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Sponsored by: Skowhegan Savings Bank
Updated: April 29, 2019 25th Anniversary Issue

Skowhegan Savings Bank

PHOTO Courtesy of Skowhegan Savings Bank
PHOTO Courtesy of Skowhegan Savings Bank
PHOTO Courtesy of Skowhegan Savings Bank
PHOTO Courtesy of Skowhegan Savings Bank
PHOTO Courtesy of Skowhegan Savings Bank

Building on the Past, Ready for the Future

PHOTO Courtesy of Skowhegan Savings Bank
Abner Coburn, founding father of Skowhegan Savings and Maine’s 30th Governor

Today, it may seem difficult to imagine how much has changed since Skowhegan Savings Bank was founded 150 years ago – and how much remains constant.

Maine was enjoying new economic opportunity back then, as the lumber industry boomed and the state’s Civil War veterans invested their talents in peacetime prosperity. But Mainers have always been hard-working and willing to strive for a better future. Nowhere was that more true than the Kennebec Valley.

Abner Coburn, a struggling farmer and logger, embodied those qualities. From meager beginnings, he rose to become one of New England’s most successful lumber and land entrepreneurs, served as Maine’s 30th governor, and helped establish Skowhegan Savings in 1869.

PHOTO Courtesy of Skowhegan Savings Bank
John Witherspoon, Skowhegan Savings CEO and retiring president

Under his leadership as president, the bank worked to help residents of the region build homes, businesses, and security for their families.

“From the very beginning, the bank was focused on making local communities better places to work and live,” says John Witherspoon, Skowhegan Savings chief executive officer today. “That original intent has stayed consistent.”

That’s not to say there haven’t been a few changes in 150 years.

PHOTO Courtesy of Skowhegan Savings Bank
David Cyr, Skowhegan Savings 13th president

In 2019, Skowhegan Savings has roughly $600 million in assets and a capital base of $87 million. Its commercial portfolio has quadrupled in the past 12 years. And Skowhegan Savings now serves customers in 11 banking centers in four counties, offering free worldwide ATMs, and through online banking, mobile apps and other advanced technology tools.

Another change will occur at the end of the year, when John retires after a 40-year career and President David Cyr, who has been with Skowhegan Savings since 2005, takes on the role of CEO.

To celebrate this year’s milestones and the bank’s longstanding commitment to the people and businesses of Maine, Skowhegan Savings employees are contributing 150 days of volunteer service to local communities.

That means each employee will give an extra day of their time to help out at hospitals, schools, food pantries, and not-for-profit agencies. And that contribution comes on top of the 4,000 hours of service Skowhegan Savings employees already volunteer each year.

The bank also gives back to its communities through the Skowhegan Savings Charitable Foundation, established in 2011. With assets of over $2 million, the 501(c)3 foundation regularly supports organizations such as Big Brothers Big Sisters and the United Way, and each year funds seven college scholarships for local high school students.

When Skowhegan Savings began 150 years ago, it was all about helping neighbors, and that’s continuing today and into the future. We’re here for the long term.
— President David Cyr

For reasons like these, Skowhegan Savings received the “Corporate Above and Beyond” Award from Jobs for America’s Graduates, a national not-for-profit organization. Skowhegan Savings has also been named to the list of “Best Places to Work in Maine” seven times.

David sees service to the community as part of the Skowhegan Savings Bank tradition.

“When Skowhegan Savings began 150 years ago, it was all about helping neighbors, and that’s continuing today and into the future,” he says. “We’re here for the long term.”

Skowhegan Savings Bank

13 Elm Street, P.O. Box 250 Skowhegan, ME 04976
David Cyr, President
Banking
Founded: 1869
Maine employees: 131
skowhegan.com

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