Andrew Silsby, CEO of Augusta-based Kennebec Savings Bank, has high hopes for U.S. economic growth — and central Maine’s economy — in 2020.
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Andrew Silsby, CEO of Augusta-based Kennebec Savings Bank, is bullish on U.S. economic growth — and central Maine’s economy — in 2020.
“The economy is moving along at a very robust pace, and I remain optimistic,” he says.
Reflecting on the first decade in 170 years without a recession, he says, “The math would tell you that we would be due for another recession.” He doesn’t see it that way, predicting “another robust year.”
Silsby is equally upbeat on the central part of the state, whose largest employers include health care organizations and state government, meaning “we don’t see quite as much of the highs or lows when the economic cycle changes.”
He’s also excited about commercial and residential development in central Maine downtowns including Augusta, Waterville, Winthrop and Gardiner, noting that “growth begets growth.”
All those towns are on the home turf of Kennebec Savings, which employs close to 140 people and has $1.12 billion in assets. It has branches in Augusta, Waterville, Farmingdale, Winthrop and Freeport. It opened the Freeport branch in November after a two-year trial run as an electronic banking and service center.
Silsby describes the Freeport location as “wildly successful for us,” processing $100 million in loans over 23 months.
While there are no immediate plans to open additional branches, Silsby says they’re always on the lookout for expansion opportunities. At the same time, he admits that having a 33% market share of deposits and loans in Kennebec Country limits its ability to grow.
On the hiring front, Silsby says the bank has not had any problems filling jobs, and has found it easiest to grow talent from within.
And while it’s difficult in the industry to add new loan products, Silsby said Kennebec Savings has been partnering with other community banks on large loans for development projects — a trend he expects to continue.
“A lot of developers like the idea of supporting the banking community, to spread the love around,” he said.
Investing in technology will also remain a priority for Kennebec Savings, a century and a half after it was founded in 1870.
“Banks are technology companies in a lot of ways,” in terms of processing data and providing technology to customers, he says. As for his bank’s specific plans, he says: “We’ll have a major investment in our internet banking and mobile banking platforms this year.”
