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Updated: September 17, 2024

Katahdin Trust names senior credit officer based at the Scarborough branch

By Alexis Wells

Katahdin Bankshares Corp. (QTCQX: KTHN), the Houlton-based parent company of Katahdin Trust Co., has hired Michelle Ritcheson as senior vice president and senior credit officer.

Ritcheson will develop, implement and maintain credit policies and procedures, as well as assess risks on a transaction, relationship and portfolio level, according to a news release.

She is based at the bank’s Scarborough office at 136 U.S. Route 1, Katahdin Trust’s southernmost branch location. 

Photo / Courtesy, Katahdin Trust Co.
Michelle Ritcheson

Ritcheson brings over 25 years of banking experience to her new role. Prior to joining the bank, she held leadership roles at M&T Bank and Bangor Savings Bank. 

“We are happy to have Michelle join the Katahdin Trust Team,” said Jon Prescott, president and CEO of Katahdin Trust Co. “I am confident that with her credit expertise and banking experience, she is sure to be a great fit for Katahdin Trust and will be a great asset to our customers.”

Ritcheson received a bachelor’s degree in economics and finance from Bentley University. 

In addition to her work in banking, Ritcheson serves on the Regional School Unit No. 5 board of directors and is a trustee of Maine School Management Association Property and Casualty Insurance. She also serves as president of the Auburn Business Development Corp.

Katahdin Trust, founded in 1918, has 16 offices serving customers in Aroostook, Penobscot and Cumberland counties.

It is ranked No. 16 among the largest Maine-based banks in the 2024 Mainebiz Book of Lists, based on assets of $1 billion as of June 30, 2023.

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