AUBURN — Mechanics Savings Bank and Biddeford Savings Bank finalized their alliance under a newly formed holding company called Maine Community Bancorp, the banks announced Tuesday.

Richard J. Vail, who is president and CEO of Mechanics Savings Bank, and Charles M. Petersen, president and CEO of Biddeford Savings, will be co-CEOs of the holding company, as well as CEOs of their respective banks.

Each bank will retain its name and state charter. The alliance will allow the banks to provide customers with “even greater convenience, expanded product and service offerings, and additional lending capacity,” Vail said.

Petersen noted, “We see tremendous growth potential as well as powerful synergies from teaming up with one another.”

Mechanics Savings Bank was founded in 1875 and has branches in Auburn, Brunswick, Lewiston and Windham. Biddeford Savings was founded in 1867 and has offices in Biddeford, Kennebunk, Scarborough and Waterboro.

Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.