MEREDA Matters

A Merger of Equals: The Growth of Maine Community Bank

Episode Summary

Jeanne Hulit, President and CEO of Maine Community Bank, and Steve deCastro, President and CEO of Gorham Savings Bank, sit down with MEREDA Board Member Josh Soley for the thirteenth episode of MEREDA Matters - the podcast that puts you in the room with the people who are driving responsible development in Maine. Hulit and deCastro share how the recent merger of Gorham Savings Bank and Maine Community Bank came together – an 18 month process that has resulted in a win-win for both banks. The group discusses some of the barriers to the merger process, the succession planning they have in place for bank leadership, and their focus on communication as a key strategy. Zooming in and sharing more details, Hulit and deCatstro review some of the opportunities for pricing synergies in the merger, such as how much the bank will need to spend on technology investments. The group goes on to talk about the difference between mutual savings banks and stock banks, as well as some of their predictions for the economy in 2024. Hulit and deCastro also share a bit about their backgrounds and the paths that led both of them to the role of CEO.