Mechanics Savings Bank and Biddeford Savings recently announced the finalization of their alliance as members of the newly formed bank holding company Maine Community Bancorp. The alliance, creating the first multi-bank mutual holding company in the state, was completed after receiving approvals from each bank’s board of directors, corporators, depositors and appropriate regulatory agencies.

Richard J. Vail, President and CEO of Mechanics Savings Bank, and Charles M. Petersen, President and CEO of Biddeford Savings, will serve as co-CEOs of the holding company while continuing to serve as CEOs of their respective banks. Each bank will retain its name, state charter, and status as a vibrant community bank.

“Mechanics Savings Bank and Biddeford Savings have similar community banking philosophies, strong capital positions, dedicated boards, and talented employees committed to serving their customers,” said Vail. “Bringing our two community banks together creates a sound foundation from which we can continue to serve Maine families and businesses with even greater convenience, expanded product and service offerings and lending capacity.”

“The alliance of our banks is an excellent strategic fit,” said Peterson. “We see tremendous growth potential, as well as powerful synergies, from teaming up. We are excited to partner with Mechanics Savings Bank, which shares with us a proud tradition of outstanding customer service and an unsurpassed community commitment. I know that all involved look forward to growing stronger together.”

Founded in 1875, Mechanics Savings Bank is a full service community bank with a reputation for its customer-centric culture. It has branches in Auburn, Lewiston, Brunswick and Windham. Founded in 1867, Biddeford Savings is an independent, community-focused mutual savings bank with offices in Biddeford, Kennebunk, Scarborough and Waterboro. Both banks are Equal Housing Lenders and Members FDIC.