A MERGER OF EQUALS
Together for good on January 1, 2025.
- $2.7B Total Assets
- 370+ Employees
- 21 Branches
“Merging Maine Community Bank with Gorham Savings makes sense across the board and marks an exciting new chapter. Our values and mission align very well, underpinning our commitment to meeting the ever-growing needs of our customers, acting as a force for good in the communities we serve, and providing greater opportunities for our employees.”
Latest Merger Updates
We realize you may have many questions regarding the merger, so we’ve provided answers to those important questions.
Merger Set For January 1, 2025
The merger will officially become effective on January 1, combining our organizations and creating the largest mutual savings bank operating exclusively in Maine. Headquartered in Portland, the combined institution will have even greater capacity to meet the needs of our customers, our employees, and our community. Steve deCastro will serve as CEO and Jeanne Hulit as President with plans to retire in late 2025.
Much will remain the same—your existing GSB account/routing numbers, GSB debit/credit cards, online and mobile banking logins—until the combined bank is functioning on a single core operating system, which we expect to occur in late 2025. For a seamless experience during this time, please continue to bank at the GSB branches you’re accustomed to—with the same team who remains eager to serve you.
Final Regulatory Approval Received
The merger received final regulatory approval from the FDIC, the Federal Reserve, and the Maine Bureau of Financial Institutions in June 2024.
Gorham Bancorp Corporators Approve Proposed Merger
At the 156th annual meeting of Gorham Bancorp, Corporators overwhelmingly approved Gorham Savings Bank’s proposed merger with Maine Community Bank.
A Merger of Equals | A CEO Chat
Take a glimpse behind-the-scenes of our merger of equals with Maine Community Bank. CEOs Steve deCastro and Jeanne Hulit provide some valuable insight into the rationale behind the merger and just how complementary our two organizations are.
MEREDA Matters Podcast
Recently, Steve deCastro, President & CEO of Gorham Savings Bank, and Jeanne Hulit, President & CEO of Maine Community Bank, joined Maine Real Estate and Development Association Board Member, Josh Soley, for an engaging discussion about our exciting announcement of their bank’s merger of equals. Don’t miss the insights on the MEREDA Matters podcast!
Public Announcement
Gorham Savings Bank and Maine Community Bank to Combine In A Merger Of Equals.
A Letter From Our President & CEO
Two strong, locally focused banks are coming together to create one even more capable community bank that will continue to provide the highly personalized customer service, local decision-making, and unparalleled community focus you’ve come to expect.