Company Research Report: Androscoggin Bank
Company Overview
- Name: Androscoggin Bank
- Mission: To reimagine and reinvent the experience of community banking for clients, employees, and community partners while honoring the environment. The bank values relationships and focuses on understanding every client's personal story.
- Founded By: No information is available.
- Founded In: No information is available.
- Key People:
- Neil Kiely - President & CEO
- Headquarters: Not explicitly mentioned, but the bank is headquartered in Maine, USA.
- Number of Employees: No information is available.
- Revenue: No information is available.
- Known For: As a Certified B Corporation, Androscoggin Bank is recognized for challenging traditional community banking systems, focusing on significant social and environmental performance standards.
Products
Business Banking
- Description: Offers expert guidance for businesses, emphasizing continued success through tailored solutions.
- Key Features:
- Business Checking
- Business Savings & CDs
- Cash Management
- Business Lending
- Business Credit Cards
- Government and Business Courier Services
Personal Banking
- Description: Provides tools and services designed to help individuals manage their finances effectively through life’s transitions.
- Key Features:
- Personal Checking
- Savings & CDs
- Lending
- Credit Cards
- Private Banking
- Insurance
Mortgage Products
- Description: Comprehensive mortgage solutions tailored to clients' needs.
- Key Features:
- Various mortgage products
- Dedicated mortgage team support
Wealth Management
- Description: Services focused on helping clients minimize time on banking and maximize wealth management.
- Key Features:
- Financial Services
- Portland Trust Company services
Recent Developments
- Recent Developments:
- Androscoggin Bank has become a Certified B Corporation, joining a select group of 14 banks in the U.S. This certification indicates the bank’s commitment to social and environmental performance and transparency.
- The bank has achieved a 63% reduction in fossil fuel-based energy.
- Secured a long-term agreement to procure electricity from a local Maine solar farm.
- New Products Launched: No information is available.
- New Features Added to Existing Products: No information is available.
- New Partnerships:
- Recognition as Trinity Jubilee Center’s 2024 Corporate Partner of the Year.
- Collaborations with community organizations such as The MainStreet Foundation to support initiatives like the $25K for Kids grant for at-risk youth.
Community Engagement
- Initiatives:
- The bank engages in philanthropy through investments in arts, education, economic impact, and community support within Maine.
- The MainStreet Foundation supports at-risk youth by providing essential life needs through grants and sponsorships.
- Impact:
- Over $472,625 granted through MainStreet Foundation.
- Supported over 100 nonprofits with 4,473 volunteer hours in 2023.
Conclusion
Androscoggin Bank is dedicated to community banking that focuses on profound social impact and environmental responsibility as a B Corp. It emphasizes relationships, customer experience, and local economic support to transform the community banking experience.
