In the past few days we’ve all seen numerous reports regarding the financial services sector. These reports have raised a few concerns and caused some to question things beyond the two banks in the news.

That said, I thought it important to let you know that there are notable differences between Gorham Savings Bank and the financial services companies currently in the spotlight:

• GSB has been around for more than 150 years, and withstood all the financial and economic challenges this country has faced;
• We are a well-capitalized financial institution with a very diverse customer base of consumers, and businesses from a wide range of industries;
• We have more than ample liquidity and access to significantly more through FHLB, the Federal Reserve and other sources;
• The vast majority of our deposits are within the limits covered by FDIC insurance;
• GSB has no dealings with either of the two banks referenced above and no related risk exposure.

Gorham Savings Bank is here for you, always. If you do have questions or concerns, please feel free to send us a message or call (207) 839-4796 and we’ll be happy to help.

As always, we thank you for choosing Gorham Savings Bank.

Sincerely,

Steve deCastro
President & CEO