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News & Events

GSB’s 2021 LaunchPad Finalists Announced

From a pool of nearly 150 applicants, five rose to the top and will move on as finalists to the next round of our eighth annual LaunchPad small business competition: a livestream, in-studio pitch competition taking place Tuesday, June 1 at 3:30pm. Five additional businesses have been chosen to submit a 60-second pitch video for...

Brian O’Coin Joins GSB Commercial Banking Team

We are pleased to announce Brian O’Coin has joined our Commercial Banking team as vice president, commercial loan officer. O’Coin comes to Gorham Savings Bank with more than 16 years of expertise in commercial lending, having worked with customers across Southern Maine and New Hampshire ranging from small, local businesses to regional middle-market companies. Most...

Letter to the editor: Lack of access to quality early learning economic issue for Maine

This letter originally appeared in The Portland Press Herald. Your recent news article (Jan. 27) and editorial (Jan. 29) on a report titled “Early Childhood Programs’ Scarcity Undermines Maine’s Rural Communities” caught my attention. From a business perspective, the lack of access to quality early learning and child care programs faced by rural children and...

LaunchPad 2021 Application Opens March 1

Gorham Savings Bank will begin accepting applications on March 1 for its eighth annual LaunchPad small business competition, the premier event of its type in Maine, which will be a livestream event this year. In the competition, promising small businesses will compete for a $50,000 grant from the Bank. “We’re truly excited to bring LaunchPad...

New program will provide aging Mainers with at-home access to health and wellness services

The Westbrook Housing Authority (WHA) and the University of New England Center for Excellence in Aging & Health (UNE CEAH) have signed a memorandum of understanding to establish a three-year, multi-phase student placement and research partnership serving seniors aging in place in affordable housing, made possible by a $20,000 grant generously provided by Gorham Savings...

Maine District Office Presents GSB With SBA 504 3rd Party Lender of the Year Award

Gorham Savings Bank was awarded the U.S. Small Business Administration’s 504 3rd Party Lender of the Year in Maine for completing 10 504 loans totaling more than $2.2 million which, when combined with SBA’s portion of the loans, represented almost $4.7 million in financing and more than 60 jobs created or retained. SBA 504 loans...

Make Change Helps Support Maine’s Minority-Owned Businesses

Gorham Savings Bank announced the launch of an innovative, mission-based checking account and debit card called Make ChangeSM, designed to support Maine’s minority-owned businesses. How Make ChangeSM Works For every qualified purchase a Gorham Savings Bank customer makes using their Make ChangeSM debit card, the Bank will donate $.10 to an earmarked fund. Those funds will...

Virtual GSB Maine Marathon Raises More Than $250,000

The Marr Foundation raised $212,000 alone, exceeding its goal of $200,000 Despite being run virtually over 2-weeks this year, the 2020 Gorham Savings Bank Maine Marathon, Half Marathon, and Relay, exceeded fundraising expectations, finishing strong with just over $254,000. Nearly 50 percent of race participants made a donation or donated their registration fee to charity – a 40...

Gorham Savings Bank Maine Marathon Goes Virtual

Due to the ongoing uncertainty surrounding the COVID-19 pandemic, the 2020 Gorham Savings Bank Maine Marathon, Half Marathon, and Relay, originally scheduled for Sunday, October 4, will take place virtually over two weeks. Title sponsor Gorham Savings Bank will cover all virtual race costs incurred so that every virtual entry fee dollar can be donated...

GSB’s LaunchPad Opens March 1

Kate McAleer (founder, Bixby & Co.), Becky McKinnell (founder, iBec Creative) and Rich Peterson (president, MaineHealth and CEO, Maine Medical Center) will help judge this year’s competition Gorham Savings Bank will begin accepting applications on March 1 for its eighth annual LaunchPad small business competition. In the competition, the premier event of its type in...

Why these banks are supporting women entrepreneurs

This article originally appeared in Independent Banker. In the past half of a century, women have gone from a small part of the business community to a significant—and fast-growing—segment. In fact, women start an average of more than 1,800 businesses across the country each day. How can community banks form mutually beneficial relationships with this...

Catherine Cloudman Joins GSB’s Board of Directors

Gorham Savings Bank, a leading Southern Maine financial services institution, announced that Catherine Cloudman has been named to the bank’s board of directors effective December 1. “Catherine brings a wealth of financial and business management experience from her time as an owner, chief financial officer (CFO), and board member of several Maine companies.” said Steve...

GSB’s Program Helps Early-Stage Businesses Gain Financial Confidence

Regional businesses partake in third session of community bank’s Forward with Funding program Thirteen small businesses including KinoTek, Fyood Kitchen, OpBox, Hemphill’s Horse, Seed and Saddlery, and GTFO Escape Room recently participated in a two-day, hands-on workshop created to help Maine entrepreneurs better understand their businesses’ financials. The program, called Forward with Funding, was created...

Our Newest Branch is Now Open in Yarmouth

Gorham Savings Bank has opened its newest branch in the historic Grand Trunk Railroad Depot on Main Street Yarmouth, after a year-long restoration project. The restoration project is a collaboration with historic preservation property developer and owner of the Depot, Ford Reiche, who has rehabilitated four other properties listed on the National Register of Historic...

Gorham Savings Bank to consolidate and focus on meeting the growing demand in Greater Portland area

Gorham Savings Bank has notified its customers of plans to close its Kennebunk location on November 1, 2019, citing geography and administrative challenges as the primary reasons. “After a long evaluation we found Kennebunk, while a very attractive market, is simply too far outside our primary geographic footprint to operate, administer and staff satisfactorily,” Gorham...

