CEO and Chairman's Report
To Our Valued Members,
We're happy to celebrate our 60th year serving our communities and members.
It is with a tremendous amount of pride and thankfulness that we provide to you our 60th Annual Report. The history of Maine Savings is rich and vibrant and the future looks to be dynamic and exciting. We are so thankful to not only be relevant within our communities, but also be leaders in many ways. There’s nothing more important than being able to have a positive impact on the communities within which we all live and work. Our charitable giving remains strong and we are always searching for ways to make positive impacts within our great state.
Our roots are, and always will be, here in Maine. As a credit union, our total focus is on service quality and caring deeply for the financial well-being of our members. Our slogan of BANK 207 is our attempt to be clear about supporting our communities and local businesses. We live in a time when many local institutions have sold or merged, or are choosing to focus their expansion efforts outside of “207.”
- We won’t sell you out
- We won’t merge you out
- We won’t close your branch
- We will continue to invest in our local communities
- We will continue to welcome new members with innovative products and services
FINANCIAL STRENGTH Your credit union remains extremely strong financially, allowing us to continue to invest in our communities and in new and exciting products and services. We have experienced extremely solid growth in all areas including assets, loans, savings, earnings and capital. We continue to invest in our most important asset – our valued team of hard working, smart, and devoted employees. We are only as good as the people who work for us, and they happen to be the best in the state.
SAFETY AND SOUNDNESS Unfortunately, fraud continues to be rampant, but we remain diligent in constantly updating our fraud protection mechanisms. We continue to invest heavily in the best technology, equipment, and people to make your credit union as safe and secure as possible.
COVID remains ever-present and is continuing to create issues for your credit union, as it is for so many people and businesses. It is ever-changing and presents many challenges, most notably the ability to properly staff all of our facilities.
We are concerned about operating in the most safe and secure environment for our staff and members and continue to follow CDC guidance. We hope you are all doing as well as can be expected during this time, and we send our heartfelt thoughts and prayers to all who have been affected over the last two years.
DIVERSE Through partnerships with our subsidiaries, we remain statewide leaders in offering full-service financial solutions.
CUSO Home Lending remains one of the top mortgage lenders in all of Maine. Our ownership in CUSO ensures that we are competitively priced and have the backing of an extremely knowledgeable team of professionals. Our lenders have years of experience and offer personal service to all of our communities. Rates are poised to remain stable and we are well-positioned to satisfy your home lending needs.
Business Landing Solutions (BLS) supports our small business lending efforts in our local communities. We are active commercial lenders with many years of experience. Rates remain very attractive.
One Maine Insurance is our full-service insurance agency, offering all lines of insurance for consumers and businesses alike. We partner with FA Peabody to offer competitively-priced insurance products and services.
Maine Wealth Planning is our financial planning division. We offer wealth management services, including retirement income planning, estate planning, and income tax reduction strategies. Free consultation can be arranged to guide you through this important service.
BANK BOLD AND BANK 207 The Maine Savings Amphitheater As many of you may know, a few months ago we announced that we have secured the naming rights to what has been called Darlings Waterfront Pavilion in Bangor. The new name will be Maine Savings Amphitheater and may be branded as the Maine Savings Amp. This is what we mean with our tag lines of BANK BOLD and BANK 207. We took a BOLD move to sponsor the naming of the largest, most progressive venue, in all of Maine. And the focus is on Maine (207), where we all live, work and play.
The contract between Maine Savings and Waterfront Concerts is long term and will help propel this exciting venue to new heights. The Maine Savings Amp will have an entirely new look with massive improvements that will be completed prior to the 2022 concert series. Some of the exciting improvements will include new, permanent structures on both sides of the venue that will house luxury suites, upgraded seating throughout, permanent bathrooms for the entire venue, among many others.
The new Maine Savings Amphitheater will be the most modern, high quality music venue north of Boston. We are confident that the quality of acts will be at an extremely high level as the Maine Savings AMP will be a music destination for concert-goers from New England to Canada and beyond.
We are so proud to be in a leadership position and partner with Waterfront Concerts to further the arts in the greater Bangor community. The Maine Savings Amp will help to promote our community as a “go-to” destination and drive positive growth for our local businesses. At the same time, it will offer the highest quality music to our eager and engaged music lovers throughout our community.
Both Maine Savings and Waterfront Concerts are local businesses that care deeply about the well-being of our community. We all live and work locally and believe deeply in continuing to foster the artistic community, while engaging all who have chosen to live in our wonderful area.\
We realize our investment in the Maine Savings Amphitheater is large and long term, but feel confident that it will help to propel our growth in Maine and foster many positives for our members and our local communities. Allow us to mention a number of key elements:
- Our marketing plans/dollars will evolve around the AMP to help promote name recognition, and products and services, among many other promotional opportunities
- The marketing reach provided with this agreement is larger than anything else with which we could associate
- It is an investment in our community, helping to improve, in many ways, the experience of living within our community… quite frankly, improve the quality of life for Maine residents
- Our investment will help drive growth for local businesses
- Our investment will help to promote the greater Bangor area as a “destination”
- We are promoting the arts within our community
Your credit union remains strong financially and we are well positioned to continue to help our members through these challenging times. Thank you for your continued business and remember to… BANK BOLD, BANK 207, BANK MAINE SAVINGS.
Respectfully, John Reed, CEO Don Grant, Chairman