“This is a transformational project for lower Western Avenue,” Augusta’s economic development director told Mainebiz.
Kennebec Savings Bank is on track to start construction of its new headquarters in Augusta this fall after getting the unanimous green light from the city's planning board Tuesday evening.
"We are now just waiting on DEP [the Maine Department of Environmental Protection], which should allow us to break ground in October," Kennebec Savings CEO Andrew Silsby told Mainebiz Wednesday morning.
"Last night's vote was an important milestone, but what I appreciate most is the spirit in which the project was reviewed, he added. "The planning board asked thoughtful questions, our team worked hard to address concerns and ultimately everyone shared the same goal: making Augusta an even better place to live, work and do business. We're honored to be part of that future."
The five-story structure, expected to cost between $14 million and $19 million to build, will
include a top-floor glass atrium that will serve as a break room for employees.
The bank's campus at 150 State St. is
home to the bank’s headquarters and a branch in the historic Tappan-Viles Mansion that houses its executive offices.
"This is a transformational project for lower Western Avenue, and when you add in the preservation of the historic John Calvin Stevens building, it's a win-win for the city," Keith Luke, Augusta's economic development director, told Mainebiz.
Lajoie Brothers Construction, of Augusta, is the contractor, while Platz Associates, of Auburn, is the architect.
With $1.8 billion in assets as of June 30, 2025, Kennebec Savings ranked No. 10 among Maine-based banks in the
2026 Mainebiz Book of Lists.
