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Updated: 6 hours ago

Editor's note: Maine banks look to Granite State for growth

By Peter Van Allen

It’s commonly said in Maine that banks that are based in northern Maine or Downeast often look to southern Maine to expand. Banks based in southern Maine are less likely to look north.

Now, what we’re seeing is Maine banks setting their sites even further south and west, extending the branch network to New Hampshire.

It makes sense. New Hampshire has seen continued growth, and Maine bankers are seeing opportunities. As in Maine, the market leader is TD Bank, with 24% of the share of deposits (compared to 14% in Maine). Major regional banks hold more than half the share of New Hampshire’s bank deposits, according to FDIC numbers.

As a trade association leader told Mainebiz, “The business environment in northern New England may be more familiar to bankers in Maine, so expanding into New Hampshire and Vermont is perhaps a more comfortable fit than expanding into Boston and Massachusetts.”

Senior Writer Laurie Schreiber’s story, “Maine banks ‘bank’ on New Hampshire growth,” is available here and in the April 21 print edition of Mainebiz.

Elsewhere in the issue, Deputy Editor Renee Cordes dove into the TimberHP reorganization story.

Soon after the Madison-based insulation maker filed for Chapter 11 protection in a Delaware bankruptcy court, Renee started making calls and digging through hundreds of pages of legal filings. The plant’s original investment was $125 million, and I don’t think I’m overstating this to say that the future of the company depends on a collective effort from the public and private entities in Maine’s financing ecosystem.

Find Renee’s story here. 

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