Androscoggin Reports Results from Annual Meeting

Lewiston, MAINE – February 1, 2010 – Chairman Dermot T. Healey welcomed the Board of Directors, Corporators and employees to the 140th annual meeting of Androscoggin Bancorp, Mutual Holding Company (MHC), held at the Ramada Conference Center in Lewiston on January 26, 2010.

Bank President and Chief Executive Officer, Steven A. Closson, reported that at year end, Androscoggin Bank’s loan portfolio totaled $567 million, representing nearly a 7% increase over 2008.  Also at year end, total deposits were $470 million and assets were $674 million, representing increases of roughly 11% and 5%, respectively.

Completed strategic initiatives during 2009 included adding state-of-the-art services to enhance customer experience, online account opening, an upgraded and enhanced Web site to be unveiled in early 2010, and AndroSweep, an innovative new sweep account that automatically transfers anything over your target balance into an investment account that is FDIC insured up to $12.5 million.  Another milestone for the Bank was the opening of its Bank & Investment Center on Middle Street in Portland as well as its “Best Places to Work in Maine” designation.

In addition, Gwendolyn B. Moore, Androscoggin Bank Director and Main Street Foundation Chair, announced the Bank’s continued good work and social commitment to the community, including a number of grants that were given to help youth-at-risk and local Maine families cope with economic challenges.  Those organizations funded include Advocates for Children, Day One, Downtown Education Collaborative, Franklin County Children’s Task Force, Gray-New Gloucester Optimist Club, KIDS Consortium, Kiwanis Operation Holiday Cheer, Lewiston Housing Authority, Maine Women’s Fund, No Limits Limb Loss Foundation, Titcomb Ski Club Educational Foundation, Inc., and Tri-County Mental Health.

Closson stated in his annual letter, “As always, one major commitment of the past year was to continue to strive for world-class customer service,” adding, “With the addition of several key leadership positions and the implementation of an aggressive three-year strategic plan, we have never been more strongly positioned for uninterrupted growth, profitability and success.”

Pasquale F. Maiorino, Esq. was elected as the Board’s Vice-Chairman.  Newly elected positions include new Directors of the Bank, Neil Kiely, Esq. and Steven E. Bonville.  Kiely is the Director, Development New England at First Wind in Portland, Maine.  First Wind is an independent North American wind energy company focused exclusively on the development, ownership and operation of wind farms.  Bonville is a self-employed marketing and financial consultant who provides marketing, mid-level management development and broad business support to start-up and first generation firms.  Also elected were Corporators including Deron Barton, John Cronin, Lee Johnson, Gary Knight, and Edward Wolak. 

In addition, it was announced that Chairman Dermot Healey as well as Peter Ladner will be retiring from Androscoggin Bank’s Board of Directors in December 2010.  Healey has served 20 years on the Bank’s Board of Directors with the last 7 years as Chairman. Ladner has served on the Board for 26 years.

The Bank also welcomed Gail Sarrazin (Credit Department Supervisor – Assistance Vice President) and Beverly MacCallum, SPHR (Human Resources – Assistant Vice President) as its new officers.

About Androscoggin Bank
Founded in 1870, Androscoggin Bank provides financial services to individuals, businesses, governments, non-profits, and municipalities. Androscoggin Bank currently serves communities throughout central and mid-coast Maine with branch locations in Lewiston, Auburn, Brunswick, Gray, Jay, Lisbon Falls, Livermore Falls, South Paris, Turner, and Portland.

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