MCB Merger of Equals FAQs

Our merger with Maine Community Bank received final regulatory approval and will be finalized on January 1, 2025, creating the largest mutual savings bank operating exclusively in Maine. Once the merger becomes effective on January 1, you can expect:

- Adoption of the Maine Community Bank (MCB) name and logo,
- Updated look and feel,
- Updated branch signage,
- Updated website, and
- The same highly personalized customer service, local decision-making, and unparalleled community focus you’ve come to expect.

Much will remain the same—such as, your existing GSB account/routing numbers, GSB debit/credit cards, online and mobile banking logins—until we are further along in the integration process and the combined bank is operating on a single core system, which we expect to occur in late 2025.

For a seamless experience during this time, please continue to bank at the GSB branches you’re accustomed to—with the same team who remains eager to serve you.

As of January 1, the combined organization will be strategically positioned as the largest mutual savings bank operating exclusively in Maine with the largest branch network spanning Androscoggin, Cumberland, and York counties. This will allow us to: 

- Better serve you with 21 convenient branch locations; 
- Enhance our products offerings and services; 
- Increase our lending capacity; and, 
- Invest in new technology. 

No, for now, your account number and features will remain the same and you can continue to use the current routing number for Gorham Savings Bank (GSB). Rest assured we will provide sufficient notice of any changes.

Yes, for now, please continue to use your existing GSB debit/credit card. New Maine Community Bank branded cards will be issued in the future. Rest assured we will provide sufficient notice of any changes.

Yes, Gorham Savings Bank branded checks will continue to be accepted.

Withdrawals only: Beginning on January 1, 2025, customers may use any MCB ATM to make withdrawals with no fee. 

Deposits and other transactions: Please use the ATMs/Video Tellers associated with GSB to make deposits and conduct other transactions until further notice.

Not at this time. For a seamless experience, please continue banking at the branch locations you’re accustomed to until the combined bank is operating on a single core system. While we’re pleased to serve you at any of our 21 convenient branch locations throughout Cumberland, Androscoggin and York counties, there may be limitations to what we can help you with until our systems are fully integrated in late 2025.  

Thank you for your patience during this transition. More to come!

Mutual banks can be limited in terms of growth capital—a merger is an efficient way to build capital so we can continue to meet the needs of our customers as they grow. Further, the efficiencies gained will allow us to channel greater resources towards advancing our customer offerings, investing in our employees and supporting our communities. 

GSB President and CEO, Steve deCastro, and MCB President and CEO, Jeanne Hulit, have known each other for a long time and, in an unrelated informal conversation, the topic came up. They truly don’t remember who initiated it but they both immediately recognized the benefits that a larger, combined organization could bring.

Not at all. Both GSB and MCB have been and remain well capitalized and profitable. This merger simply makes us even more competitive and elevates our market position significantly. It’s a win, win. 

The three most important reasons are our customers, employees, and community. With complementary and contiguous market geographies, a strong community focus, and cultural alignment, this merger benefits everyone involved. It not only enhances our capabilities today but also provides greater opportunities to be an even greater force for good in Maine in the future.

While many of us are fond of the Gorham Savings Bank name and what it represents, the Maine Community Bank name is more flexible and appropriate for our larger combined footprint and mission to be Maine’s local bank of choice.  

Legally, as of January 1, 2025, Gorham Savings Bank and Maine Community Bank will become a combined organization in a merger of equals. Anywhere the Gorham Savings Bank name or logo currently appears will be updated with the Maine Community Bank name or logo. 

Gorham Savings Bank’s current location at One India Street in Portland will become the new headquarters for Maine Community Bank once the merger becomes effective on January 1.

Steve deCastro, current GSB President and CEO, will serve as CEO of the combined organization, and MCB President and CEO, Jeanne Hulit, will serve as President with plans to retire 12 months after the merger is finalized.

The combined organization will be governed by a 16-person Board of Directors consisting of an equal number of MCB and GSB directors. MCB’s current board chair, Jeffery S. Worthing, will remain as chair of the combined board. GSB’s current vice chair, Jere Michelson, will retain his position. GSB’s current board chair Kathy Coster will remain on the combined board.

No reductions in staff are planned as a result of the merger. 

Not at this time. We share three locations with overlapping branches—we will be making decisions on how best to serve those markets as we work through the integration process. There are no plans to change branch hours at this time.

You will continue to work with the same friendly banking team and receive the same highly personalized customer service you’ve come to expect. 

FDIC rules provide a 6-month grace period, to commence as of January 1, 2025, the merger’s formal effective date. During the grace period, your deposits remain separately insured by each institution with the same rules, limits, and restrictions. This will allow you to maintain your current coverage and provide time for us to assist in reviewing your deposit relationship to help you make informed decisions. 

No. The grace period on time deposits (certificate of deposits and individual retirement accounts) is extended until the current maturity date. This grace period does not apply to IRA Savings accounts. 

Existing GSB IRA account holders should note that their Custodian will change from Gorham Savings Bank to Maine Community Bank effective January 1, 2025.

If you renew the CD for the original deposit amount (with or without accrued interest), your deposits will be covered by the grace period terms until the first maturity date after the six-month period ends.

Existing GSB IRA accounts holders should note that their Custodian will change from GSB to MCB effective January 1. 

No, rates and terms on all current loans, lines of credit, and mortgages will remain the same. 

A letter was mailed the week of 11/26 to notify all GSB deposit accountholders of our updated Service Fee Schedule and Funds Availability Disclosure. 

We are pleased to share that many fees will be reduced, while others will remain the same. Only a few are increasing due to higher costs. A detailed list of the fees that are changing was enclosed with the letter. 

Yes, you are welcome to open a new account at either bank’s branches. That said, to ensure all your accounts are linked through the same online banking system and mobile app, we encourage you open any new accounts at the legacy bank where you opened your initial account until we are on a single core system.

Our Merger Guide was mailed to all households during the week of December 9^th and provides further details about what you can expect when the merger is finalized on January 1. This information will also be communicated via email and in-branch notices, as well as on our website. Rest assured that we will provide sufficient notice of any changes. For updates, please visit gorhamsavings.bank/merger.

As of January 1, the bank’s name and logo will be updated to reflect our merger of equals with Maine Community Bank as we combine to create the largest mutual savings bank operating exclusively in Maine. In the short term, only the name, logo, signage, and website will change—you’ll receive the same highly personalized customer service, local decision-making, and unparalleled community focus you’ve come to expect. 

Our core banking system and other technology will remain separate until late 2025, as we continue working to consolidate our operations. Rest assured that you will have sufficient notice of any changes. 

Not at this time, please continue to use your existing Online Banking and mobile app to access your accounts. 

Yes, on January 1, 2025, the GSB website be phased out and users will be directed to the Maine Community Bank website, which will be updated with product and service offerings to reflect the capabilities of the combined organization. Until the technology integration is complete, the Maine Community Bank website will have separate Online Banking logins for “Legacy Gorham Savings Bank” or “Maine Community Bank” customers to access with their existing credentials.

More detailed instructions and screenshots are provided in the Merger Guide, which was mailed to all customers during the week of December 9^th and is available electronically on our website at gorhamsavings.bank/merger.

You can continue to use the same contact information you use today. All phone numbers will remain the same. At some point after January 1, email addresses will be updated to reflect the new @maine.bank domain, however, rest assured we will continue to receive any emails sent to GSB addresses. 

Following the completion of the merger, to connect you with the best representative to assist you, our Customer Service phone line will prompt you to determine if you are a “Legacy Gorham Savings Bank” or a “Maine Community Bank” customer.