“One hundred and fifty years ago we accepted our first deposit in the amount of $2.50 and we made our first mortgage loan in the amount of $676,” said president and CEO Larry Barker of the bank that is now is the second largest mutual savings bank in Maine.
On Monday, officials held a groundbreaking on a new facility that will employ 50 more people.
“It's going to be an operations center for us,” Barker said. “We're bursting at the seams with our existing facilities to support our growth across that state of Maine.”
The new $5 million building will also have a fitness center, meeting spaces, flexible work spaces and open style cafeteria and eating area for all bank employees in town to use.
“Our company was founded 150 years ago for the purpose of making a difference and serving the community,” Barker said. “We're still committed to that, those same ideals today.”
“We would like to say how grateful we are for this enduring anchor, which is Machias Savings Bank,” said Bill Kitchen, a Machias Select Board member. “We believe that our town and this community has created a critical tipping point and that this institution is absolutely key to that.”
Town Manager Christina Therrien credited bank officials for started the "join us on Main Street" campaign, which has helped revitalize downtown.
“There is no secret for why they continue to grown in a challenging industry: Exceptional service goes a long way,” said Therrien.
“We are confident the new investment here on Main Street will spur further revitalization and growth in the town,” added Amanda Michaud of the Machias Bay Area Chamber of Commerce.