Maine’s financial services industry remains strong
Our cover offers shades of Jimmy Stewart in “It’s a Wonderful Life,” in an updated version.
Like Stewart’s character, George Bailey, Maine bankers have had to reassure customers lately.
Thanks to the fallout from the Silicon Valley Bank failure, Maine bankers are having to answer to financial problems that stemmed out of the tech industry.
In a recent op-ed in the Mainebiz Daily Report, Blaine Boudreau, president and CEO of Partners Bank, and Maine Bankers Association President Jim Roche sought to reassure customers and the public that Maine banks are safe.
“We can say with some authority that banks in Maine are different in fundamental ways from those two banks. What happened in California and New York is highly unlikely to ever happen here in Maine,” they wrote. “To begin with, Maine banks do not have the same tech and startup focus that SVB had, nor do we have the crypto/digital asset-focused-lending profile of Signature Bank. Banks in Maine are primarily community banks focused on our towns, our neighbors, and our small businesses with a diverse customer base.”
In our cover story, Senior Writer Renee Cordes tackles the vexing challenge facing Maine banks: They are safe, yet they’re having to address problems in the wider banking industry. See “Checks and balances,” which starts on Page 12.
Maine’s insurance industry has seen substantial growth in recent years. As Senior Writer Laurie Schreiber reports, the growth has been characterized by acquisitions, changes in the C-suite, new hires and expansion into new markets. Her story starts on Page 18.
This issue also includes a wealth of banking-related lists, on Page 11, 23 and 30.
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