Machias Savings Bank is headquartered in Machias and is the 5th largest bank in the state of Maine. It is also the 552nd largest bank in the nation. It was established in 1869 and as of December of 2020, it had grown to 296 employees at 15 locations. Machias Savings Bank has an A+ health rating.
I have a checking account with Machias here in Maine and it is the best bank I have every had. My little branch is great and the staff is so nice every time you go in. no matter what you need they try to help you. When I needed papers notarized it was free and the notary is always there and very friendly. When I first opened the account there was supposed to be a fee but I was so broke I could not afford it. They worked with me and waived it. The online access to the account is also super simple and very reliable. Just all around a great bank to be at.
This little bank chain is only available in Maine, and they are amazing. When I opened my checking account, they waved all my fees and really helped me set it all up. I got my bank debit card that day right after I filled out the papers and got a very informative packet. Anytime I am in there and have a question or a problem, they take the time to actually help me. The way transfers are done is faster than I have seen it at other banks. I frequently get money transfers from EU, and with all other banks they take a week, at least. With Machias it's always 3 days, and it never fails. You can always reach them, and they always take time for you. They are absolutely amazing, and I will never go anywhere else.
I was initially ambivalent about this bank when our local branch was sold (again!) to them as part of a banking reorganization, but within weeks, I was very glad we had become part of the Machias Savings family. They maintained the local employees - many of whom were long-time employees; they have outstanding customer service available by phone or in person; they know us and treat us like valued members of their community. I've received excellent help when I have called with questions about our accounts or an issue. At one point, I walked into the branch with questions and a representative sat down with me immediately and spent time going over things very carefully with me. I also have had several contacts because they have quality fraud control, which means they pay close attention to the pattern of purchases and will call if they see anything of note. We have checking, savings, and a safe deposit box with our local branch - they are our go-to for all things financial! I would gladly recommend Machias Savings to friends and family. :)
|FDIC Certificate #||19531|
|Return on Assets - YTD||1.08%|
|Return on Equity - YTD||8.74%|
|Annual Interest Income||$74.5MM|
|Assets and Liabilities|
|Assets||Q4 2020vs Q4 2019||$1.84B$1.53B|
|Loans||Q4 2020vs Q4 2019||$1.48B$1.31B|
|Deposits||Q4 2020vs Q4 2019||$1.61B$1.31B|
|Equity Capital||Q4 2020vs Q4 2019||$219.0MM$198.9MM|
|Loan Loss Allowance||Q4 2020vs Q4 2019||$24.6MM$17.1MM|
|Unbacked Noncurrent Loans||Q4 2020vs Q4 2019||$8.2MM$10.3MM|
|Real Estate Owned||Q4 2020vs Q4 2019||$210.00K$473.00K|
Rates for Machias Savings Bank are currently being reviewed.