Katahdin Trust branching out
Encouraged by the success of its loan production office in Bangor, Katahdin Trust Co. announced this week that it will open a full-service bank there later this year, and open another branch in Hampden.
Katahdin Trust now operates a loan production office on Stillwater Avenue in Bangor.
"Since we opened our Bangor LPO two years ago, the response to our commercial lending services has been very strong, and we believe our brand of full-service banking will be embraced equally well," Jon Prescott, president and CEO of Katahdin Trust Co., said in a company release.
Vicki Smith, senior vice president of marketing and communication for the bank, told Mainebiz she expects the Bangor branch will be open later this summer, if all goes well with its lease negotiations.
"Bangor was such a logical location since we generate a lot of small business lending (from the loan production office)," she says. "It's great, that with a full-service branch, we can bring those customers deposit services, and it opens the door for retail banking."
The bank intends to build a branch in Hampden, a community that Smith describes as a "great fit" for the bank's intended growth. Katahdin Trust operates 14 branch locations in northern Maine and an additional loan production office in Scarborough.
"We anticipate the Hampden branch will be open in late 2010," she says.
Katahdin Trust Co. employs 168 people and has nearly $500 million in assets, according to its release. It is owned by a one-bank holding company, Katahdin Bankshares Corp. which is quoted on the NSADAQ Over-the-Counter Bulletin Board under the symbol KTHN.
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