AUBURN — Mechanics Savings Bank and Biddeford Savings have announced they will merge under one charter, while retaining their individual brands and local decision-making authority.
The two financial institutions formed an alliance in 2015, becoming the first multi-bank mutual holding company in Maine, allowing them to combine resources and increase efficiencies.
In a statement Wednesday, Jeanne Hulit, president and CEO of the two banks’ holding company, Maine Community Bank, said consolidation “achieves our dual purpose of maintaining the unique identities of the two banks, while enabling us to invest in future growth through enhanced products and services, increased lending capacity and community investment, and allowing customers access to full banking services at all of our branch locations.”
The banks will file regulatory applications with state and federal regulators to begin the process of moving toward one charter.
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