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Entries in Androscoggin Bank (5)

Tuesday
Jul242018

Financial Institutions...In the News

  • Commercial loans increased for Bar Harbor Bankshares in the second quarter.  (MaineBiz 7.23.2018)
  • President Trump is unhappy with the Federal Reserve increasing interest rates.  (BDN 7.20.2018)
  • Paul Andersen, CEO of Androscoggin Bank, announces Neil Keily as President.  Paul Andersen plans to be the Chairman of Board and Neil Keily take on the responsibilities of CEO and President at the end of 2019. (Sun Journal 7.19.2018)
  • 30-Year mortgage rates are the highest in seven years.  (Central Maine 7.12.2018)
  • Low unemployment contributing to good economy according to Federal Reserve Chairman Jerome Powell.  (PPH 7.12.2018)
  • Eight states including Maine, signed a consent order to require Equifax Inc. to strengthen security measures after 2017 data breach.  (Central Maine 6.27.2018)
  • Patricia Weigel, President and CEO of Norway Savings Bank and Tony McKim, President and CEO of First National Bank were elected President and Vice Chair respectively of the Maine Bankers Association. (Mainebiz 6.20.2018)
  • A June 2018 Report states that risks by large banks involve complex financial trades that helped fuel the 2008 financial crisis.  (Maine Public 6.19.2018)
  • Sterling Kozlowski of Key Bank will be remembered as a leader in the New England region.  (Central Maine 6.11.2018)
  • Maine Credit Union League supports legal cannabis from the threat of federal prosecution.  (Mainebiz 6.11.2018)
  • Legislature sends bill to President Trump to loosen banking regulations set in 2008 in response to the financial crisis.  (PPH 5.22.2018)
  • Romero Rainey, President and CEO of the Independent Community Bankers of America (ICBA), seeks to loosen federal banking regulations.  (The Hill 5.22.2018)
  • Maine banks report new foreclosures steadily decreasing throughout Maine.  (PPH 5.6.2018)
  • Bangor Savings Bank begins new construction of its headquarters on Bangor’s waterfront.  (Mainebiz 4.24.2018)
  • SunTrust breach linked to an employee and outside criminal.  (News Center Maine 4.20.2018)
Tuesday
Sep122017

Financial Institutions . . . In the News

  • High flood insurance premiums endanger waterfront investments.  (PPH 9.9.17)
  • Data breach at Equifax puts 143 million people across the United States at risk of identity theft.  (Central Maine 9.8.17)
  • Governor LePage supports a bill that keeps elderly Mainers from home foreclosure.  (PPH 9.5.17)
  • Florida man, who made unauthorized debit and credit card purchases in several Maine counties, was sentenced to federal prison.  (Knox Village Soup 9.1.17)
  • Wells Fargo increases its refunds an additional $2.8 million for 1.4 million more accounts affected by its sales scandal.  (PPH 8/31/17)
  • Androscoggin Bank welcomes Ben Geci as Chief Lending Officer.  (BDN 8.30.17)
  • Bar Harbor Bank & Trust recognized by Sen. King for 130th Anniversary.  (BDN 8.30.17)
  • Northeast Bank President and CEO Richard Wayne found competitive niches creating greater gains for Northeast Bank.  (Central Maine 8.31.17)
  • Maine Bankers Association elects Kennebec Savings Bank President and CEO Andrew Silsby as Chair.  (Central Maine 8.29.17)
  • Norway Savings Bank President and CEO Patricia Weigel was elected Vice Chair of the Maine Bankers Association.  (Central Maine 8.29.17)
  • Several Maine towns join efforts to dispute FEMA’s new flood maps that are used to set rates for federal flood insurance.  (BDN 8.25.17)

 

Thursday
May112017

Financial Institutions...In the News

  • Foreclosures in Maine decline even with high number of foreclosures reported in 2016. (PPH 5.8.17)
  • The Financial CHOICE Act of 2017 which was recently introduced to the House Financial Services Committee repeals the Durbin Amendment and would save Maine Credit Unions and their members millions of dollars.  (BDN 5.5.17)
  • Maine, along with other states, have issued a cease-and-desist order against Ocwen Financial Corporation to prevent the corporation from acquiring servicing loans and new loans.  (Reverse Mortgage Daily 4.17.17)
  • Frank Abagnale lectures on formerly being a fraudster to now an educator in protecting consumers against scams. (Sun Journal 4.20.17)
  • Melinda Bini, former employee of Wells Fargo Bank, files a lawsuit claiming retaliation for loss of employment for not participating in banking scheme.  (Central Maine 4.17.17)
  • Tim Nightingale, Executive Vice President and Senior Loan Officer at Camden National Bank, becomes new Finance Authority of Maine (FAME) board member.  (BDN 4.13.17)
  • John Stumpf and Carrie Tolstedt of Wells Fargo Bank must return an additional $28 million and $19 million in compensation, respectively, for their roles in “abusive sales practices.”  (PPH 4.10.17)
  • Maine General Health warns of scam offering to reduce debt in exchange for credit card information.  (Central Maine 4.7.17)
  • Maine credit unions grow by 20,000 new members in 2016 to 685,926 members and loans surpassing more than $456 million.  (BDN 4.4.17)
  • Androscoggin Bank launches a Fast Response Business Loans Platform that allows businesses a quick response for loans related to credit lines and financial growth.  (Mainebiz 3.29.17)
  • Bob Quentin, President, CFO, and treasurer of Saco & Biddeford Savings Institution announces a new a branch at 136 Commercial Street in Portland.  (Mainebiz 3.27.17)
Friday
Jul312015

Portland Trust Company Gets Green Light from State

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.

Monday
Jun222015

Financial Institutions . . . In the News

  • Machias Bancorp MHC and its subsidiaries newest bank directors are Zachary Means and LuAnn Ballesteros. (Mount Desert Islander 6.4.2015)
  • US Regulators urge caution when considering reverse mortgages.  (Maine News Online 6.5.2015)
  • Financial decisions today may not be wise for tomorrow.  (Pittsburg Post-Gazette 6.11.2015)
  • Houses vacated during the foreclosure process create numerous issues for lenders and neighborhoods.  (Investors.com 6.12.2015)
  • Androscoggin Bank’s trust department seeking approval to become Portland Trust Co. to have offices in Lewiston and Portland.  (PPH 6.15.2015)
  • Maine community banks almost double the value of commercial loans processed from 2007 to 2014.  (PPH 6.18.2015)
  • Mortgage restrictions imposed on six banks for failing to comply with home foreclosure enforcement orders.  (Maine News Online 6.18.2015)