The alliance, the first multi-bank mutual holding company in the State of Maine, was completed after having received approvals from each bank’s board of directors, corporators, depositors and appropriate regulatory agencies. Charles M. Petersen, President and CEO of Biddeford Savings and Richard J. Vail, President and CEO of Mechanics Savings Bank will serve as co-CEOs of the holding company while continuing to serve as CEOs of their respective banks.
Each bank will retain its name, state charter, and status as a vibrant community bank
“The alliance of our banks is an excellent strategic fit. We see tremendous growth potential as well as powerful synergies from teaming up with one another, stated Petersen. “We are excited to partner with Mechanics Savings Bank, which shares with us a proud tradition of outstanding customer service and an unsurpassed community commitment. I know that all involved from both banks look forward to growing stronger together.”
“Biddeford Savings and Mechanics Savings Bank have similar community banking philosophies, strong capital positions, dedicated boards, and talented employees dedicated to serving their customers. Bringing our two community banks together creates a sound foundation from which we can continue to serve Maine families and businesses with even greater convenience, expanded product and service offerings, and additional lending capacity.” said Vail.
Eaton Peabody, represented by Gretchen Jones, served as legal adviser to Mechanics Savings Bank.