June 17, 2015
Lewiston bank plans to spin off trust dept.
Lewiston-based Androscoggin Bank is seeking permission from state and federal regulators to spin off its trust department into a separate company.
The Portland Press Herald reported that the new company would be called Portland Trust Co., and it would have offices in Lewiston and Portland. The new company would retain staff from the current department and add two new wealth management professionals.
Melissa Rock, vice president of Androscoggin Bank, told the newspaper that the bank decided to create the new trust company because trust banking is a highly specialized field that requires extra attention to the needs of each client.
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