Maine Association of Community Banks

BANKING NEWS

July 3, 2008 – Savings Bank of Maine News
The Savings Bank of Maine will conduct a special meeting on July 31, 2008 for the purpose of reorganizing the mutual savings institution in to a mutual holding company. The newly named Savings Bank of Maine, MHC will be regulated by the Office of Thrift Supervision (OTS).
July 7, 2008 – Maine Legislature Requires Bureau to Survey all Maine Banks for Data Security Breach Questions
Pursuant to L.D. 2139, the Bureau of Financial Institutions, in consultation with the Maine Credit Union League, the Maine Association of Community Banks, the Maine Bankers Association and the New England Financial Services Association, was mandated to conduct a study of the impact of data security breaches on Maine banks and credit unions since January 1, 2007 that have or should have been reported under Maine’s Notice of Risk to Personal Data Act. The Bureau was further mandated to submit its findings to the Insurance and Financial Services Joint Standing Committee by December 1, 2008.
June 19, 2008 - Maine Association of Community Banks Names Chairman
Glenn L. Hutchinson, president & CEO of Bath Savings Institution, was elected chairman of the Maine Association of Community Banks at its 115^th Annual Meeting June 19 at the Samoset Resort.

A Cumberland native, Hutchinson currently resides in Bath. He began his banking career in 1985 at Sun Savings + Loan as assistant vice president and controller. He joined Bath Savings Institution in 1988 as vice president & treasurer. He was later named senior vice president and chief financial officer, and was appointed president and CEO in June 1995. He holds a bachelor’s degree and MBA from the University of Southern Maine. Hutchinson serves in a leadership role with many non-profit organizations. He is currently treasurer of the Midcoast Hospital, co-chair of Success by Six, and second vice chairman of the United Way of Midcoast Maine.

Mark T. Mickeriz, president of Sanford Institution for Savings, was elected MACB vice chairman, and Dennis H. Brown, executive vice president of Savings Bank of Maine, will serve as immediate past chairman.

Named in addition to the MACB Executive Committee were: Kendall E. Reed, president, Kennebunk Savings Bank; Christopher W. Emmons, president, Gorham Savings Bank; Earle F. Harvey, president, Border Trust; Andrew C. Perry, president, First Federal Savings of Bath; James J. Conlon, president, Bangor Savings Bank; and Peter L. Judkins, president, Franklin Savings Bank.
June 17, 2008 - Bureau of Financial Institutions Permits Simultaneous HELOCs Under Most Situations
Advisory Ruling #116 - A simultaneous second-lien HELOC shall be regarded as a "convenience" HELOC under the Interagency Guidance, if (1) the convenience HELOC is not drawn at closing (or at the end of any applicable rescission period) to satisfy the first mortgage lender's equity requirements for granting the first mortgage loan, or to avoid payment of private mortgage insurance; and (2) the combined loan to value ratio of the first residential mortgage loan and the line amount of the second lien “convenience” HELOC is 90% or less.
May 23, 2008 – Auburn Savings Bank, FSB
Auburn Savings Bank, FSB will conduct a special meeting on June 26, 2008 for the purpose of reorganizing the mutual savings bank in to a mutual holding company and authorizing a stock issuance plan that will offer for sale 45% of its common stock. The remaining 55% will be owned by Auburn Bancorp, MHC.

115TH ANNUAL CONVENTION INFORMATION:
Agenda Registration Form Additional information is available on the Annual Convention Page.

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