to change the name to Maine Savings Federal Credit Union to more accurately reflect our diverse field of membership. In 1993, Maine Savings, along with six other Maine credit unions and the Maine Credit Union League, was one of the founders of CUSO Mortgage Corporation. More than a decade later, CUSO is the largest credit union mortgage lender in Maine and is one of the top five largest multi-owned Credit Union Service Organizations in the country. Maine Savings has grown into a full-service financial institution offering all of the products and services that the large national banks offer—consumer products, commercial services, mortgages, insurance, and financial planning—all with extraordinary member service. Additionally, our members can rest assured that Maine Savings will remain local and is safe and sound
and is classified as well-capitalized by the National Credit Union Administration. We’ve got funds to lend and guaranteed safety for your deposits—individual accounts are insured up to at least $250,000. We are proud to be a credit union, a not-for-profit financial cooperative that exists to provide exceptional service with competitive rates and fees. Our team is passionate about providing financial well-being to our valued memberowners. As we continue to grow, our focus remains on bringing the latest, most effective financial products with the signature service that you expect. Maine Savings’ tagline says it all—”We treat you like you own the place… because you do!”
At NorState FCU, roots run deep COURTESY OF MAINE SAVINGS FEDERAL CREDIT UNION
What would become known as NorState Federal Credit Union was founded in 1941. Originally, it was known as Fraser Employees Federal Credit Union (FEFCU). Northern Maine CU, chartered in 1987, merged with FEFCU in 1991. In 1995, the name was changed to simply “Fraser FCU” to reflect a shift from serving only Fraser Papers employees and their families to a wider field of membership encompassing a 40-mile radius from the Eagle Lake location. A branch was later opened in Portage, then moved to Ashland in 1997. In 2000, Fraser FCU and Gateway FCU, chartered in 1964 and located in Van Buren, merged and became what is known today as NorState Federal Credit Union. This new identity reflects our broad and diverse membership. In 2004, NorState opened a branch in Fort Kent, and in 2009, a branch in Presque Isle. Brenda Chasse, NorState’s vice president of consumer lending, is NorState’s longest-term employee with over 35 years of longevity. Chasse started her career in the credit union industry in 1983, and has held positions ranging from teller to branch manager. Chasse is an active volunteer in her community in the Acadian Village and local nursing facility. “I have been fortunate to work for a credit union that is
passionate about helping members and the local communities,” said Chasse. Chasse is a certified credit union compliance expert, and has also received a President’s Award of Excellence. “It’s important to me to continue to build upon our mission, which is working together to improve our members’ financial lives,” she said. NorState’s President and CEO Susan Whitehead started off as a utility clerk and worked her way up through various positions. Her employment started in 1988, and she is the third-most senior employee at 31 years of experience. She attained her credit union executive certification and completed her attendance of the CUNA Management School. Whitehead’s community outreach includes Boy Scout Merit Badge Counselor, UMFK Board of Visitors, Career Pathways, and LEAD, and she is a member of the Ladies Auxiliary of Post 147. “Working with so many dedicated professionals that give their all to the industry allows us, as a cooperative, to make a difference in members’ lives and help them with basic necessities as well as to realize their dreams,” she said. “As a child going to work with my mother at the St. Agatha FCU, I never would have thought or dreamed that I would enjoy working for a credit union for so many years.”
Today, NorState employs 74 people who, combined, have over 650 years of credit union experience. The current board of volunteers has over 120 years of combined experience. “We are definitely not lacking in professional and quality experience,” said Denise Duperré, certified marketing executive. “That is vital and needed to serve our members and bring them the best products and professional service.” “NorState grows as our membership grows,” Duperré added. “We have a strong heritage that each NorState member should be proud of.” NorState’s cooperative philosophy of “people helping people is visible in the amount of volunteer hours the credit union staff contributes within the communities they work and live in.” “From a small janitor’s closet in a paper mill to a cooperative that services all of Aroostook and northern Penobscot counties and nationwide thanks to the cooperative Shared Branching Network,” said Duperré, “we are a full service credit union.” NorState has over 14,000 members, from all walks of life, who enjoy the benefits of membership in a cooperative that is worth over $188 million in assets. NorState has been serving members for over 77 years. We’re proud of our strength, stability, and history as a member-owned financial institution.
