Annual Report
Letter from the President
Everyone had unimagined challenges in 2020.
Our greatest challenge? When the COVID-19 pandemic hit we prepared ourselves for a marathon. We never imagined however, that this marathon would have an ever-shifting finish line, and that we’d all still be running.
We stayed the course. We proved true to our culture. We leaned in and we stepped up for our employees, our customers, and our communities like never before. We delivered on our vision and mission beyond banking, to move Maine forward and improve financial health one person, one business, one community at a time, while seamlessly providing both existing and new banking services in a constantly changing and often unpredictable environment.
And we finished 2020 more empowered, empathetic, and equipped to best serve our customers and communities in 2021.Yet within this challenge lay our own silver lining -- there had never been a greater opportunity or need for us to serve our customers in ways we always have, and now in ways we never had.
In doing so we simultaneously supported struggle and hardship and pockets of true success and prosperity amid it all. We witnessed undeniable perseverance, resilience, ingenuity, and kindness. You inspired us. You made us better. We could not be more proud to be your partner, in banking and in Maine.
Looking back, it was clear by March that our 2020 Community Impact Plan had to change and the increasing need for relief inspired us to pivot. When the dust settled on 2020, MSB had contributed a record of over $1 million to community basic needs, food security, small business development, entrepreneurship, rural broadband, youth education, minority opportunity, and financial health. Our 282 employees gave over 6,400 hours in volunteer service. In total, we directly impacted 478 nonprofit organizations from Portland to Caribou, helping our frontline partners support Mainers and Maine businesses.
Entrepreneurship and Small Business support and investment was a 24/7 priority as we secured more Payroll Protection Program loans on a pro rata basis than any other bank in the state; over $159 million for 2,218 businesses, and sponsored numerous virtual and remote seminars, classes, and events. We helped hundreds of individuals and businesses weather the storm and we spoke out in support of our lobster and fishing industry, lending both dollars and public education to their efforts.
Our mission to improve financial health gained significant traction as we certified 17 Financial Coaches, built our educational and support content online, and prepared to launch new consumer budgeting and credit management tools in 2021.
And while accolades are not our motivation, state and national recognition, especially amidst challenge, is a reflection of the hard work and dedication of the 282 people that make up this MSB family. We’re especially proud to have been named #1 Best Bank In Maine, #4 Best Banks to Work For In The Nation, and #1 Best Large Company To Work For In Maine.
As 2021 unfolds we will continue to strive to better serve our customers, our employees, and our communities. We will seize new opportunities, and continue to lend our leadership, funding, and human service to the investment and recovery of Maine’s residents and businesses.
We will always be grateful for your trust in Machias Savings Bank.
We remain Committed To Maine.
Larry Barker
President & CEO
To learn more about our accomplishments in 2020, please download a digital copy of Annual Report.
Equal Housing Lender.