Poland library seeks access to trust fund

POLAND — The A.B. Ricker Memorial Library may be losing control of its trust.

The trust, a $300,000 pool of money created in the early 1960s to cover some expenses at the small town library, has been growing but yielding little income. Fees with Bank of America/Merrill Lynch have been costly, and pleas to get more information or find another bank have been ignored, said Dana Lee, Poland's town manager.

"It's incredibly frustrating," Lee said. "We have basically asked Bank of America to let us go or come prove to us that they are operating in our best interest. They won't even come to a live meeting."

Ideally, Lee wants the bank to give a detailed briefing on the money to selectmen and the library's elected trustees.

"We want to see the data, see what the trust is earning, see what the bank is charging us," Lee said.

So far, the details are murky.

The original Jane J. Ricker Trust was signed with a bank that no longer exists: the Manufacturers National Bank of Lewiston. As small banks have been purchased by larger and larger institutions, the trust went through several hands, including Fleet Bank, before ending up with the massive Charlotte, N.C., bank.

Along the line, the trust appears to have been miscategorized, Lee said.

When the trust was created, all net profits were supposed to be returned to trustees for the operation of the library. Instead, it grew and grew.

"Our income was about 3.5 percent," Lee said. Meanwhile, the value of the trust surpassed $1 million, reaching a high $1.3 million.

Meanwhile, capital needs at the library have worsened, Lee said. The building is aging and needs help.

Trustee Chairwoman Susan Ellis declined to talk about the case Wednesday.

However, the need is real, said Cathy Tetenman, another library trustee. About one-third of all library income comes from the trust, she said.

The income has increased to at least 5 percent of the trust, but more is needed, said Lee, who was asked by the library's trustees to deal with Bank of America.

"I've been asked to play hardball," he said.

A query to Bank of America yielded a phone call from a bank spokesman but no answers.

The library and the town may eventually choose to sue the bank, Lee said. Auburn lawyer Jill Checkoway is examining the trust's details.

"She's reviewing our options," Lee said.

If left with no other recourse, they will sue, he said.

"They behave with a disregard for what the library needs, wants and even, I believe, what the trust calls for," Lee said. "I don't know any other word but 'arrogance.'"

"We've said, in essence, 'Look, just let us go,'" Lee said. "We are not a happy customer. They have effectively said, 'No.'" 

dhartill@sunjournal.com