Androscoggin Bank

What Androscoggin Bank does

Androscoggin Bank is a $1.8 billion mutual community bank founded in 1870 and headquartered in Lewiston, Maine. The bank operates 10 branches across Maine supplemented by online and mobile banking channels, and serves individual consumers, small businesses, municipalities, and non-profit organizations across the state. It is one of only 16 Certified B Corporation banks among more than 4,200 U.S. banks, with sustainability and community reinvestment positioned as core operating principles rather than marketing overlays.

The bank's product surface spans personal banking (checking, savings, HSA, credit cards, personal loans, private banking, mortgages), commercial banking (checking, savings, business loans, business credit cards, government banking, cash flow management, tailored industry solutions), and wealth management delivered through two wholly-owned affiliates, Androscoggin Financial Services (FINRA/SIPC member) and Portland Trust Company. Underlying technology consists of a traditional core banking platform integrated with third-party CheckFree (Fiserv) bill payment, a mobile app for iOS and Android, and a multi-layered digital security infrastructure. Insurance products are distributed via a third-party white-label platform (insuranceaisle.com). No AI/ML capabilities, proprietary models, or developer APIs are disclosed.

Androscoggin Bank generates revenue primarily through net interest income on its loan portfolio (mortgages, commercial, consumer), transaction-based banking fees, wealth management fees from affiliates, and mortgage origination and servicing volume. Distribution is hybrid: physical branches plus digital self-service channels, with dedicated mortgage and business banking specialists. In May 2026, the bank announced plans to combine its parent company with Mascoma Bank into a new mutual holding company, ClearNorth Financial Mutual Holding Company, designed to deliver scale and shared operational infrastructure while preserving both banks' independent brands, charters, and boards.

Name

Androscoggin Bank

Legal name

Androscoggin Bank

Website

http://androscogginbank.com

Company type

Private

Founded year

1870

Operating status

Operating

Headcount range

101–250 employees

Short description

Androscoggin Bank is a $1.8 billion mutual community bank founded in 1870, operating 10 branches across Maine to serve consumers, small businesses, municipalities, and non-profits with personal, commercial, mortgage, and wealth management products.

Ownership category

akta.pro rank

Headquarters

HQ city

Lewiston

HQ country

United States

HQ region

North America

Offices13 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income: Traditional banking revenue from interest earned on loans (mortgages, business loans, personal loans, credit cards) and investment securities. Core revenue driver for a community bank.
2. Banking Fees & Service Charges: Fee-based income from account maintenance, overdraft fees, ATM fees, wire transfers, stop payments, and other transaction-based services. Schedule of charges available at branch locations.
3. Wealth Management & Financial Services: Revenue from investment services through Androscoggin Financial Services (Member FINRA/SIPC) and Portland Trust Company, including brokerage and advisory services.
4. Mortgage Lending: Origination and servicing of mortgage products including conventional mortgages, government-backed loans, and participation in Federal Home Loan Bank programs like the Permanent Rate Buydown Program.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Androscoggin Bank is a mutual community bank offering a full suite of personal and business banking products — checking, savings, credit cards, loans, mortgages — delivered through 10 branches across Maine and digital channels (online banking and mobile app). It also provides wealth management and trust services through affiliated subsidiaries Androscoggin Financial Services and Portland Trust Company, plus specialized solutions for government, non-profit, and sustainable businesses.

Product overview

Androscoggin Bank is a traditional community bank offering a comprehensive suite of banking products across personal, business, mortgage, and wealth management categories. The bank operates as a single-institution community bank with 10 branches across Maine, providing personal checking, savings, and credit products alongside business banking services including specialized solutions for government, non-profit, and sustainable businesses. Mortgage products are offered through a separate origination platform, while wealth management services are delivered through two subsidiaries: Androscoggin Financial Services and Portland Trust Company. The bank differentiates itself as a Certified B Corporation with community focus, supporting customers through digital channels including online and mobile banking platforms, and community initiatives like the MainStreet Foundation grant program.

