Maine Community Bank and Gorham Savings Bank; two strong, locally focused banks are coming together to create the second largest mutual savings bank in the state, with the largest branch network in Androscoggin, Cumberland, and York counties, providing highly personalized customer service, local decision-making, and unparalleled community focus.
When will the merger take effect?
Our merger with Gorham Savings Bank received final regulatory approval and will be finalized on January 1, 2025, creating the largest mutual savings bank operating exclusively in Maine.
Once the merger becomes effective on January 1, you can expect:
- Updated website, and
- The same highly personalized customer service, local decision-making, and unparalleled community focus you’ve come to expect.
Much will remain the same—such as, your existing MCB account/routing numbers, MCB debit/credit cards, online and mobile banking logins—until we are further along in the integration process and the combined bank is operating on a single core system, which we expect to occur in late 2025.
For a seamless experience during this time, please continue to bank at the MCB branches you’re accustomed to—with the same team who remains eager to serve you.
How does the merger benefit customers?
The combined organization will be the largest mutual savings bank operating exclusively in Maine with the largest branch network spannin Androscoggin, Cumberland, and York counties. This will allow us to:
• Better serve you with 21 convenient branch locations;
• Enhance our products and services;
• Increase our lending capacity; and,
• Explore new technology
Will my account/routing number change?
No, for now, your account number and features will remain the same and you can continue to use the current routing number. Rest assured we will provide sufficient notice of any changes.
Can I still use my existing debit/credit card?
Yes, for now, please continue to use your existing debit/credit card. We will provide sufficient notice of any changes.
Can I still use my existing checks?
Yes, your checks will continue to be accepted.
Can I use any Gorham Savings Bank ATM with no fee?
Withdrawals only: Beginning on January 1, 2025, customers may use any GSB ATM to make withdrawals with no fee.
Deposits and other transactions: Please use the ATMs associated with MCB to make deposits and conduct other transactions until further notice.
Can I make a deposit or loan payment at Gorham Savings Bank branch locations?
No, not at this time. Please continue banking at your current Maine Community Bank branch until our systems are fully integrated.
While we are pleased to serve you at any of our 21 convenient branch locations throughout Cumberland, Androscoggin and York counties, there may be limitations to what we can help you with until our systems are fully integrated in late 2025.
Thank you for your patience during this transition. More to come!
Why was Maine Community Bank open to/seeking a merger in the first place?
Mutual banks can be limited in terms of growth capital—a merger is an efficient way to build capital so we can continue to meet the needs of our customers as they grow. Further, the efficiencies gained will allow us to channel greater resources towards advancing our customer offerings, investing in our employees and supporting our communities.
When did merger talks begin, and which bank initiated them?
Gorham Savings Bank President and CEO, Steve deCastro, and Maine Community Bank President and CEO, Jeanne Hulit, have known each other for a long time and, in late spring 2022, in an unrelated informal conversation, the topic came up. They truly don’t remember who initiated it but they both immediately recognized the benefits that a larger, combined organization could bring.
Did Maine Community Bank need to merge because of troubles in the banking industry?
Not at all. Both Gorham Savings Bank and Maine Community Bank have been and remain well capitalized and profitable. This merger simply makes us even more competitive and elevates our market position significantly. It’s a win, win.
What are the three most important reasons behind this merger? Why Gorham Savings Bank?
The three most important reasons are our customers, employees, and community. With complementary and contiguous market geographies, a strong community focus, and cultural alignment, this merger benefits everyone involved. It not only enhances our capabilities today but also provides greater opportunities to be an even greater force for good in Maine in the future.
Why are you taking the Maine Community Bank name?
The Maine Community Bank name is more flexible and appropriate for our larger combined footprint and mission to be Maine’s local bank of choice.
What happens to Gorham Savings Bank once the merger closes?
On January 1, 2025 Gorham Savings Bank and Maine Community Bank will become a combined organization.. Anywhere the Gorham Savings Bank name or logo currently appears will eventually be updated with the Maine Community Bank name or logo.
Where will the Maine Community Bank headquarters be?
The headquarters for Maine Community Bank will be One India Street in Portland on January 1, 2025.
How will leadership be structured?
Steve deCastro, current Gorham Savings Bank President and CEO, will serve as CEO of the combined organization, and Maine Community Bank President and CEO, Jeanne Hulit, will serve as President with plans to retire 12 months after the merger is finalized.
Who will serve on the Board of Directors?