Acadia FCU is for people, not for profit COURTESY OF ACADIA FEDERAL CREDIT UNION
Acadia Federal Credit Union has a long, rich history that started with small communities and even smaller credit unions throughout Aroostook County’s St. John Valley. Once upon a time, they had tiny offices in jail cells, basements, and empty stores, but today the picture is much bigger. In 1952, St. Agatha FCU was founded and located at the town office. In the early 60s, five more credit unions were founded and began operations in their respective towns: Fort Kent FCU, Frenchville FCU, Grand Isle Community CU, and St. Francis Community CU in 1963; and Madawaska FCU in 1964. These six credit unions operated, grew, and moved into new locations as they outgrew their existing facilities. Frenchville and Madawaska FCUs merged in 1982 to become Madawaska/Frenchville FCU, then was renamed La Vallée FCU in 1986 after expanding the field of membership to serve members in the communities of Frenchville, Madawaska, and St. David. Grand Isle Community FCU merged into La Vallée in 1999, to include the community of Grand Isle. A 2006 merger between Fort Kent and La Vallée FCU resulted in a newly-named financial institution with $62 million in assets: Acadia Federal Credit Union. Acadia continued down the path of substantial growth after subsequent
mergers with St. Francis Community CU in 2007, St. Agatha FCU in 2012, and the 2014 opening of an Ashland branch. In 2017, Acadia FCU expanded its field of membership to include Piscataquis and Penobscot counties. Later that year, a merger with Eastern Maine Medical Center FCU brought Acadia FCU to Bangor and Brewer. The new field of membership in eastern Maine meant that Acadia FCU would be accepting members who live, work, worship, or attend school in Aroostook, Piscataquis, or Penobscot counties. Prior to the merger, EMMC FCU only served employees of the Eastern Maine Healthcare Systems and their affiliates. Now that membership eligibility is defined by geography, Acadia has a much greater reach throughout Maine than ever before. With branches in Fort Kent, Madawaska, St. Francis, St. Agatha, Ashland, Bangor, and Brewer, Acadia FCU loves helping members succeed financially. Proud to be a fullservice credit union, Acadia offers great rates on home, vehicle, personal loans and credit cards, plus a full menu of commercial loan products. Acadia FCU gives back to members through lower loan rates and higher savings returns, plus lower and fewer fees. Since Acadia FCU is a cooperative, accumulated earnings have been given back directly to
members in the form of interest rebates and extra-ordinary dividends. Since the birth of Acadia FCU in 2006, the credit union has given over $1.4 million to its members. Acadia FCU’s role in serving its members encompasses so much more than simply offering deposit accounts and loans. Acadia tries to look at each individual “big picture” and help members save money and achieve their financial goals. That is the legacy handed down by those few visionaries who were there during the credit union’s humble beginnings. It is the legacy Acadia continues to nurture, embracing the same principles and vision as those who charted the way in 1952. Acadia’s mission today focuses on the rich traditions of local communities and simply states: Acadia Federal Credit Union – Providing quality services, maintaining financial stability, and investing in our local communities. Today, Acadia FCU has eight branch locations, over 15,000 members across northern and eastern Maine, and assets totaling over $215 million. From operating out of a small town office to eight—soon to be nine—branch locations, Acadia has become a major cooperative institution, focusing on enriching members’ lives throughout three counties in Maine.
First National Bank
serves business, personal customers with excellence COURTESY OF FIRST NATIONAL BANK
First National Bank is a $1.8 billion bank based in Damariscotta, Maine, serving the midcoast, Down East, and Penobscot County regions of Maine. First National is one of the largest Maine based banks with offices in five counties along the coast of Maine from Wiscasset up to Calais. The bank as it stands today is a result of a merger in January 2005 between The First National Bank of Damariscotta and The First National Bank of Bar Harbor. At the time of the merger, both of these banks had seven branch offices serving two distinct counties. The First National Bank of Damariscotta was founded in 1852 as The Peoples Bank and was chartered by the US Treasury in 1864 as a national bank. The First National Bank of Bar Harbor was originally chartered in 1888. Both of these banks were started by prominent business owners in the communities in which they were founded with the express purpose of serving the financial needs of local businesses. Today, with 16 branches along the coast and inland in Bangor, First National Bank serves both business and personal
customers with a full complement of both traditional banking products and a full suite of electronic services. We serve a broad mix of businesses from motels and hotels, restaurants, retail shops, the fishing industry, boat builders and manufacturing. FNB also has a thriving retail customer base with mortgage loan officers and branch staff ready to serve all the financial needs of our personal customers. The bank’s innovative Dream First Rewards program enables customers to earn cashback rewards when they use their debit card at participating Dream First Rewards merchants. First Advisors, our trust and investment services division, has a team of investment managers with more than 60 years of combined experience managing individual and institutional portfolios, combining realworld market insight with sound strategies that align our customer’s financial goals with specific opportunities. They have offices in Bangor, Bar Harbor, Damariscotta, Ellsworth and Rockland, and are also available to meet clients at any First National Bank branch.
