Maine

As banks grow and their business models become more complex, some find that adding a general counsel to the staff makes sense. Bank SNB in Stillwater, Okla., says hiring one allowed it to reduce its legal fees by 80%. Here are the pros and cons.

Camden National in Camden, Maine, is uniting its trust and bank units to form a wealth management division.

The "Culture Club" at Machias Savings Bank is not a group of '80s music fans. It's a committee — made up mainly of people who work in its human resources and marketing departments — that oversees the bank's employee engagement initiatives, including its new Culture Champion program.

Sometimes the very challenges millennials introduce — whether it is seeking more benefits, demanding flexible schedules or asking for frequent feedback on performance — can turn banks into better places to work for employees of all ages.

Fitness/wellness program: Machias Savings hosts several different types of exercise classes that are free to employees, including yoga, aerobics and cardio kickboxing. Classes typically take place on site after work and occasionally during lunch hours.

Popular with employees: An annual employee banquet recognizes individual and team accomplishments. A group of employees organizes the event and decides the theme, entertainment and raffle prizes.

The Maine Credit Union League recently announced a radio advertisement initiative beginning July 1 that includes 2,000 paid and no-charge 60-second commercials that will air throughout the summer highlighting the SurF campaign and the credit union movement.

The $1.6 billion-asset Bar Harbor said in a press release Thursday that it will pay $143 million, or $17 a share, in stock for the $1.6 billion-asset Lake Sunapee.

The $3.2 billion-asset mutual thrift will close offices in Howland, Farmington, Hartland and East Millinocket, Maine. The proposed closings require regulatory approval.

Seaboard FCU here has selected Synergent for its core processing needs.

Camden National in Camden, Maine, has agreed to buy SBM Financial in Portland, Maine.

Saco & Biddeford Savings in Saco, Maine, has a new president.

Nationwide the number of bank branches fell by about 1.7% last year. But some cities and states were hit harder than others, according to data from the Federal Deposit Insurance Corp. and research firm BankRegData.

AUGUSTA, Maine — U.S. Rep. Mike Michaud hopes that a change of address — namely, a move from Washington, D.C., to the Maine governor's mansion — won't lessen his impact on credit unions.

Katahdin Bankshares (KTHN) in Houlton, Maine, has completed a $10 million private placement.

The First Bancorp (FNLC) in Damariscotta, Maine, announced that its chief executive is retiring early next year and will be replaced by its chief operating officer.

Kennebec Savings Bank has a 19th century charter, but it is poised for a complex conversion to deal with modern challenges like activists investors, M&A pressures and even Basel III.

PITTSFIELD, Maine — Sebasticook Valley FCU is stepping in to help employees of the UTC Fire and Security plant here, which will be shutting down next year.

Jeanne Hulit, the acting head of the Small Business Administration, is leaving Washington behind to join Northeast Bank in Lewiston, Maine, as the president of its Northeast community banking division.

Machias also agreed to acquire the assets at the six banks, including loans and real estate, and about $75 million of deposits, the companies said when they announced the sale in July.