Photo / Courtesy Harvest Federal Credit Union
Scott Budde, president, CEO and co-founder of Maine Harvest Federal Credit Union
Updated: April 6, 2020
Focus on Banking / Finance / Insurance
Banking in the age of coronavirus: insights from Maine bank and credit union chiefs
Photo / Tim Greenway
Andrew Silsby, president and CEO of Kennebec Savings Bank, photographed through a drive-through window. The bank has 142 employees and six branches. As of March 27, four were open with drive-ups, one was open by appointment only and one in a retirement community was closed for safety reasons.
What’s it like to run a bank or credit union in the midst of the ongoing health and economic crisis? To find out, Mainebiz checked in with business leaders around the state. Here’s what they told us.
Scott Budde, president, CEO and co-founder, Maine Harvest Federal Credit Union
Encouraged by refocus on local food: “As we just got our charter in August of last year, we are still working to get our core services up and running. Operationally, we are fortunate to have a small staff that can do many things remotely. Plus we are working on ways to help other financial institutions in their work with small farms and food producers. Lastly, we are seeing COVID-19 as already refocusing Mainers on local food, and we hope to be well-positioned as this sector continues to grow.”
Andrew Silsby, president and CEO, Kennebec Savings Bank
Photo / Tim Greenway
Andrew Silsby, president and CEO of Kennebec Savings Bank
Refinancing ‘craze’ a surprise: “Our bank just celebrated its 150th year, and there’s no doubt in my mind that Kennebec Savings Bank and our communities will get through this … We have been working really hard to service our customers and businesses in their time of need while keeping our employees and our clients safe. We were one of the early institutions to close our lobbies down and go to drive-thru only. Most folks have been very understanding, very complimentary of our decision to do that, and are appreciative. We’ve been around for 150 years, and we are seen as a safe and secure place for people to hold their money. At the same time all of this is going on, we’re actually opening accounts for people who want safety for their money, and bringing dollars to the banks."
What’s different from the last crisis: “The banking industry has moved to a lot more electronic services, and all of us have been required to have pandemic plans, though I don’t think any of us expected a pandemic to spread so quickly and to impact the economy so drastically. One of the things I probably wasn’t prepared for was for the Federal Reserve to lower rates to zero. That has caused a bit of a refinance craze, so we’re all a little bit challenged to deal with the volume while we’re also dealing with helping customers.”
Jeanne Hulit, president and CEO, Maine Community Bank
Photo / Courtesy Maine Community Bank
Jeanne Hulit, president and CEO of Maine Community Bank
‘Not going to be easy’ for small businesses: “Compared to the 2008 financial crisis, this event is worldwide and impacts every aspect of our lives. We know that this is not going to be easy for many of our customers, particularly small businesses that have had an unprecedented interruption in their sales and production. We are working with customers who need temporary loan payment deferrals. As a community bank, we understand the important link between the bank and our customers’ financial well-being. We are committed to being here for them for the long haul.”
Patricia Weigel, president and CEO, Norway Savings Bank
File Photo / Tim Greenway
Patricia Weigel, president and CEO of Norway Savings Bank
‘All hands on deck’: “Wow, the first two months of the year seem a distant memory. How quickly the virus impact took hold. At a time when support and togetherness would seem to make sense, instead we find ourselves scattered about peering at each other through Zoom-type apps, which until three weeks ago, I wasn’t even familiar with. We are adapting and now focused on taking care of our customers, particularly supporting those who have been directly impacted by the pandemic. It’s all hands on deck, even pulling a few individuals out of retirement to assist us with the high volume of calls and special requests.”
David Libby, president and CEO, Town & Country Federal Credit Union
File Photo / Jim Neuger
David Libby, president and CEO of Town & Country Federal Credit Union
‘Things are working well’: “Helping our members in challenging times is who we are and what we do. In these unprecedented times, I am proud of our staff’s dedication and commitment to continuing to serve our members. Members are reaching out for help because of layoffs, lack of savings and increasing debt from buying more food and supplies but we are responding with fee-free Skip-A-Pays, loan deferment and refunding overdraft fees. We have empowered our staff to respond to the needs of our members individually, understanding that everyone’s circumstances are unique. We have worked through any issues with staff spread out at our operations center, drive-throughs and remotely, and things are working well.”
Greg Dufour, president and CEO, Camden National Bank
Photo / Courtesy of Camden National Bank
Greg Dufour, president and CEO of Camden National Bank
‘There for each other’: “Our decisions over the past few weeks to pay our employees if they can’t work, defer payments and late fees for customers under stress and remain open as best we can are based on helping people. I’m incredibly proud of what our employees are doing each day, but also how they are doing it. Through this, as always, we support each other. Sending a note of gratitude or sharing a joke reminds us we’re there for each other, for other customers, and for our communities.”
An anecdote he recently shared with employees: “After a stressful day, I went for a hike in the woods near my house, and my focus slowly shifted from the daily challenges to the nature around me. As I felt myself relax and the tension slip away, I looked down and saw I had a dozen ticks on my pants. It was a reminder that no matter what, you still need to focus on what is going on around you. I am committed to supporting the personal and financial wellness of our customers and employees, while helping our community through various relief efforts.”
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