Androscoggin Bank Shares Results from 2012 Annual Meeting

Jan. 27, 2012 - PRLog -- LEWISTON, Maine – January 27, 2012 – Chairman Pasquale Maiorino, Esq. welcomed the Board of Directors, Corporators and employees to the 142nd Annual Meeting of Androscoggin Bancorp, Mutual Holding Company (MHC), held at the Ramada Inn and Conference Center in Lewiston, Maine on January 24, 2012.

Bank President and Chief Executive Officer, Paul H. Andersen reported that at year-end, Androscoggin Bank’s profit was the third highest in company history. Net income was more than $3.8 million and exceeded 2010 by more than $600,000. The Bank’s total assets grew by $14.2 million to $707.1 million.

“In the face of high unemployment and falling real estate values, Androscoggin Bank was profitable and had a financially solid year,” stated Paul H. Andersen, President and CEO of Androscoggin Bank in his annual letter. “With the support of our Board of Directors and our loyal employees, I am confident that we will meet the challenges of a still uncertain economy and continue our tradition of excellence.”

The Bank’s 2012 strategic goals encompass four pillars of excellence: People, Quality, Client, and Performance. The Bank is continuing to embrace innovative new technology solutions to better serve customers, and adapting a “dialogue banking” concept. Beginning in February 2012, the Minot Avenue, Auburn, ME branch will undergo a renovation. Also, to further enhance the customer experience, Androscoggin Bank is working to introduce new mobile banking solutions in Q1 2012.

In 2011, Androscoggin Bank maintained its commitment to the community donating nearly $190,000 to organizations across the State of Maine. Among the organizations funded are Advocates for Children, Auburn Community Band, Center for Grieving Children, Spruce Mountain After School Program, New Beginnings, 317 Main Community Music, Girl Scouts of Maine, and The Store Next Door.

Androscoggin Bank’s long-time President and CEO Steve Closson stepped down as Chief Executive Officer and will continue with Androscoggin Bank as a Director. Other business included the election of Corporators and Officers including new Corporators:  Stephanie Upton, Lee Upton, and Donna McConnell, and new Officers:  Terri-Ann Boisvert, Jason Simcock, Chris DeMerchant, Joseph Ferris, Barry Kohler, Diane Field, Steve Etzel and Rhonda Ferrara.

About Androscoggin Bank
Founded in 1870, Androscoggin Bank provides financial services to individuals, businesses, governments, non-profits and municipalities. With a commitment to innovation and relationships, Androscoggin Bank believes everything we do for customers, community and colleagues should be time well spent. Androscoggin Bank currently serves communities throughout Maine with branch locations in Lewiston, Auburn, Brunswick, Gray, Jay, Lisbon Falls, Livermore Falls, South Paris, Turner and Portland.

For more information:

Christine Conrad                                                                    Matt Mendolera-Schamann
Androscoggin Bank                                                                Matter Communications
207-784-9164                                                                         978-499-9250 x243
CConrad@androscogginbank.com                                        androscogginbank@matternow.com

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Founded in 1870, Androscoggin Bank has a long history of providing financial services to individuals, businesses, governments, non-profits & municipalities. Androscoggin Bank currently serves Maine communities with 13 branch locations across the state.