A Message from the President
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By now, we’ve all seen the news regarding the out of state bank closures. We know our clients and community may have questions and concerns. And, I am writing to explicitly reassure you that Androscoggin Bank is financially secure and well positioned to overcome any economic challenges that may arise. Over the 152 years since our founding, our Bank has successfully navigated numerous national and local economic challenges. One important reason for that success is that as a mutual bank, we do not have any shareholders. Rather, we are owned by and manage the Bank to serve the interests of our clients. That means we answer to Main Street and not Wall Street, so we are not pressured to take on more risk to fuel short term profits. Instead, we operate our business conservatively for long term resiliency to ensure we will be here to serve future generations. As a result, we are proud to note that we currently are rated 5 Stars or Superior, the highest rating assigned by Bauer Financial, an independent bank rating service.
In addition, in 2021 we became one of only 9 Banks nationally to achieve the B Corp Certification, a rigorous benchmark that measures how well a company serves its clients, employees and communities and how rigorous and transparent its governance processes are. This certification and its requirement that the Bank be recertified every three years adds another layer of rigor and discipline in regards to how we operate our business.
We appreciate the trust you place in us as your banking partner and will continue to honor that trust by managing the Bank in the prudent manner we have followed since our founding.
Neil Kiely
President/CEO
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By now, we’ve all seen the news regarding the out of state bank closures. We know our clients and community may have questions and concerns. And, I am writing to explicitly reassure you that Androscoggin Bank is financially secure and well positioned to overcome any economic challenges that may arise. Over the 152 years since our founding, our Bank has successfully navigated numerous national and local economic challenges. One important reason for that success is that as a mutual bank, we do not have any shareholders. Rather, we are owned by and manage the Bank to serve the interests of our clients. That means we answer to Main Street and not Wall Street, so we are not pressured to take on more risk to fuel short term profits. Instead, we operate our business conservatively for long term resiliency to ensure we will be here to serve future generations. As a result, we are proud to note that we currently are rated 5 Stars or Superior, the highest rating assigned by Bauer Financial, an independent bank rating service.
In addition, in 2021 we became one of only 9 Banks nationally to achieve the B Corp Certification, a rigorous benchmark that measures how well a company serves its clients, employees and communities and how rigorous and transparent its governance processes are. This certification and its requirement that the Bank be recertified every three years adds another layer of rigor and discipline in regards to how we operate our business.
We appreciate the trust you place in us as your banking partner and will continue to honor that trust by managing the Bank in the prudent manner we have followed since our founding.
Neil Kiely
President/CEO
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