Skowhegan Savings reports strong financial standing at 154th annual meeting

SKOWHEGAN — Skowhegan Savings recently held its 154^th annual meeting, reporting growth in assets of over $100 million to $876 million and an increase in profits by over 10 percent from the prior year.

“While the banking industry was challenged with the sudden and substantial increase in interest rates, Skowhegan Savings maintained its strong position,” said David Cyr, president and CEO, as he addressed those in attendance. “I attribute this to our history of disciplined growth and strong customer relationships.” 

In 2023, the bank also donated over $400,000 to local organizations and their employees put in over 3,300 volunteer service hours by participating in more than 150 community events. 

Skowhegan Savings was named one of Maine’s 2023 Best Places to Work and the Skowhegan Chamber of Commerce’s ‘2023 Large Business of the Year. Last year, the Skowhegan Savings Foundation also announced a $1 million dollar workforce development fund, dedicated to addressing workforce development needs in the Maine communities that the bank serves.

The bank welcomed 11 new corporators: Thomas Butler, vice president of skier services at Sugarloaf; Debra Chapman, realtor at eXp Realty; Kimberly Danforth, owner of Bishops Store; Robert Linkletter, owner of Maine Woods Pellet Company; John Lynch, owner of Lynch Landscaping; Dr. Kristen Mazoki, psychiatrist at Franklin Memorial Behavioral Health; Jonathan Moody, superintendent at MSAD 54; Robert Shibley, owner of Bob’s Cash Fuel; Tracie Travers, vice president of strategic partnerships of JMG; Suzanne Walsh, chief executive officer of KVCAP, and Chad Whittemore, of Whittemore and Sons.

Cyr closed out the meeting by saying, “to all of you who have allowed us to earn your financial trust and to assist you with your financial needs, thank you. We look forward to continuing to provide you with the respect and appreciation that you should expect and deserve from your bank.”