Kennebec Savings Bank

In recent weeks, two banks with similar names announced their were becoming one, while two credit unions made a similar announcement of their own.

The combined entity will have about $1.25 billion in assets and employ 165 people in a merger that's expected to be completed in the fourth quarter of 2020.

Says one top exec in Maine: "The banking industry has changed dramatically over the years, creating exciting new opportunities in technology, programming, marketing and creative design, as well as the traditional roles in accounting, investments and business."

Maine banks say loans are smaller and more manageable in the second round of the SBA's Paycheck Protection Program — and there's money still available. But some officials express long-term concerns with the program.

Maine banks and credit unions are gearing up for a busy week of loan applications, in the second round of the federal Paycheck Protection Program that began this morning. But lenders warn the money is likely to run out quickly.

Kennebec Savings, Camden National and Norway Savings banks were all overloaded Wednesday as many customers checked online accounts to see if their relief checks had arrived. By Thursday, most banking operations were back to normal.

What’s it like to run a bank or credit union in the midst of the ongoing health and economic crisis? To find out, Mainebiz checked in with business leaders around the state. Here’s what they told us.

Applications are pouring in for loans under the new federal Paycheck Protection Program, keeping bankers and others busy. The district director of the Maine SBA District Office shares the latest numbers with Mainebiz.

Days before the federal Paycheck Protection Plan is expected to go live, Maine banks are getting ready and are already flooded with inquiries. Mainebiz talked to bank executives and other experts concerned about how the race for cash will turn out.

Andrew Silsby, CEO of Augusta-based Kennebec Savings Bank, has high hopes for U.S. economic growth — and central Maine’s economy — in 2020.