LEBANON, N.H. and LEWISTON, Maine – October 2, 2026
Mascoma Bank and Androscoggin Bank are pleased to announce the successful closing of the transaction that brings the two institutions together under ClearNorth Financial Mutual Holding Company, marking a significant milestone for community banking in Northern New England.
The formation of ClearNorth Financial Mutual Holding Company creates a strong foundation for long-term growth, collaboration, and innovation while preserving the local identities, cultures, and community commitments that have defined both organizations for generations.
“This milestone represents an exciting new chapter for our organizations and the communities we serve,” said Clay Adams, Chief Executive Officer of ClearNorth Financial Mutual Holding Company and Chief Executive Officer of Mascoma Bank. “By coming together under ClearNorth, we are strengthening our ability to invest in our employees, customers, technology, and communities while preserving the local decision making and community focus that make both banks unique.”
Neil Kiely, President of ClearNorth Financial Mutual Holding Company and Chief Executive Officer of Androscoggin Bank, added, “ClearNorth provides a model for mutual banks to grow stronger together while maintaining their individual identities. We are excited about the opportunities ahead and grateful to everyone who helped make this partnership possible.”
The transaction brings together two values-driven Benefit Corporations with a shared belief that banking should create positive impact for customers, employees, businesses, and communities. Through ClearNorth, the organizations will benefit from increased scale, operational efficiencies, expanded expertise, and enhanced opportunities for future investment and innovation.
Customers of both banks will continue to bank with the institutions they know and trust. No immediate changes are being made to customer accounts, products, services, or branch operations as a result of the transaction.
About ClearNorth Financial Mutual Holding Company
ClearNorth Financial Mutual Holding Company is the parent mutual holding company of Mascoma Bank and Androscoggin Bank. Formed to strengthen and preserve community banking in Northern New England, ClearNorth provides a collaborative structure that supports growth, innovation, and long-term sustainability while enabling each bank to maintain its local brand, leadership, and commitment to its communities.
About Mascoma Bank
Mascoma Bank is a mutually owned community bank and certified B Corporation serving communities throughout New Hampshire and Vermont. Through its commitment to community impact, responsible banking, and customer service, Mascoma Bank works to help individuals, businesses, and communities thrive.
About Androscoggin Bank
Androscoggin Bank is a Maine-based community bank and Benefit Corporation committed to helping people and communities prosper. Through innovative banking solutions and a strong focus on community impact, Androscoggin Bank serves consumers, businesses, and nonprofit organizations throughout Maine.
Advisors
Performance Trust Capital Partners, LLC served as financial advisor to Androscoggin Bank and Hogan Lovells US LLP served as its legal counsel. Wolf & Company, P.C. served as financial advisor to Mascoma Bank and Covington & Burling, LLP served as its legal counsel.
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