Machias Savings plans first foray into Granite State
Photo / Renee Cordes
Machias Savings Bank, with 15 branches in Maine including this one in Portland, is getting ready to open its first branch in New Hampshire.
Seven years after planting a flag in Portland, Machias Savings Bank is heading further southward for its first branch in New Hampshire.
The Downeast region-based lender, currently at 15 branches from Portland to Caribou, plans to open a location in coming months at 900 Elm St. in Manchester, N.H.
“We have built a strong foundation of great relationships in New Hampshire over the last decade, and this is the next logical step for us in the region,” Larry Barker, president and CEO of Machias Savings, told Mainebiz.
With the move, Machias Savings will join a host of other Maine-based lenders with a presence over the border in New Hampshire. They include Bangor Savings Bank, Camden National Bank, Bar Harbor Bank & Trust along with smaller peers such as Partners and Kennebunk Savings banks.
Camden National entered New Hampshire via the $86.6 billion acquisition of North Conway-based Northway Bank completed in early January.
At Manchester's City Hall Plaza, Machias Savings will share an address with Camden National and a host of other banks. Barker said that his bank expects to staff the new location with more than six full-time employees.
“We will be in an existing building and hope to be open within 60 to 90 days,” he added.
The plans have been notified to the Maine Bureau of Financial Institutions, which is accepting written commitments on the proposed branch through Friday, April 5, as per standard procedure.
Machias Savings Bank, founded in 1869, has nearly $2.5 billion in an assets and more than 300 employees in total. Based on assets as of June 30, 2024, it is ranked No. 6 among Maine-based banks in the 2025 Mainebiz Book of Lists.
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