- New Rule at FAME will prevent another Cate Street deal. (BDN 8.20.2015)
- Employees of KeyCorp, Maine’s second largest bank, receives visit from CEO Beth Mooney who talked about KeyBank’s growth in Maine. (Mainebiz 8.24.2015)
- Machias Savings Bank builds new bank in Presque Isle. (BDN 9.2.2015)
- Freddie Mac and Fannie Mae lengthen timelines in foreclosure proceedings. (Housing Wire 9.4.2015)
- Eric Rosengren, CEO of the Federal Reserve Bank of Boston to become the next chair of Colby College’s Board of Trustees in May 2016. (Colby College 9.4.2015)
- Attorney General’s office warns grandparents of scamming involving grandchildren involved in an accident or hurt. (BDN 9.8.2015)
- Card skimming is on the rise with new technology used by thieves. (BDN 9.9.2015)
- To assist with higher education, the White House improves federal financial aid rules. (The Hill 9.15.2015)
- Banks are not obligated to make businesses accounts whole when cybertheives strike. (MPBN 9.15.2015)
- A Wall Street watchdog’s board plan is devised to protect seniors and vulnerable adults. (BDN 9.21.2015)
- Maine’s single-family home median sale price rose 4.9 percent in August. (PPH 9.21.2015)
- Julia DeBery, Senior Vice President at Bath Savings Institution, to service on the Consumer Finance Protection Bureau’s (CFPB) Community Bank Advisory Council. (Sen. King 9.21.2015)
- 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.
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