March 2008

Two Maine banks support the Genesis Fund

Bangor Savings and Bath Savings each make $100,000 investments

In March, two local banks enhanced the way they serve the people of Maine by each making a $100,000 investment loan to support the work of the Genesis Fund. Bangor Savings Bank joins nine other Maine banks in placing funds in the Genesis Fund's revolving pool of capital. With this investment loan, Bath
Savings Institution brings its total investment support up to $300,000.

Bath Savings Institution

John Marsh, Senior Vice President of Community Development and Commercial Lending at of Bath Savings, described the Bank's support this way: "Bath Savings Institution believes that our investment and partnership in the Genesis Fund allows increased access to capital for investment in affordable housing, community development projects, and financial services benefiting low-income people that we may not be able to reach in our local and underserved communities."

He added, "Our investment in the Genesis Fund is good for us, good for our community, and good for the Genesis Fund."

Since 1852, Bath Savings Institution has been improving the quality of life in coastal Maine communities by sound lending and investment practices combined with support of and investment in non-profit organizations that support the same goals through corporate sponsorships, donations and personal time. During 2007 Bath Savings Institution contributed nearly $300,000 to
non-profit organizations.

Bangor Savings Bank

John A. Moore, Senior Vice President of Community Development Lending, at Bangor Saving Bank also showed strong support for the work the Genesis Fund engages in, "Bangor Savings Bank supports the mission and applauds the effectiveness of the Genesis Community Loan Fund.

He continued, "As a certified Community Development Financial Institution, the Genesis Fund provides a necessary link to increase and leverage the flow of public and private sector capital for investments which support affordable housing, social service organizations, and economic development that benefit our neighbors in the communities we all call 'home'."

Bangor Savings Bank, founded in 1852, has 51 branches across Maine. Together with the Bangor Savings Bank Foundation, the bank invests more than a million dollars per year into the community in the form of nonprofit sponsorships, grants and partnership initiatives.

Eight other Maine banks hold investment loans with the Genesis Fund:  Camden National Bank, The First, Gorham Savings Bank, Kennebec Savings Bank, Maine Bank & Trust Company, Saco & Biddeford Savings Institution, Sanford Institution of Savings, and Union Trust Company.