- Moody’s gives Maine State Housing Authority Mortgage Purchase Bonds the rating designation of Aa1. (Moodys 8.5.2015)
- Husson University College of Business and Bangor Savings Bank partner to create accelerated leadership program. (Mainebiz 8.10.2015)
- Small banks and credit unions should have less regulation according to Rep. Bruce Poliquin. (PPH 8.11.2015)
- Citizens Bank fined $20 million and order to pay back $11 million to consumers after failing to give customers their full deposits. (The Hill 8.12.2015)
- US Senators Mike Rounds, of South Dakota, and Angus King, of Maine, submit legislation to give community banks, small businesses, and credit unions an voice in Consumer Financial Protection Bureau rulemaking process. (DSNews 8.14.2015)
- Ethan Strimling and Phil Harriman interview on various topics include the Dodd-Frank regulations for small banks and credit unions. (PPH 8.16.2015)
- Citibank to pay $700 million to customers for misrepresented products and identity theft protections and $70 million to CFPB for fine. (BDN 8.26.2015)
- Camden National Bank’s acquisition of The Bank of Maine will be finalized in October 2015. (BDN 7.27.2015)
- President /CEO Ryan Ellsworth expands The County Federal Credit Union with more locations planed in the future. (Mainebiz 7.27.2015)
- Studies show that 90% of retired Americans still have debt. (MPBN 7.29.2015)
- Primary Bank in New Hampshire is the fourth new bank to open in the U.S. since 2010 and the only new bank in 2015. (The Boston Globe 7.31.2015)
- According to Bankrate.com, Maine’s closing costs are the fifth lowest nationally. (Mainebiz 8.3.2015)
It is not every day (or even every year) that a new financial institution is formed in Maine, but this month, the Bureau of Financial Institutions approved the establishment of a new nondepository trust company called Portland Trust Company.
Portland Trust Company is a subsidiary of Androscoggin Savings Bank in Lewiston, Maine, who will own 51% of the company, and the remaining 49% will be owned equally by James MacLeod and Amelia Kurtz. The company was formed as a non-depository trust company, and the organizers plan to transfer their trust assets to the company. Androscoggin plans to rebrand the trust and wealth management services to "create greater visibility and expand the availability of services into the Southern Maine market." The initial board will be made up of 3 officers from the bank, and the 2 minority shareholders.
After two months of review and an opportunity for public comment, the Bureau's approval became effective on July 15, 2015. A copy of the final order can be found here.
Did you know?:
Verrill Dana provides many resources designed to keep HR professionals and business administrators up-to-date on the laws and regulations affecting their work and their company.
Seminars, Webinars and Client Alerts
Our Labor & Employment and Employee Benefits & Executive Compensation attorneys distribute e-alerts and host complimentary seminars and webinars. Recent topics have included:
- Employment Litigation Session 1: What to Do When You Get Sued
- The (F)riday (M)onday (L)eave (A)ct vs. Legitimate FMLA Leave
- How Healthy is Your Wellness Program? Current Litigation and Legal Compliance
- Whistleblowing and Retaliation: Legitimate Concerns or Marginal Performers Looking for Leverage?
- Compliance for Employers of Any Size: What You Need To Know
Our blogs provide updates on trending legal issues affecting your employees and your workplace.
- Benefits Law Update: Timely commentary on developments in employee benefits plans and executive compensation agreements.
*Named a Top 10 Blog in Compensation and Benefits by HR Daily Advisor.
- Taking Care of HR Business: A thoughtful (and often entertaining) resource for those interested in labor and employment law issues.
Our attorneys conduct on-site and/or virtual educational and training programs for executives, managers and supervisors. We cover diverse topics, which can be tailored to meet your needs.
Program topics for our clients have included:
- Anti-Harassment/Anti-Bullying Training
- How to Conduct Workplace Investigations
- How to Make Good Hiring Decisions and Avoid Costly Mistakes
- Common Mistakes Made by Supervisors and How to Avoid Them
- Managing Difficult Employees
- Reducing the Risk of Unlawful Terminations
- How to Win an Unemployment Hearing
- The ADA, FMLA and Workers’ Compensation: What Managers Need to Know
- The Do’s and Don’ts of Employee Evaluations, Performance Counseling and Other Forms of Documentation
- Union Avoidance
- United Wholesale Mortgage expands interest-only loans availability to more customers. (Portland Press Herald 6.24.2015)
- Credit card fraud ring in Maine and New Hampshire have police looking for at least four suspects. (WGME 6.24.2015)
- Geoff Titherington becomes chair and Milda Castner, vice chair, of Kennebunk Savings Bank’s board of trustees. (Fosters 6.28.2015)
- Unemployment decreased in June, however, wages remain flat suggesting the economy has not fully recovered. (Portland Press Herald 22.214.171.124)
- Maine legislators pass stricter foreclosure protections for homeowners based on Bank of America Corp vs. Greenleaf. (Reuters 7.1.2015)
- Based on 2013 financial reports, Maine’s fiscal health is ranked 42nd in the nation. (Portland Press Herald 7.7.2015)
- Bangor Savings Bank and UNE initiate pilot program to engage students to take part in online and in-class coursework and on-the-job training. (MPBN 7.9.2015)
- Federal Reserve rates likely to rise this September as economy show signs of improvement. (Central Maine 7.15.2015)
- Largest U.S. banks required to keep capital at levels above industry standards to help prevent future taxpayer bailouts. (Central Maine 7.21.2015)