Suburban Boston bank aims to plant a flag in Maine
Eagle Bank, a mutual savings bank based in the Boston suburb of Everett, is headed northward to the Pine Tree State, with plans to open a branch in Kennebunk — its first outside the Bay State.
The plan was filed with Maine’s Bureau of Financial Institutions, which will review any comments on the plan submitted through Feb. 7. The agency is based in Gardiner.
Eagle Bank is proposing a branch to be located in a leased property at the Hannaford shopping plaza at 65 Portland Road in the 12,000-population York County town, about a mile from the headquarters of Kennebunk Savings Bank.
The landlord was represented by Charlie Craig of the Dunham Group in Portland and the bank was represented by Cheri Bonawitz of Malone Commercial Brokers.
Besides notifying Maine’s financial regulator, Eagle Bank is required to file with the appropriate state and federal regulatory agencies that have supervisory authority for the applicant, the Massachusetts Division of Bank and the Federal Deposit Insurance Corp.
If Maine’s Bureau of Financial Institutions finds that the proposed branch does not comply with applicable Maine law, the agency may file an objection with the Massachusetts Division of Banks and the FDIC.
Eagle Bank opened for business on May 11, 1889, ending that day with $4,570 in deposits. As of Sept. 30, 2024, the bank had $623.2 million in assets, according to the FDIC.
Deposits at the end of the second quarter amounted to $527 million or less than 1% of the total in Massachusetts.
Besides two locations in Everett, the bank has branches in Boston, Lexington and Middleton, Mass.
Eagle Bank declined to comment on the planned branch in Maine while approvals remain pending.
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