Savings bank

Skowhegan Savings Bank announces “historic” performance in 2021

Skowhegan Savings Bank released its financial results for 2021, including $163.1 million in loans issued, which is a record for the 152-year-old mutual savings bank.

Net income increased by almost half, from $4.24 million in 2020 to $6.27 million. The bank’s assets soared 8% from $722.3 million to $780.4 million, while its capital rose 3% to $103.7 million.

In a press release, Skowhegan Savings called the 2021 results “historic” and said they represented the best financial performance since it was founded in 1870.

President and CEO David Cyr said, “The strong position the bank is in today is directly attributable to the overall unwavering commitment of our employees to our customers and communities.

PHOTO Courtesy of Skowhegan Savings Bank

David Cyr, Skowhegan Savings 13th President

Among its milestones last year, Skowhegan Savings opened a business center in Portland, adding to its presence in southern Maine.

Also in 2021, Skowhegan Savings and its foundation have pledged to donate to more than 60 organizations for more than $250,000 as part of their efforts to help local communities. Bank employees contributed more than 1,600 volunteer hours to various organizations throughout the year.

Skowhegan Savings was ranked No. 17 on a Mainebiz 2022 list of Maine’s largest banks. Based in its eponymous city, the bank has a dozen branches and around 130 employees.

Source link