 | Greetings!
Welcome to spring! April 1st (better known as
April Fools' Day) marked my 31st year in banking! When I look at
this month's eNews, I realize how long ago that was (even though I was 10 when
I started!). Home equity loans were not
even thought of back then, and electronic banking was done in the back room
with a huge machine and punch cards with magnetic strips. Talk about feeling
old! One thing I did do early on in my career was purchase a
house. Over the years I used the equity in that house to convert it to a
duplex, purchase my current home, and help finance college tuition and other
investments. I encourage you to consider investigating our new home equity special - funds can be used to make your home more energy efficient, purchase
a second home and reach your financial goals. Spring also marks the date of the Bank's annual meeting,
which we held at the Good Will Hinckley facility on March 18. We were pleased
to announce that for 140 years old, Skowhegan Savings is in excellent shape.
Deposits at the Bank grew by over $6.50 million as people became wary of
national financial institutions and brought their funds home to a local community
bank they can trust. Our commercial loan portfolio grew by 20% and the bank's
capital was at the highest in its history. This financial strength will allow
us to continue to make investments in our communities that benefit our
neighbors and local businesses. If you would like more information on the
Bank's finances this year, stop by any branch for a copy of our Annual Report,
or download a copy on our Web site. We were fortunate to have our business grow this past year,
and have just announced that we will be acquiring the Jackman branch of
Border Trust. This is pending regulatory approval, but we are looking forward
to welcoming the Jackman customers into the Skowhegan Savings family. If you are looking to grow your own company, check out the tips
below and attend our upcoming Build a Better Business workshops on April 29 and
May 18. Details are below and at www.skowsavings.com
also. Enjoy the spring...the bugs will be out before you know it.
Sincerely,
John Witherspoon
President & CEO
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3 Tips for Growing
your Business
Maine's economy is dominated by small businesses - and in
any economy, they can use every bit of help to be successful. Here are three
tips on loans and financial management for existing or start-up businesses from
FDIC Consumer News:
1)
Get a
head start with business experts. The U.S. Small Business Administration (SBA)
provides education and counseling. The
SBA has Maine offices in Augusta, Portland and Bangor. Don't hesitate to ask your local Skowhegan
Savings loan offer for advice on financing and interest rates and other
resources available that can help build your business.
2)
Establish
a positive track record for your business. Just as credit bureaus maintain
a record of your personal credit history, companies track how businesses handle
their finances. This record is critical when applying for a loan or negotiating
payment terms with vendors. Your personal credit report may also be used to
determine if you are a good candidate for a business loan as well.
3)
Take
advantage of the different banking services available. A bank account for
your business will help monitor expenses and ensure that the cash is safe from
loss or theft. Some banks, including Skowhegan Savings, offer tools that allow
you to deposit checks remotely, options to pay employees via direct deposit and
other time and resource-efficient tools for managing your funds.
And - these days, if your
business can't be found on the Internet through your Web site, you're missing a
huge opportunity to attract and retain customers. Don't be intimidated by the
technology - join us for our upcoming Build
a Better Business Workshops that
will focus on establishing, maintaining and maximizing your company's Web site.
Ross Lasley, the Internet Educator and Eric Reynolds, Internet Project
Manager at Nancy Marshall Communications will present the sessions on
Thursday, April 29 and Tuesday, May 18. Details are available here.
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Skowhegan Savings to Acquire Border Trust's Jackman Branch
On April 7, 2010, Skowhegan
Savings announced they had entered into an agreement to purchase the Jackman
branch of Border Trust. Subject to regulatory approval, the transaction should
be completed by September 2010.
"We're very excited to bring our brand of community banking
based on integrity, trust and a commitment to reinvesting in the community to
Jackman," noted John C. Witherspoon, president of Skowhegan Savings. "Customers
of Border Trust can be assured that we will continue to provide a high level of
personal service and dedication to the local Jackman community."
To read more about this exciting news, please click here.
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Skowhegan Savings, founded in 1869, is an independent mutual savings bank dedicated to strengthening the Maine families, businesses and communities it serves. Named as one of Maine's Best Places to Work in 2009, Skowhegan Savings' team of friendly, committed employees takes pride in delivering personalized, competitive banking services with integrity and putting the needs of their customers first. An innovative and progressive approach to banking ensures their customers enjoy a banking experience that is quick, easy and convenient. Skowhegan Savings' nine Maine branches include two locations in Skowhegan, as well as locations in Belgrade, Bingham, Dexter, Fairfield, Madison, Norridgewock, and Pittsfield. For more information, visit www.skowsavings.com or contact Customer Service at 800.303.9511. |
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