With a foothold on the commercial lending side, Mascoma Bank plans first retail branch in Maine
New Hampshire-based Mascoma Bank is planning to open a branch at 48 Free St. where it already has a loan office on the second floor.
Mascoma’s branch plan has been filed with the Augusta-based Maine Bureau of Financial Institutions, which published the notice on its website on Aug. 22.
This would be Mascoma’s first retail branch in Maine. It has had a loan office at 48 Free St. since 2018.
Besides providing notice to Maine’s financial regulator, Mascoma is required to have its plan vetted by the state and federal regulatory agencies concerned, the New Hampshire Banking Department and the Federal Reserve Bank of Boston.
If Maine’s Bureau of Financial Institutions finds that the proposed activity does not comply with applicable Maine law, the Augusta-based regulator said it may file an objection with the other two agencies.
Mascoma Bank declined to comment as the bank goes through regulatory approvals.
Lebanon, N.H.-based Mascoma Bank had a total of $2.27 billion in deposits and 28 offices as of June 30, 2022, according to FDIC data.
More on Mascoma
Founded in 1899, Mascoma Bank is a full-service independent financial institution and Certified B-Corporation, a designation for businesses that meet the highest standards of verified performance, accountability and transparency on areas from employee benefits and charitable giving to supply chain practices and input materials.
In Portland, Mascoma’s team is led by Andrew Cook, who joined the bank in 2018 and was recently promoted to senior vice president and Maine market leader.