The combined organization will be governed by a 16-person Board of Directors consisting of an equal number of Maine Community Bank and Gorham Savings Bank directors. Maine Community Bank’s current Board Chair, Jeffery S. Worthing, will remain as Chair of the combined Board. Gorham Savings Bank’s current Vice Chair, Jere Michelson, will retain his position. Gorham Savings Bank’s current Board Chair Kathy Coster will remain on the combined Board.
Will there be layoffs?
No reductions in staff are planned as a result of the merger.
Will branch locations or hours change?
No, not at this time. We share three locations with overlapping branches—we will be making decisions on how best to serve those markets as we work through the integration process. There are no plans to change branch hours at this time.
Will the branch staff change? Will I have the same lender?
You will continue to work with the same friendly banking team and receive the same highly personalized customer service you’ve come to expect.
If I have deposits at both banks, how will this impact my FDIC coverage?
Once the merger is complete on January 1, 2025, we will contact customers to ensure products and services best fit their needs.
FDIC rules provide a 6-month grace period to commence as of the merger’s formal effective date. During the grace period, your deposits remain separately insured by each institution with the same rules, limits, and restrictions. This will allow you to maintain your current coverage and provide time for us to assist in reviewing your deposit relationship to help you make informed decisions.
My current CD/IRA will not mature during the grace period. Will I lose insurance coverage on those accounts after 6 months?
No. The grace period on time deposits (certificate of deposits and individual retirement accounts) is extended until the current maturity date. This grace period does not apply to IRA Savings accounts.
If my CD/IRA matures during the grace period and I choose to extend it for a longer duration, will the balances remain insured until their maturity?
If you renew the CD for the original deposit amount (with or without accrued interest), your deposits will be covered by the grace period terms until the first maturity date after the six-month period ends.
Will there be changes to rates, terms for my current loan(s)?
No, rates and terms on all current loans, lines of credit, and mortgages, will remain the same.
Will there be changes to fees?
A letter was mailed the week of 11/26 to notify all deposit accountholders of our updated Service Fee Schedule and Funds Availability Disclosure.
We are pleased to share that many fees will be reduced, while others will remain the same. Only a few are increasing due to higher costs. A detailed list of the fees that are changing was enclosed with the letter.
Can I open a new account at either bank’s branches?
Yes, you are welcome to open a new account at either bank’s branches.
That said, to ensure all your accounts are linked through the same online banking system, we recommend you open your account at the legacy bank where you opened your initial account until we are on one single core system.
How will I receive merger updates?
Our Merger Guide will be mailed to all households during the week of December 9th and will provide further details about what customers can expect once the merger is finalized on January 1. This information will also be communicated via email and in-branch notices, as well as on our website.
Rest assured that we will provide sufficient notice of any changes. For updates, please visit https://www.mainecb.com/merger
What changes will occur immediately after the merger is finalized?
Gorham Savings Bank’s name and logo will be updated to reflect Maine Community Bank’s name as we combine to create the largest mutual savings bank operating exclusively in Maine.
You’ll still receive the same highly personalized customer service, local decision-making, and unparalleled community focus you’ve come to expect.
Our core banking system and other technology will remain separate for another year, as we continue working to consolidate our operations. You will have sufficient notice of any future changes.
Is Online Banking or the mobile app changing?
No, please continue to use your existing Online Banking and mobile app to access your accounts.
Is your website changing? How will I log into Online Banking?
Yes, while it will still have the Maine Community Bank look and feel, there will be updated product and service offerings to reflect the capabilities of the combined organization.
Until the core integration is complete, our website homepage will have separate Online Banking logins for “Legacy Gorham Savings Bank” or “Maine Community Bank” customers to access with their existing credentials. More detailed instructions and screenshots will be provided in the Merger Guide, which will be mailed to all customers during the week of December 9th and will soon be available electronically on our website at https://www.mainecb.com/merger.
How do I contact the bank for customer service?
You can continue to use the same contact information you use today. All phone numbers will remain the same. At some point after January 1, email addresses will be updated to reflect the new @maine.bank domain, however, rest assured we will continue to receive any emails sent to @mainecb.com addresses.
Following the completion of the merger, to connect you with the best representative to assist you, our Customer Service phone line will prompt you to determine if you are a “Legacy Gorham Savings Bank” or “ Maine Community Bank” customer.
You will hear more from us soon. In the meantime, we hope you will share our excited anticipation of being the largest mutual savings bank operating exclusively in Maine.