Photo / Courtesy Franklin Savings Bank
Rich Allen
January 22, 2025
A mainstay in Rumford branch of Franklin Savings Bank will retire
Rich Allen plans to retire after 23 years as the vice president and senior commercial loan officer at Franklin Savings Bank’s Rumford branch.
Going forward, Jennifer Merrill, a Franklin Savings assistant vice president and commercial loan officer, will manage the bank’s commercial portfolio in Rumford and Bethel. Merrill has more than two decades of experience in the bank’s commercial business.
“I know that Jennifer will continue to support our customers and local businesses just as we have done for years,” Allen told Mainebiz. “I have enjoyed working with many business owners over the years and admire their ability to earn their own paycheck. I can only hope that, in some small way, I have been helpful in them achieving their goals which has been good for them and good for the bank."
About Allen
Allen began at the bank as a vice president and commercial loan officer. During his tenure, he fostered strong client relationships, drove economic growth and mentored colleagues throughout western Maine.
His dedication most recently earned Franklin Savings Bank recognition with Finance Authority of Maine's 2024 "Lender at Work Award," highlighting Allen’s role in creating jobs and supporting the local economy.
Allen told Mainebiz he looks forward to this next chapter. He plans to spend more time with his family and enjoy life's simpler pleasures.
He told Mainebiz he plans to stay active in the River Valley Rotary Club, continue chairing the Bethel Chamber of Commerce's Golf Tournament Committee and help with the River Valley Rotary/Chamber golf tournament held at Oakdale Country Club.
“Rich’s leadership, dedication, and commitment to excellence have made a lasting impact on Franklin Savings Bank and western Maine,” said Tim Thompson, president and CEO of Franklin Savings Bank. “We will greatly miss his expertise and camaraderie, but we are excited for him as he begins this well-deserved retirement. On behalf of everyone at the Bank, I wish Rich and his family the very best in this new chapter.”
Franklin Savings Bank, based in Farmington, has offices in Ellsworth, Farmington, Jay, Mt. Blue High School, Rangeley, Rumford, Skowhegan and Wilton. The bank was founded in 1868 and today employs more than 140 people.
Franklin Savings was ranked No. 18 among the largest Maine-based banks in the 2025 Mainebiz Book of Lists, based on assets of $693.6 million as of June 30, 2024.
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