Androscoggin Bank Announces New Succession Plan

Lewiston, MAINE – January 29, 2010 – Androscoggin Bank, a community leader in financial services, today announced its senior management succession plan.

Since 2007, Androscoggin Bank has been actively engaged in developing an executive transition plan and timeline to address key succession issues that will take place in the next two years.  A considerable amount of thought has been devoted to assemble the right “team” and to identify the many milestones that must be achieved along the way. All of this planning has been designed to ensure a seamless succession that will preserve the structural integrity and operational proficiency of the organization for its employees and customers.

A critical step in this process will address the leadership of the Bank.  The company’s Board of Directors has embraced their responsibility for succession planning with a commitment to the long term success of the organization.  Following two years as Executive Vice President and COO, Paul H. Andersen has demonstrated his dedication and ability to succeed Steven A. Closson, Androscoggin Bank’s current President and CEO, who will be retiring on December 31, 2011.

With the strong endorsement and encouragement of the company’s Board, Androscoggin Bank is pleased to announce that Paul H. Andersen will assume the role of President and CEO effective January 1, 2012.

Mr. Andersen has been with the company for 22 years.  As President, he will be responsible for the day-to-day operations of the Bank as well as the planning, development and direction of future financial policies and practices.

“I have developed a strong working relationship with Paul over the years and have tremendous respect for him and his work with Androscoggin Bank,” said Steven A. Closson.  “I am excited to see him move up in our executive team, and I know his talent will be an essential and valuable addition to generating lasting success for the company.”

Mr. Andersen joined Androscoggin Bank as an Assistant Loan Officer in 1987. He has held roles of increasing responsibility since that time. After graduating from college with a Bachelor's degree in Management, Andersen worked at Maine National Bank in Portland. He has received numerous professional and educational degrees and certifications including graduating from the prestigious Stonier National Graduate School of Banking at Fairfield University. Andersen has lived in the Lewiston/Auburn area the majority of his life. He and his wife Julie have two children, Benjamin and Laura, currently attending the University of Maine. He has been involved with multiple youth sports leagues, as well as municipal, economic development and non-profit boards within Maine.

Mr. Closson has served with distinction as Androscoggin's President and CEO since 1991. After his retirement, the current succession plan is for Closson to continue to fill a key role as a member of the Bank's Board of Directors. Closson also serves as Vice Chairman of Central Maine Healthcare Corp. Board of Directors. Additionally, he represents the State of Maine on the Board of Directors of The Federal Home Loan Bank of Boston. The Clossons are long time area residents and currently reside in Poland.

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.

For further information, contact:

Christine Conrad
Androscoggin Bank
Lynn Crothers
Perry & Banks

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