GSB Maine Marathon Selects Five Maine Nonprofits As 2019 Beneficiaries

Over $100,000 will be donated to local nonprofits again this year Bob Dunfey, the volunteer race director for The Maine Marathon and Steve deCastro, president and CEO of Gorham Savings Bank, title sponsor since 2010, announced today that Eastern Trail Alliance, Rippleffect, Girls on the Run, WinterKids and Portland Community Squash are the five primary...

Steve deCastro, On The Record with Mainebiz

This article originally appeared in Mainebiz. Written by Renee Cordes. Photo by Jim Neuger. Steve deCastro is president and CEO of Gorham Savings Bank, which has over $1 billion in assets, 13 branches in Maine and close to 200 employees. DeCastro, who joined Gorham Savings in July 2016 and became CEO on Jan. 1, sat down with...

Kim Donnelly Talks About Preparing For A Business Loan

This article originally appeared in Mainebiz. Written by Kim Donnelly. If you own a business, you know what it’s like to see — and want to seize — an opportunity. And often, such opportunities require an infusion of capital. By applying a smart business loan to a smart business idea, you can jump on that...

The Application for LaunchPad is Now Open

Local entrepreneur Ford Reiche joins as an event judge in this year’s business competition Gorham Savings Bank is now accepting applications for its seventh annual LaunchPad small business competition. In the competition, the premier event of its type in Maine, promising small businesses will compete for a $50,000 grant from the bank. The application opens today...

Wish Tree Program – November Wishes Granted

79 Maine families and individuals were recipients of community member wishes totaling $150,000. The initiative, called the GSB Wish Tree, was conceived and implemented as a way to give back to the community as the bank marks its 150th anniversary. The bank received an overwhelming number of wishes, bringing to light the many challenges Mainers...

GSB President Steve deCastro Named CEO

Gorham Savings Bank has named current president, Steve deCastro, its new chief executive officer (CEO). He takes over for Chris Emmons, who is retiring after 15 years of service with Gorham Savings. The transition was initiated in early 2018 as part of the bank’s succession plan. deCastro joined GSB in July 2016 as executive vice...

Wish Tree Program – September & October Wishes Granted

Gorham Savings Bank granted 14 wishes in September and October totaling nearly $20,000 as part of its 150th anniversary Wish Tree program. With a goal of granting $150,000 worth of wishes in 150 days, the latest wishes granted included lumber for an elderly Standish woman whose neighbor wanted to build her a porch, eye exam...

Wish Tree Program – July & August Wishes Granted

Gorham Savings Bank granted 20 wishes in July and August totaling $20,000 as part of its 150th anniversary Wish Tree program. With a goal of granting $150,000 worth of wishes in 150 days, the first and second round of wishes fulfilled included snow plow service this winter for a working single mother in Waterboro, plane...

GSB to Celebrate 150 Years by Granting $150,000 Worth of Wishes over 150 days

Gorham Savings Bank, in celebration of its 150th anniversary, announced it will grant up to $150,000 of wishes over 150 days as part of a community giving program called Wish Tree.   Putting their own spin on the age-old tradition, the Bank placed a Wish Tree in each of their branches and is inviting customers...

Gorham Savings Bank Announces Winner of $50,000 LaunchPad Grant

North Spore of Westbrook, a returning finalist from 2017, who produces specialty mushrooms, mushroom products and mushroom spawn took the top prize at Gorham Savings Bank LaunchPad competition and its corresponding $50,000 cash prize. The company was chosen from among five finalists who pitched their small business concepts Tuesday night to a panel of independent...

Community bank works to help Maine entrepreneurs be more financially confident

15 small businesses including North Spore Mushroom Company, Two Fat Cats Bakery and Tito Masonry & Construction recently participated in a new five-part workshop series created to help Southern Maine entrepreneurs better understand their businesses’ financials. The program, called Forward with Funding, was created by Gorham Savings Bank along with seasoned business coaches Michelle Neujahr...

Gorham Savings Bank Announces Finalists for $50,000 LaunchPad Grant

Gorham Savings Bank, a leading Southern Maine financial services institution, has selected five Maine businesses as the finalists of its annual LaunchPad small business competition. From an applicant pool of over 180 businesses, American Roots, Bangs Island Mussels, Blue Ox Malthouse, North Spore, and Wallace James Clothing Co. rose to the top and will move...

Long-Time GSB CEO Chris Emmons to Retire

Bank announces new president, board chair, and vice chair as part of new succession plan. Gorham Savings Bank, a leading Southern Maine financial services institution, announced today that after 15 years of service Christopher Emmons, president and CEO, will retire at the end of this year. Stephen deCastro has been promoted to president, and Katherine...

$50,000 LaunchPad Competition Enters its Sixth Year

The 2018 application period for Gorham Savings Bank’s LaunchPad competition opens March 15. Gorham Savings Bank will begin accepting applications for its sixth annual LaunchPad small business competition on March 15. In the competition, the premier event of its type in Maine, promising small businesses compete for a $50,000 grant prize from the Bank.  ...

GSB Hires Senior Credit Officer

Gorham Savings Bank, a premier southern Maine community bank, has hired Josh Steirman as Senior Credit Officer.   Steirman most recently worked as a commercial bank examiner and team leader for the Federal Reserve Bank of Boston. Prior to that, Steirman worked as a Senior Bank Examiner for the Massachusetts Division of Banks.   “We...