Maine Banking News

BOB MONTGOMERY-RICE AND CURTIS SIMARD ELECTED AS OFFICERS AT MAINE BANKERS ASSOCIATION

At the 127^th Annual Meeting of the Maine Bankers Association held virtually, the member banks elected Robert S. Montgomery-Rice, President & CEO of Bangor Savings Bank, to head the Maine Bankers Association as Chair beginning July 1^st. Also elected as Association Vice Chair was Curtis C. Simard, President & CEO of Bar Harbor Bank & Trust.

Mr. Montgomery-Rice has served as Vice Chair of the Maine Bankers Association this past year and has been a member of the Executive Committee since 2016. He also serves as a Trustee of the Maine Financial Institutions Insurance Trusts. He joined Bangor Savings Bank in 2004 as the Director of Human Resources.  He was the Chief Operations Officer before being named President & CEO in 2015.

Mr. Simard joined Bar Harbor Bank & Trust in 2013 and has worked in the banking industry for 28 years. He was originally elected to the Executive Committee in 2014 and served a three-year term. He was reelected to the Executive Committee in 2019.

Tony McKim, President & CEO, First National Bank will continue to serve as the Immediate Past Chair. In addition to the Leadership, others elected to the Executive Committee include Glenn L. Hutchinson, President & CEO, Bath Savings Institution; Stephen deCastro, President & CEO, Gorham Savings Bank; Jeanne Hulit, President & CEO, Maine Community Bank; and Timothy J. Thompson, President & CEO, Franklin Savings Bank.  Members who will continue to serve by their election in a previous year are Robert C. Quentin, President & CEO, Saco & Biddeford Savings Institution; William Tracy, President & CEO, Auburn Savings Bank; William B. Williamson, Maine Market President, Bank of America; and Blaine A. Boudreau, President & CEO, Partners Bank.

Check out Chris Pinkham’s interview with Mainebiz: https://www.mainebiz.biz/article/maine-bankers-chief-says-current-crisis-is-very-different-from-2008

FOR IMMEDIATE RELEASE
April 17, 2020

Chris Pinkham, President
Maine Bankers Association
207.415.1770
cpinkham@mainebankers.com

BANKS WILL CONTINUE TO SERVE THE NEEDS OF THEIR CUSTOMERS AS SBA’S PAYCHECK PROTECTION PROGRAM (PPP) REACHES CAPACITY

Over the past several weeks, our members have worked tirelessly to deploy the SBA’s Paycheck Protection Program (PPP) to their customers during these unprecedented times.  According to the SBA, the funding for this program reached capacity this morning. It has been reported that $2.1 billion in Paycheck Protection Program funds have been deployed in Maine, supporting 14,154 of Maine’s small business employers. These funds will assist an estimated 180,000 Maine jobs.

Maine’s banks were standing by their small business customers before the SBA’s Paycheck Protection Program, and they stand by them now when the PPP money has run out.  Banks of all sizes will continue to work closely with small businesses to assess their options going forward.  There may also be other federal programs that could help small businesses that were unable to participate in PPP such as the Fed’s Main Street Lending Program.  In addition, the Finance Authority of Maine (FAME) has several COVID-19 Lending Programs that Maine businesses may want to consider.

We have urged Congress to extend PPP by providing additional federal funds as soon as possible, given the economic damage this pandemic has done to small businesses and their millions of employees. We have asked our congressional delegation to support more funds expeditiously, so Maine banks can continue to provide this important financial lifeline to small businesses and help put the state on the path to recovery.

We encourage customers to contact their bank about other options that might help them through this crisis. In addition to any assistance the bank might be able to provide directly, there may be other federal or state programs that could help.  They should also make sure all their PPP paperwork remains in order, in case Congress does provide additional funding in the future.

About the Maine Bankers Association

The Maine Bankers Association (MBA) represents Maine’s banking industry and its 9000 employees statewide. Maine’s 30 retail banks operate 463 offices in nearly every community throughout the state, where they assist Maine’s citizens and businesses with financial decisions that improve the quality of life for everyone. With assets exceeding $32 billion, the Maine banking industry serves as the economic engine for our state. See www.mainebankers.com

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Please see the attached Press Release from the Maine Bureau of Financial Institutions, warning consumers of financial scams related to the anticipated direct payments from the U.S. Government under the CARES Act.

W.B. Mason is now offering home delivery! Anyone is able to set themselves up with an employee account or banks can set up their employees to be able to order under the business account while working from home.  Check out the website or call Chad Decker at 207-632-2091