Machias Savings Bank To Consolidate Locations

Machias Savings Bank announced Monday that it will consolidate two of its branch locations into nearby branches. The branches that will be closed are the Baileyville and Lincoln Main Street locations. Subject to regulatory approvals, the bank expects consolidation efforts to be final on March 30, 2018.

Baileyille branch customers can use the Calais or Princeton branch and Lincoln Main Street customers will be directed to the Lincoln Penobscot Valley location. Machias Savings Bank said it has notified affected customers of the upcoming closures and will automatically transfer customer accounts to the most convenient locations. 

"Consolidation of locations is a rare event for us and not an easy decision," stated Larry Barker, President and CEO of Machias Savings Bank. "Employees affected have been placed at nearby locations with comparable positions-no jobs were lost."

Machias Savings Bank, known for creating innovative and customer-friendly branches, said it is responding to changes in the way its customers do their banking. 

 “Today, customers can bank online and on their mobile devices — and convenience is defined not solely by branch locations but by an integrated mix of physical and digital options that make it possible for customers to bank when and where they choose,” said Barker. “These consolidations reflect those changes in customer behavior and will allow Machias Savings Bank to continue operating as efficiently as possible while continuing to invest in a unified physical and digital customer experience.” 

Machias Savings Bank remains committed to the communities surrounding both Baileyville and Lincoln. Plans are underway to assist those communities in locating new tenants for the space being vacated by subsidizing the rent for up to a year for a suitable business. 

After consolidation, Machias Savings Bank will have 17 locations across the State from Portland to Caribou. 

Member FDIC