Mechanics Savings Bank and Biddeford Savings Bank are forming a holding company that would own both banks and increase their loan capacity, among other things.
The Portland Press Herald reported that the holding company, Maine Community Bancorp, still requires approval from federal regulators and the state’s Bureau of Financial Institutions.
Once approved, the two banks will continue to operate separately under ownership of the holding company, employing a total of 152 people across 10 branches. The banks said they will benefit from the new arrangement with added capacity for larger and more complex loans, along with new products and services.
Source: Portland Press Herald
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