Photo / Renee Cordes
The enlarged Maine Community Bank is headquartered on Portland's eastern waterfront.
January 2, 2025
Gorham Savings completes merger with Maine Community Bank
Photo / Courtesy Maine Community Bank
Maine Community Bank CEO Steve deCastro with President Jeanne Hulit, at the bank’s India Street headquarters in Portland.
More than a year after Gorham Savings and Maine Community banks agreed to join forces, the two have merged to form an entity with nearly $3 billion in assets and 21 branches across three counties.
The merger closed on Jan. 1, becoming the largest mutual savings bank operating exclusively in Maine. Based on rankings of Maine-based banks in the 2025 Mainebiz Book of Lists, that would make the merged entity Maine's sixth-largest bank, just ahead of Machias Savings Bank.
The enlarged bank, now known as Maine Community Bank, employs more than 370 people, and has branches in Cumberland, Androscoggin and York counties.
“Our merger … marks a significant milestone in banking in this region, as we become the largest mutual savings bank serving Maine exclusively,” said Steve deCastro, the former president and CEO of Gorham Savings now serving as CEO of the merged entity.
It is headquartered in Gorham Savings' building on India Street in Portland, with the building signage expected to be replaced around Jan. 21.
“I’m very proud of our teams, who have integrated seamlessly over the past year, and while there’s still work to be done, our focus remains on ensuring a smooth transition for all customers,” he added. “This merger represents a true partnership of equals, driven by shared goals, common interests, and a deep dedication to building a better bank for our customers and Maine communities.”
The combination comes five years after Maine Community Bank was formed from a merger between Mechanic Savings Bank and Biddeford Savings Bank.
Jeanne Hulit, the former president and CEO of Maine Community Bank, will serve as president of the enlarged Maine Community Bank through 2025 and oversee the integration.
“I am so very pleased with the entire newly combined Maine Community Bank team and how they have come together in the past year,” she said. “I’m also thrilled that our combined bank will be led by CEO Steve deCastro and board chair Jeff Worthing. They each possess considerable skills and abilities that will ensure Maine Community Bank continues to lead the way throughout the communities we serve.”
The banks have already started to integrate their core operating systems into a single platform, with plans to complete the process by late 2025.
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