HOULTON, Maine — Katahdin Trust Co. said it plans to open branches in Bangor and Hampden later this year to accommodate what it hopes is a continually growing market.
The Bangor branch will be located at 609 Broadway, adjacent to T.J. Maxx, in space that recently was occupied by a Bangor Savings Bank branch. The Hampden location has not been decided, but it will involve new construction, Katahdin senior vice president Vicki Smith said Wednesday.
Katahdin Trust, which has 14 branches in northern Maine, opened a loan production office on Stillwater Avenue in Bangor about two years ago, offering primarily small-business loans. It also has a loan production office in Scarborough.
“Since we opened our Bangor [office], the response to our commercial lending services has been very strong, and we believe our exceptional brand of full-service banking will be embraced equally well,” President and CEO Jon J. Prescott said in a statement.
Katahdin Trust, based in Houlton, was established in 1918. Today, the company boasts nearly $500 million in assets and continues a long-standing tradition of community banking.
“Our brand of banking is relationship-driven and service-oriented,” Prescott explained. “That’s very refreshing to a lot of individuals and to business owners who prefer to share a professional relationship with their banker.”
In 2009, the bank contributed more than $150,000 in donations and in-kind support to communities throughout northern Maine. Additionally, Katahdin Trust’s 168 employees volunteered nearly 11,000 hours in a wide range of activities from serving on economic development and local hospital boards to coaching Little League teams.
The Bangor location is expected to open as early as June, but the Hampden bank likely will not be built until this fall, Smith said.
Katahdin Trust is owned by a one-bank holding company, Katahdin Bankshares Corp., which is quoted on the NSADAQ Over-the-Counter Bulletin Board under the symbol KTHN. Current stock information can be found on the OTCBB Web site at www.otcbb.com.