Mechanics Savings Bank

Annual meeting focuses on plans to form an alliance with Biddeford Savings Bank and create the state’s first multi-bank mutual holding company.

Mechanics Savings Bank hosted its 140th annual meeting on April 27, 2015 at the Hilton Garden Inn, Auburn, Maine. The invitation-only event included the bank’s board of directors, employees, corporators and guests. 
Charles Petersen, President and CEO of Biddeford Savings Bank joined Mechanics Savings Bank President and CEO, Rick Vail in the evening’s main address, which focused on the banks’ plans to form an alliance. Together, the two financially healthy community banks  intend to form a mutual holding company named Maine Community Bancorp, that will own both banks. This is the first multi-bank mutual holding company in Maine’s banking history. While each bank will remain independent, the alliance will maximize strengths, share best practices, and leverage resources, resulting in cost-savings and more streamlined operations. Each bank will continue to operate under the direction of their existing boards. For more information, visit:
During the evening’s events, Chairman of the Board, Jon Oxman summarized the financial state of the bank and shared architectural renderings of the bank’s new Minot Avenue branch and campus headquarters, currently under construction. The business portion of the meeting was also conducted by Oxman.
The cocktail hour featured a product expo, dedicated to demonstrating new products and product enhancements to attendees. Business product demonstrations included: tablet-based POS solutions; EMV chip-ready terminals; mobile credit card processing, featuring a small card reader that attaches to a smart phone; gift cards and loyalty programs; and an upgraded remote deposit capture system. To learn more about merchant services offered through Mechanics Savings Bank, call Pamela Reynolds at 207.333.4554. 

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