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April 5, 2011

Savings Bank of Maine to change name

By The Mainebiz News Staff

Gardiner-based Savings Bank of Maine is changing its name to The Bank of Maine and pushed back the opening of its Portland branch to June.

CEO and Chairman John Everets told the Bangor Daily News the name change will better emphasize the bank's local roots as compared to large national banks. The name change is effective as of May 16. The change comes three months after Savings Bank emerged from federal scrutiny for unsafe practices and low capital ratios. In January, the federal Office of Thrift Supervision lifted two pending orders against the bank after it successfully boosted its cash reserves. At that time, Everets said the company would open its 33rd branch in Portland in April, but now that opening will happen in June.

Last May, an investor group operating as SBM Financial Inc. acquired the bank's two holding companies, restructured its debt and injected $60 million of new capital. The bank has $830 million in assets.

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