Proceeds from the sales are invested into upgrades at other locations. In Portland, the bank had maxxed out its downtown facility, which resulted in a lease in the Old Port.
Support included the Maine Tourism Association’s workforce development initiative that aims to promote youth career training in Maine’s outdoor recreation economy.
Market drivers include increasing interest in adventure-based experiences and climbing’s growing popularity, especially since it became an Olympic sport.
A number of Maine-based banks have been expanding into New Hampshire in recent years. The goal is to broaden markets and serve existing New Hampshire customers, while remaining close to the Maine base.