Differentiator

Problem solved

Functional benefit

Brands

• MainStreet Foundation: The bank's charitable foundation that awards grants to support Maine communities, including the $25k for Kids Grant program.

Products and services

• Personal Checking Accounts Personal checking account offerings for individual consumers to manage day-to-day banking needs, including balance checking, fund transfers, mobile deposit, and bill payment.
• Personal Savings Accounts Savings account products for personal banking customers to deposit and grow funds, including CDs and money market accounts.
• Health Savings Accounts (HSA) Tax-advantaged health savings accounts for individuals with high-deductible health plans.
• Personal Credit Cards Credit card products for personal banking customers to manage spending and access credit.
• Personal Loans Loan products including personal loans and lines of credit for individual borrowers.
• Private Banking Banking services for high-net-worth individuals with personalized financial solutions.
• Business Checking Checking accounts designed for business customers to manage business finances and transactions.
• Business Savings Savings and CD products for business customers.
• Business Loans Commercial lending products including term loans and lines of credit for businesses.
• Business Credit Cards Credit card products designed for business spending and cash flow management.
• Government Banking Specialized banking services for government entities and municipal clients.
• Cash Flow Management Treasury management and cash flow optimization services for business customers.
• Mortgage Products Residential mortgage lending including purchase mortgages, refinances, home equity products, and rate buydown programs through FHLB Boston partnerships.
• Androscoggin Financial Services Wealth management and investment services division (Member FINRA/SIPC) providing financial planning, brokerage, and investment management to bank customers.
• Portland Trust Company Trust services and wealth management offered through a wholly-owned subsidiary company.
• Sustainable Impact Program Banking program that enables business deposits to have positive environmental and social impact while earning returns.

Quantifiable outcome

• 63% reduction in fossil fuel-based energy consumption
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Six partnerships are on record, tiered core.

• Mascoma BankcoreStrategic or Co-development Partner · 11 May 2026Strategic partnership to combine parent companies into a single mutual holding company called ClearNorth Financial Mutual Holding Company. Both banks continue operating under their own names, brands, charters, and Boards of Directors. Clay Adams (Mascoma Bank CEO) will serve as CEO of the holding company; Neil Kiely (Androscoggin Bank CEO) will serve as President. Not an acquisition but a forward-looking collaboration between two Benefit Corporations to expand regional reach, create operational efficiencies, and position for long-term innovation.
• Federal Home Loan Bank of Boston (FHLB Boston)coreStrategic or Co-development Partner · 12 March 2025Participation in FHLB Boston's Permanent Rate Buydown Program allowing Androscoggin Bank to offer qualifying homebuyers mortgage interest rate reductions of up to 2.0%. Buyer income must not exceed 80% of Area Median Income for the county where property is located. Program helps expand homeownership accessibility.
• University of Southern Maine (USM)coreStrategic or Co-development Partner · 1 September 2023$15,000 pledge over three years to support the Promise Scholar Program covering 100% of tuition and fees for first-generation and financially disadvantaged students. Bank invests in future Maine leaders through this education partnership, supporting students pursuing degrees in law, social work, and other fields.
• Lewiston Adult Ed (LAE)coreStrategic or Co-development Partner · 1 March 2022Collaboration to create Lewiston's first Today's Teller Academy - a 14-week program preparing students with primary language other than English for careers in banking. Bank provides funding, lesson delivery by employees on job search strategies and interviewing, and branch visits. LAE provides Today's Teller curriculum, instruction, and certificates. Five financial institutions now involved in program expansion.
• Androscoggin Financial ServicescoreOthersAffiliated wealth management and brokerage services company (Member FINRA/SIPC) providing investment services to bank customers under a joint marketing arrangement.
• Portland Trust CompanycoreOthersAffiliated company providing trust and wealth management services, listed as a related company under the privacy notice sharing disclosures.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Market position

Weaknesses2 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCVwXCVjS8Zls1cbXdrQ4ROw
• Facebookfacebook.com/AndroscogginBank
• LinkedInlinkedin.com/company/androscoggin-bank
• Instagraminstagram.com/androscoggin.bank

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Androscoggin Bank