Maine-based Androscoggin Bank and Vermont-based Mascoma Bank recently announced their plan to merge their parent companies into a single mutual holding company, pending regulatory approval.
Under the terms of the merger, Androscoggin Bank and Mascoma Bank will continue to operate with their own names, brands, charters, and boards of directors. The single mutual holding company will be called ClearNorth Financial Mutual Holding Co. and will allow the banks to expand their regional reach and further invest in technology, customer experience, and long‑term innovation.
ClearNorth Financial Mutual Holding Co.’s board of directors will be comprised of an equal number of members from both banks. Mascoma Bank CEO Clay Adams will serve as CEO, and Androscoggin Bank CEO Neil Kiely will serve as president. They will continue in their current roles at their respective banks.
“This is about building a stronger future for mutual banking in Northern New England,” Kiely said. “It positions us to potentially welcome additional bank partners over time, providing a path for likeminded institutions to gain strength, efficiency and stability while maintaining local autonomy.”
Androscoggin Bank is a $1.8 billion community bank with 10 branches in Maine. Mascoma Bank is a $2.99 billion mutual bank with 28 branches and two loan offices throughout Northern New England.