News Column

BRIEF: New York bank planning Portland expansion this year

July 2, 2014

By Darren Fishell, Bangor Daily News, Maine

July 02--PORTLAND, Maine -- A federally chartered bank based in Norwich, New York, has plans to open its first branch in Maine this year, focused on commercial banking and wealth management.

The Albany Business Review reported the bank plans to add locations in Portland and Rutland, Vermont, this year.

According to records from the Federal Deposit Insurance Corp., the expansion would be the federally chartered bank's first location in Maine and adds to its 159 brick and mortar locations in New York, Pennsylvania, Vermont, Massachusetts and New Hampshire.

The bank has expanded into New England in recent years, moving into Massachusetts in 2011 through its purchase of three Legacy Bank branches in Berkshire County. The company also acquired the Pennstar Bank, based in Scranton, Pennsylvania, in March.

The Albany business journal said company officials did not confirm a timeline for the expansions, and a representative for the bank was not immediately available to comment on the plan.


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Source: Bangor Daily News (ME)

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