Baileyville Considers Banking Future

By Kaileigh Deacon

 

With the looming closure of the Machias Savings Bank’s Baileyville branch, the Town Council started a discussion about what that might mean for the future of the town’s accounts. Having been with Machias Savings Bank for the last twenty years or so, the town is not considering immediate moves away from the bank. The council did agree to have Town Manager Chris Loughlin start looking at other options to gather information to determine what might be in the best interest of the town going forward.

The discussion comes after The First reached out to the Town with what they could offer if they were to move their accounts there. The town has reached no decision and is not currently actively pursuing changing banks.

The Town Council also approved the awarding of the bond for the Downeast Broadband Utility to The First. Julie Jordan from the Downeast Economic Development Cooperation went to four local banks for what they could do for the town. They would need to secure $1.5 million for the project. The First came with two years no payments, interest only while the others locked into 20 years at a fixed rate.

The council also started the search for someone to clean the town office building as Bob Proulx, who had been doing it, is leaving. They granted a real estate abatement in the amount of $135.27.

During his report, Town Manger Loughlin told the Council that his letter to the County Commissioners had been completed and was sent. The letter highlighted two issues the town had with the Commissioners’ proposed budget changes and addition of four sheriff deputies. The first issue was the increase to the Baileyville share of the County Expenses which gave Baileyville an $180,000 increase on top of the added expense of four additional deputies. The second issue with the addition of four additional deputies is that they would be competing for the same resources.

“There are a limited number of law enforcement officers available in the County and that has the potential of starting a bidding war,” Loughlin explained. “It would basically pull officers that are already in other positions away to the highest bidder. I think with that many positions and the number of officers it would be detrimental to everybody.”

Baileyville is currently one of the most competitive police departments in terms of starting salaries for officers in their first year.

The next Town Council meeting will be held on March 26 at 5:30 pm at the Baileyville Town Office.