Financial institutions show their ability to adapt
The past three years have been crazy for any type of business.
The pandemic has stretched many industries to the limits, but banking has had its own version of craziness. With both retail and office workers, it had to adapt to pandemic distancing protocols. Bankers saw the “refi” boom over 2020 and 2021. Amid that, they burned the midnight oil processing Paycheck Protection Program applications. In Maine particularly, they were besieged by out-of-state home buyers looking to prequalify for mortgages.
They could be forgiven if they were a bit irritable when both the refi and mortgage booms fizzled with rising interest rates and a volatile economy. Yet bankers have also shown that they are nothing if not adaptable.
As Senior Writer Laurie Schreiber reports, in the wake of rapid change, banks have found other growth opportunities. See “Spiking interest rates,” which starts on Page 16.
Along with adaptability in the marketplace, we’re seeing a range of banks beefing up wealth-management departments or adjusting personnel after the retirement of a key official. Staff Writer Alexis Wells offers a roundup of hirings and promotions in “Personnel moves highlight relationships,” which starts on Page 22.
In a related realm, Senior Writer Renee Cordes looks at how startups find capital. Whether it’s through pitch competitions or angel funding, Maine startups have found some innovative ways to raise funds. See “Money talks,” which starts on Page 10.
Our list in this issue is Maine’s largest credit unions. See Page 34.
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