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Entries in Maine Bureau of Financial Institutions (9)


Financial Institutions . . . In the News

  • Wells Fargo Bank $1 billion fine is among the largest set by regulators.  (Central Maine 4.19.2018)
  • Federal Reserve Chairman Jerome Powell maintains that slow and steady increases in rates is the right course of action to strengthen the economy.  (PPH 4.7.2018)
  • Lake Sunapee Bank in New Hampshire will now be known as Bar Harbor Bank & Trust.  (Valley News 4.8.2018)
  • Maine’s banking industry is seeing changes in leadership as women take on more executive roles.  (Mainebiz 4.4.2018)
  • A warning from Maine’s Bureau of Financial Institutions is issued due to scammers deceiving bank customers and credit union members.  (Central Maine 4.2.2018)
  • Elderly Mainers are an easy target for financial abuse which often goes unreported.  (BDN 3.29.2018)
  • Maine credit unions continue to attract new members.  (Central Maine 3.28.2018)
  • President and CEO Bob Montgomery-Rice of Bangor Savings Bank announces a new branch office in Portsmouth, NH.  (Mainebiz 3.23.2018)
  • Community Credit Union President and CEO Jennifer Hogan reports the credit union will stay at 144 Pine Street in Lewiston.  (Sun Journal 3.7.2018)
  • Maine banks benefited from a strong economy and stock market resulting in 2017 being a good year.  (The Ellsworth American 3.4.2018)

Maine Bureau of Financial Institutions Issues 2016 Annual Report

On January 15, 2017, the Maine Bureau of Financial Institutions issued its Annual Report for 2016. The report is available here. According to the Annual Report, there were a total of 43 state-chartered financial institutions supervised by the Bureau. This included 19 banks, 12 credit unions, and 12 “limited purpose” purpose financial institutions – primarily non-depository trust companies.

Click to read more ...


Lake Sunapee Bank and Bar Harbor Bank & Trust Merger Application Filed

The Maine Bureau of Financial Institutions has received applications to approve the merger of Lake Sunapee Bank Group with Bar Harbor Bankshares and the merger of Lake Sunapee Bank, FSB and Bar Harbor Bank & Trust.  The merger will provide a total of 50 branches in Maine, New Hampshire, and Vermont. 

Written comments and requests for hearing on the application are due with the Bureau by Sunday, August 28, 2016 by using the following link.

A copy of the Superintendent’s Notice to Interested Parties is available here.


Atlantic Trust LLC to Form New Nondepository Trust Company in Maine

Maine will soon be getting a new nondepository trust company, Atlantic Trust, LLC.

On March 18, 2016, the Maine Bureau of Financial Institutions issued a Superintendent’s Notice regarding the filing of a certificate of public convenience and advantage to form Atlantic Trust.  The application was submitted by Atlantic Financial Services of Maine, LLC, an investment adviser firm on Commercial Street in Portland, Maine that is wholly owned by John P.M. Higgins of Cape Elizabeth. 

The initial board will consist of John Higgins, Robert A.G. Monks, Stewart A. Gardner, Richard A. Bennett, and Jonathan L. Cottrell.   

Written comments and requests for hearing on the application are due by Sunday April 17, 2016 by using the following link.

A copy of the Superintendent’s Notice is available here.


Maine Updates Truth-In-Savings, Funds Availability Rule

Maine’s Truth-in-Savings and Funds Availability Rule is getting an overhaul. 

On August 6, 2014, Maine’s Bureau of Financial Institutions announced that changes to Chapter 118, Funds Availability and Truth-in-Savings had been finalized and will go into effect on September 1, 2014.  The final rule repeals and replaces former Chapter 18 of the Bureau’s rules.

According to the Bureau, the primary purpose of the newly revised rule is to incorporate by reference:

  • Regulation CC of the Federal Reserve Board regarding Funds Availability
  • Regulation DD of the Consumer Financial Protection Bureau regarding Truth-in-Savings
  • Part 707 governed by the National Credit Union Administration regarding Funds Availability and Truth-in-Savings.

According to Chapter 118, all of the provisions of these federal rules have been incorporated by reference into Maine regulation, with two exceptions:  (1) the definition of “business day,” and (2) the respective enforcement and liability provisions, as described in the rule.  The rule also includes model language regarding complaint resolution that should be included in the “schedule of account charges” or similar “literature” used to describe fees on an account.

The Superintendent’ Notice of the final rule is available here.  According to the notice, no interested parties filed comments on the proposed rule.