The southern Maine market manager of the Downeast-based bank has a background in municipal economic development, and says there are unique opportunities in each community. He says, “I bring the perspective of ‘How can we get to yes?'”
Get Instant Access to This Article
Subscribe to Mainebiz and get immediate access to all of our subscriber-only content and much more.
- Critical Maine business news updated daily.
- Immediate access to all subscriber-only content on our website.
- Bi-weekly print or digital editions of our award-winning publication.
- Special bonus issues like the Mainebiz Book of Lists.
- Exclusive ticket prize draws for our in-person events.
Click here to purchase a paywall bypass link for this article.
Jack Lufkin, who oversees the southern Maine market for Machias Savings Bank, is one of four new regional senior vice presidents at the Downeast-based bank, the fifth-largest bank headquartered in Maine. The University of Maine alumnus, who came to banking by way of economic development, chatted with Mainebiz about how Machias Savings aims to tackle the competitive southern Maine market along with his outlook for Maine’s economy and banking sector.
Mainebiz: How are you applying your economic development experience to what you’re doing now?
Jack Lufkin: In municipal economic development, you work with a broad range of stakeholders to promote capital investment in projects that advance community goals. In banking, you’re providing the financing that unlocks those projects, resulting in benefits for people, businesses and communities — there is significant overlap between those two efforts. While not every project is feasible, I bring the perspective of, ‘How can we get to yes.’
MB: What has it been like starting a people-focused job during the pandemic?
JL: Fortunately, my team of bankers here in southern Maine are incredibly experienced and talented, with deep community roots. Still, we all look forward to returning to in-person meetings and networking where you can truly build relationships with teammates and clients. I’ve been working with businesses in the greater Portland area for more than 20 years; seeing those old friends and colleagues again will be a welcome return to normal.
MB: What sets Machias Savings apart in an increasingly crowded market?
JB: Since its earliest days, Machias Savings Bank has been committed to community, and that’s something that has remained true even as the bank grew into one of the largest community-based banks in Maine. Machias Savings Bank has focused on growing differently by embedding and empowering cross-functional teams within local communities. We believe every community is unique, has a story to tell, and our goal is to listen and find ways to help people, businesses and communities prosper.
MB: What’s growing faster, retail or business banking — and why?
JL: In southern Maine, our business banking has been growing at an incredible pace. From completing several thousand Paycheck Protection Program loans to localized decision-making, the secret is out among the business community that Machias Savings Bank has exceptional bankers. Although don’t count out our retail growth — you can expect to see Machias Savings Bank’s presence grow in southern Maine in the coming months and years.
MB: Why is real estate so busy right now, and to what extent do you expect that to continue?
JL: In the greater Portland market, real estate development, especially housing, couldn’t be hotter. The desirability of southern Maine has brought in new residents from all over, resulting in developers constructing projects to meet the demand. Ranging from affordable to high end, the need for housing development is so robust, I don’t see that trend reversing for some time. With historically low interest rates and despite a rise in material costs and labor shortages, which will hopefully subside the further out we get from the pandemic, I believe real estate will continue to drive significant growth.
MB: How is the culture of a community bank different from some larger banks you’ve worked for?
JL: I’ve been fortunate to work at great financial institutions, both large and small, but I’m happiest at a community bank. Machias Savings Bank’s mission is to build financial health, one person, one business, and one community at a time. It’s a mission I fully support personally and professionally.
MB: What’s your outlook for Maine’s economy and banking sector in the near to medium term?
JL: The southern Maine economy continues to be poised for growth, and as we diversify and expand our workforce, our opportunities will grow. The banking sector in Maine is strong, and without a doubt, we will fuel the financial needs of our communities.
