Lewiston-based Androscoggin Bank and New Hampshire-based Mascoma Bank, which has a Portland office, announced plans on Monday to combine their parent companies.
The result will be a single mutual holding company, to be called ClearNorth Financial Mutual Holding Co.
In a news release late Monday morning, the two parties stressed that “the partnership is not an acquisition.” The banks themselves will continue to operate under their own names, brands, charters and boards of directors.
Clay Adams, president and CEO of Lebanon, N.H.-based Mascoma Bank, will be CEO of the new holding company, while Androscoggin Bank’s CEO, Neil Kiely, will be president of the new institution. Each leader will continue his current role at the respective banks.
In the news release, the institutions said the single mutual holding company “will provide shared strength and scale without compromising the local autonomy or character of either bank.”
“For more than a century, both of our organizations have been guided by community, service, and local decision making,” Adams said. “This partnership allows us to build additional capacity and resilience, while maintaining the local identity and leadership that our customers and communities rely on.”
Marriage based on collaboration
The banks said the combined parent company “reflects a forward-looking collaboration between two Benefit Corporations that share a belief that banks should serve as engines of positive community impact. The new Mutual Holding Company Board will be comprised of equal representation from both institutions. Operating the banks under a single mutual holding company expands regional reach, creates operational efficiencies and positions both organizations to invest more deeply in technology, customer experience and long-term innovation.”
Kiely, the top executive at Androscoggin Bank, added: “This is about building a stronger future for mutual banking in Northern New England. Together, we can safeguard what makes each bank special while expanding our ability to serve customers and communities across the region.”
Performance Trust Capital Partners LLC served as financial advisor to Androscoggin Bank and Hogan Lovells US LLP served as its legal counsel.
Wolf & Co. PC served as financial advisors to Mascoma Bank and Covington & Burling LLP served as its legal counsel.
The transaction is subject to standard regulatory approvals.
About the banks
Mascoma Bank is a $2.99 billion mutual bank and Benefit Corporation with 28 branches and two loan offices throughout northern New England (including a Portland office). Mascoma Bank was founded in 1899.
Androscoggin Bank is a $1.8 billion community bank and Certified B Corp with 10 branches across Maine. It was founded in 1870 and has been independent for more than 150 years.
Androscoggin ranks No. 11 among the largest Maine-based banks, according to the 2026 Mainebiz Book of Lists.
