Question 1

What is Androscoggin Savings Bank?

Accepted Answer

Androscoggin Savings Bank is a community-focused savings bank headquartered in Lewiston, Maine. With approximately $1.78 billion in total assets and $1.38 billion in deposits, it operates 11 branches throughout the Lewiston-Auburn metropolitan area and Portland-South Portland region.

Founded in 1870, the bank has remained fiercely independent for over 150 years, offering innovative banking solutions to personal, business, government, and non-profit clients. In 2021, Androscoggin Bank became a Certified B Corporation, making it one of only 16 banks in the United States to achieve this distinction.

Question 2

When was Androscoggin Savings Bank founded?

Accepted Answer

Androscoggin Savings Bank was founded on March 5, 1870, when the Maine State Legislature approved the incorporation petition for Androscoggin County Savings Bank. The bank was established by a group of twelve local citizens in response to a critical need during the industrial boom of the Androscoggin River area.

While banks were already prevalent in the region, they primarily served commercial interests and overlooked the needs of everyday wage earners working in the textile mills and factories. The original petitioners included factory owners, lumber mill operators, clerks, and City Council members who recognized the necessity of financial inclusion for blue-collar workers. Eliphalet F. Packard, a prominent shoe factory owner, served as the bank's first president for 17 years.

Question 3

Where is Androscoggin Savings Bank headquartered?

Accepted Answer

Androscoggin Savings Bank is headquartered at 30 Lisbon Street in Lewiston, Maine. Lewiston is the state's second-largest city and is located in Androscoggin County within the Lewiston-Auburn metropolitan statistical area.

Question 4

Where does Androscoggin Savings Bank operate?

Accepted Answer

Androscoggin Savings Bank operates 11 domestic branches throughout Maine, primarily serving the Portland-Lewiston-South Portland Combined Statistical Area. The bank's footprint includes the Lewiston-Auburn metropolitan area and extends throughout central Maine communities.

All of the bank's offices and deposits are domestic, focusing exclusively on serving Maine residents and businesses.

Question 5

What services does Androscoggin Savings Bank offer?

Accepted Answer

Androscoggin Savings Bank provides comprehensive financial services including personal and business checking and savings accounts, certificates of deposit, money market accounts, loans, credit cards, mortgages, and wealth management services. The bank also offers trust and investment services through its Androscoggin Trust & Wealth Management division.

Digital banking capabilities include online banking platforms, mobile apps for iOS and Android, and personal financial management tools. The bank provides cash management and merchant services for business clients.

Androscoggin Bank has developed specialized lending programs, including the Islamic Home Financing Alternative, a Sharia-compliant mortgage product launched to serve the growing Muslim population in Maine. This innovative program allows clients to purchase homes without paying interest, which is prohibited under Islamic law.

Question 6

What makes Androscoggin Savings Bank unique?

Accepted Answer

Androscoggin Savings Bank is distinguished as one of only 16 banks in the United States to achieve Certified B Corporation status. The bank earned this certification in January 2021 and was recertified in 2025 with an impact score of 117.6, representing a 29% improvement from its initial certification.

As a B Corp, the bank has made significant environmental commitments, including powering all branches and operations with 100% renewable energy. The bank achieved a 63% reduction in fossil fuel-based energy usage since 2021 through partnerships with ReVision Energy for solar projects and LED lighting installations across all locations.

The bank's Sustainable Impact Program allows clients to link their deposits to loans that align with the United Nations Sustainable Development Goals, including affordable housing, renewable energy projects, healthcare initiatives, and education programs. In 2024, the bank contributed $401,521 in sponsorships, grants, and charitable donations, with employees logging 4,950 volunteer hours.

Androscoggin Bank is the first bank headquartered in Maine to embed its mission into its legal framework as a Benefit Corporation, demonstrating its commitment to creating value for all stakeholders—clients, employees, communities, and the environment.

Question 7

What type of financial institution is Androscoggin Savings Bank?

Accepted Answer

Androscoggin Savings Bank is a state-chartered savings bank regulated by the Maine Bureau of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC). As a community savings bank, it focuses on gathering deposits from local residents and providing loans and financial services to the communities it serves.

The bank operates as Androscoggin Bancorp, Inc., a bank holding company, but maintains its identity as a mutual savings institution rooted in community values. Unlike commercial banks that primarily serve businesses, savings banks like Androscoggin have historically focused on serving individual depositors and promoting thrift, though the bank now offers full-service commercial banking as well.

Question 8

How does Androscoggin Savings Bank demonstrate its commitment to diversity and inclusion?

Accepted Answer

Androscoggin Savings Bank has demonstrated a strong commitment to serving underserved and diverse populations in its community. Recognizing the demographic shifts in Lewiston and Portland, particularly the growing Muslim population, the bank spent over a year developing its Islamic Home Financing Alternative to ensure equitable access to homeownership.

President and CEO Neil Kiely emphasized that without homeownership opportunities, the Muslim community is "denied economic empowerment that adversely impacts communities" with "generational impacts." This innovative product has garnered national recognition from BBC and CNBC for its approach to inclusive banking.

The bank's B Corp certification process requires measuring performance on diversity, equity, and inclusion metrics, and the bank's 2025 recertification with a significantly improved score reflects ongoing progress in these areas. The bank's mission to enrich the lives of clients, employees, and communities is demonstrated through targeted programs that address specific community needs.

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