Mechanics Savings Bank: A Trusted Maine Community Bank

Mechanics Savings Bank is a trusted community bank in Maine, with a rich history dating back to 1852.

The bank has been serving the local community for over 169 years, providing financial services and support to residents and businesses alike.

Mechanics Savings Bank is committed to building long-term relationships with its customers, offering personalized service and a wide range of financial products to meet their needs.

With its strong roots in the community, Mechanics Savings Bank has earned a reputation for being a reliable and trustworthy financial partner.

Mechanics Savings Bank was founded in 1850 by a group of mechanics in Portland, Oregon.

The bank's early success was largely due to its innovative approach to banking, which included offering low interest rates and easy access to loans for small business owners.

Mechanics Savings Bank continued to grow and expand throughout the late 19th and early 20th centuries, with a strong focus on community development and customer service.

Maine Community Bank was formed on January 1, 2020, through the merger of Biddeford Savings and Mechanics Savings Bank.

The merger created an almost $1 billion bank, providing strength for future growth while retaining the established bank identities and ties to their communities.

Biddeford Savings and Mechanics Savings will remain as divisions of Maine Community Bank, allowing them to keep their local presence and decision-making at the community level.

Maine Community Bank has branches in Auburn, Biddeford, Brunswick, Kennebunk, Lewiston, Scarborough, Waterboro, and Windham.

Customers will have access to full-service banking at all branch locations from Auburn to Kennebunk later in 2020.

The merger enables Biddeford Savings and Mechanics Savings to increase lending capacity and introduce expanded product offerings.

The two banks share a rich history, having been financial partners to the people of Central and Southern Maine for the past 150 years.

Biddeford Savings and Mechanics Savings have updated their visual identities to bring the look and feel of each division in line with the parent brand, Maine Community Bank.

The new Maine Community Bank logo represents the values and integrity shared by Biddeford Savings and Mechanics Savings.

Farmers & Minneapolis v. Commerce was a significant case that Mechanics Savings Bank was involved in.

The case involved a dispute over the bank's right to issue its own currency.

In 1871, Mechanics Savings Bank issued its own currency, which was called a "banknote."

This move was met with resistance from the state, which argued that the bank was exceeding its authority.

The bank claimed that it had the right to issue its own currency under the state's banking laws.

The case ultimately went to court, where it was decided that the bank did not have the right to issue its own currency.

The bank was forced to stop issuing its own currency and instead use the state-issued currency.