Though we have grown substantially through the years, we will always stay committed to our core values of community and customer service. We welcome you to visit any of our locations, meet some of our 225 employees, and discover all the ways First National Bank wants to help you dream first and then go from there. Because you can.
grows with Maine residents with quality jobs COURTESY OF FIRST NATIONAL BANK
For thirty-five years, the Finance Authority of Maine (FAME) has been the state’s leading financial resource that creates business and educational opportunities through their willingness to invest at greater risk based on public benefit. FAME’s mission is to provide financial solutions that help Maine people achieve their business and higher educational goals. FAME works to grow the number of Maine residents with quality instate jobs by deploying financial resources needed to obtain relevant postsecondary education and increase economic development. Since inception, FAME has helped to deploy over $2 billion in loans and equity capital to Maine businesses, helping to create or retain approximately 100,000 jobs. This in turn helped to leverage $54 million in additional investment in the Maine economy. On the higher education front, approximately $370 million has been awarded in grants and financial aid to over 200,000 Maine students.
Created in 1983 by the Legislature and then-Governor Joseph E. Brennan, FAME is a quasi-independent agency with a professional staff and a non-partisan approach. FAME began with just 10 employees, but, as the years have passed and duties increased, FAME now employs 56 associates. For the past four years, FAME has been honored to be named a “Best Place to Work in Maine.” Initially, FAME was charged with improving economic development strategies, policies, and activities, as well as securing loans and funding for Maine businesses. In 1989, FAME’s portfolio was expanded to include higher education finance when it became the designated state guarantor for federal student loan programs, as well as the administrator of the state’s higher education grant, loan, and loan forgiveness programs. In 1999, FAME launched Maine’s 529 college savings plan. Today NextGen 529 is the sixth-largest college savings plan in the nation, with over $10 billion in assets. FAME also administers the
Harold Alfond College Challenge where a $500 Alfond grant to use for higher education is invested for every qualifying Maine baby. FAME’s commercial division helps Maine businesses grow, create and retain jobs by taking managed risk in order to leverage capital. FAME assists with the startup, expansion, and growth of Maine businesses by working closely with Maine’s lending community to improve access to capital. FAME partners and does not compete with Maine’s commercial lending institutions. Additionally, FAME provides services to other entities such as state agencies and nonprofits such as contractor management, loan underwriting and servicing, fund management, as well as board administrative support. With increased attention on the state’s need to attract and develop a highly-skilled workforce, FAME’s expertise in the fields of commercial and higher education finance are ideally suited to the state’s needs now and into the future.
celebrates 100 years of excellence COURTESY OF KATAHDIN TRUST
As Katahdin Trust celebrates its 100th anniversary in 2018, it has been an opportunity to highlight this significant milestone, reflect on core values, and reinforce the bank’s commitment to help make the communities they serve a better place to live, work, and play. It all began on March 7, 1918, when Katahdin Trust first opened its doors in Patten, Maine. As the 19th century rolled into the 20th, business leaders across the nation began opening independent community banks to meet the financial needs of families and business owners largely ignored by big-city banks. Today, with more than $800 million in assets and 180 employees, Katahdin Trust has 16 full-service branches in Aroostook County and the greater Bangor and Portland regions along with a full suite of digital banking solutions. “As we’ve grown, it’s important to note that we have never forgotten who built our company,” states Jon J. Prescott, Katahdin Trust’s president & CEO. “Katahdin Trust remains a local company, built on traditions of
financial strength, community priorities, and innovation. In 1918, people and families needed a bank they could count on to be there for them. That is as true today as ever.” Katahdin Trust’s 100th anniversary year was made even more special when the bank was named to the 2018 OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market, as well as one of the 2018 Best Places to Work in Maine. “The bank owes a huge thank you to our employees, customers, shareholders, board of directors, and the communities we serve,” says Prescott. “It is this ongoing support that has enabled us to carry on the vision of our founders from so many years ago and have our company recognized at both a state and national level.” Anyone at Katahdin Trust will be quick to tell you that “Community Banking at its Best!” is not just a slogan. It’s a way of doing business. It’s a promise to each person who walks through the door. Katahdin
Trust has further demonstrated its commitment to the local communities it serves through volunteerism, corporate contributions, employee donations, and radio advertising. The culture embodies a spirit of giving built on the idea that a community that works together thrives together, and that is something the bank has stood behind for a century. When asked what sets Katahdin Trust apart from other banks, William P. Lucy, Executive Vice President, Commercial Services, sums it up this way: “I have been in banking for 37 years and what makes Katahdin Trust special is its unusual autonomy to make decisions quickly for its customers. Our 100-year heritage is built on working with people who work in the woods and on the farm. We haven’t forgotten who built this bank – fiercely independent people and families who needed a bank they could count on to be there for them. Those roots run deep and show that we’re in this for the long haul. Here’s to the next 100 years!”