Franklin Savings Bank

What Franklin Savings Bank does

Franklin Savings Bank is a 157-year-old mutual community bank organized in Farmington, Maine on November 16, 1868, operating today under the FSB Bancorp, MHC mutual holding company (formed 1998 as Maine's first bank mutual holding company) and serving as the only locally-owned bank in Franklin County. The bank operates eight physical branches across Franklin, Oxford, Somerset, and Hancock counties, supported by an 8-person Customer Contact Center and a 2026 Fiserv-powered digital banking platform with the "Franklin Savings for ME" mobile app, online account opening in 2–3 minutes, mobile deposit, Zelle P2P payments, and business cash management tools (ACH/wires via Business Mobiliti, remote deposit capture, Positive Pay, and Paychex-integrated payroll). Its product portfolio spans personal checking/savings/CDs/IRAs, residential mortgages (including up to 100% LTV and Maine State Housing Authority loans), consumer loans, and a full commercial lending practice covering real estate, equipment, marine, SBA Express, and working capital, complemented by Elan-issued Visa credit cards and investment advisory through its Western Mountain Financial Services subsidiary. The bank earns revenue primarily through net interest income on its deposit-funded loan portfolio, with secondary fee streams from deposit account charges, loan origination/servicing fees, credit card interchange, and business cash management services, targeting both individual consumers (including a 55+ Legacy Checking segment and youth savings) and small-to-mid-size businesses across Western and Central Maine.

Name

Franklin Savings Bank

Legal name

Franklin Savings Bank

Website

https://franklinsavings.bank

Company type

Private

Founded year

1868

Operating status

Operating

Short description

Franklin Savings Bank is a 157-year-old mutual community bank headquartered in Farmington, Maine, operating eight branches across Western and Central Maine. It serves individual consumers and small-to-mid-size businesses with checking, savings, mortgages, commercial lending, and digital banking.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Community banking
• Retail banking
• Mortgage lending
• Commercial lending
• Consumer deposits

Headquarters

HQ city

Farmington

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: The primary revenue driver is the spread between interest earned on loans (mortgages, commercial loans, consumer loans, credit cards) and interest paid on deposits (checking, savings, CDs, money market accounts). The bank operates as a traditional community bank earning interest income on its lending portfolio while paying interest on customer deposits.
2. Deposit Account Fees and Charges: Fee income from account services including overdraft fees, ATM fees, wire transfer fees, safe deposit box rental, and other service charges. Some accounts have fees depending on product type.
3. Loan-Related Fees: Fees associated with loan origination, servicing, and closing including mortgage origination, commercial loan fees, and other lending-related charges.
4. Credit Card Interchange: Revenue from consumer and business credit card programs issued through Elan Financial Services, including interchange income on card transactions.
5. Business Cash Management Services: Fees from business solutions including payroll services (via Paychex partnership), merchant card services, remote deposit capture, and other business banking services.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels9 records

Core offering

Franklin Savings Bank is a mutual community savings bank that provides a full suite of personal and business banking products to consumers and small businesses in Western and Central Maine. Its core offerings include deposit accounts (checking and savings), residential mortgages, consumer loans, commercial lending, business banking services, and digital banking through mobile and online channels. The bank also offers investment advisory services through its subsidiary Western Mountain Financial Services.

Product overview

Franklin Savings Bank offers a comprehensive community banking platform organized around personal banking, business banking, and digital banking channels. Personal banking spans checking (Hometown Checking, HSA, Checking Reserve, Legacy Checking), savings (Statement Savings, CDs/IRAs, Money Market, Club Accounts, Youth Accounts), and lending (mortgages, home equity, auto/RV loans, construction loans, consumer credit cards). Business banking includes checking accounts (Hometown Business, Commercial, NOW), commercial lending (real estate, equipment, marine, SBA Express), and Business Solutions suite encompassing cash management, ACH/wire processing, remote deposit capture, bill pay, Positive Pay fraud protection, Paychex payroll services, and merchant card services. The 2026 digital banking platform serves as the unified digital channel for both consumer and business customers, integrating Zelle P2P payments and offering a mobile app. The portfolio operates as a traditional community bank with no API platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Checking account products for individual consumers and households, providing everyday transactional banking including debit card access, online banking, and direct deposit capabilities.
• Personal Savings Accounts Interest-bearing savings products for individuals to accumulate deposits, with tiered interest rates based on account balance.
• Mortgages and Home Lending Residential mortgage loans and home equity financing for consumers purchasing or refinancing homes.
• Consumer Loans Personal consumer loans for individual borrowers for various purposes including auto loans and other consumer financing needs.
• Business Checking Accounts Commercial checking accounts for businesses, with transaction-based fee structures suited to small and mid-sized business cash management needs.
• Commercial Lending Commercial loans and credit facilities for small and mid-sized businesses, including commercial real estate and working capital financing.
• Business Credit Cards Business credit card products for commercial customers to manage business expenses and short-term financing.
• Merchant Card Services Card payment processing services that enable business customers to accept debit and credit card payments from their customers.
• Paychex Payroll Services Payroll processing and related human resources services offered to business customers through a partnership with Paychex.
• Western Mountain Financial Services Investment advisory and financial planning services offered through the bank's subsidiary, providing wealth management to consumers and businesses.
• Visa Debit Card Visa-branded debit cards issued to checking account holders for use at ATMs and point-of-sale transactions.
• Online Account Opening Digital self-service account opening capability that allows consumers to open deposit accounts online without visiting a branch.

Quantifiable outcome

• In 2024, experienced market-leading growth in deposits and loans, validating strong customer trust and service quality.
• +3 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Western Mountain Financial ServicescoreStrategic or Co-development Partner · 1 January 1999Acquired in 1999 as Robert E. Bean Financial Services, Western Mountain Financial Services provides investment advisory, stocks, bonds, mutual funds, annuities, and long-term care insurance from the bank's Front Street building, complementing traditional banking products.
• PaychexcoreStrategic or Co-development PartnerFranklin Savings Bank partners with Paychex to offer professional payroll services to small business customers. This partnership enables the bank to provide a comprehensive business solution addressing payroll needs alongside its other business banking products.
• Finance Authority of Maine (FAME)coreStrategic or Co-development PartnerThe bank partners with the Finance Authority of Maine (FAME), Maine's business finance agency, to bring additional lending resources to business customers. FAME works with lenders to improve access to capital for Maine businesses.
• U.S. Small Business Administration (SBA) — SBA Express LendercoreStrategic or Co-development PartnerFranklin Savings Bank is designated as an SBA Express Lender, enabling faster small business loan approvals through the SBA's government-backed lending program. This status allows the bank to provide expedited financing to eligible small businesses.
• Elan Financial ServicescoreTechnology or IntegrationElan Financial Services is the creditor and issuer of Franklin Savings Bank's consumer and business credit cards pursuant to a Visa U.S.A. Inc. license. Elan also provides zero fraud liability protection and 24/7 cardmember service.
• Fiserv, Inc.coreTechnology or IntegrationFiserv provides administrative services including online banking platform infrastructure, mobile app technology, and digital banking tools. The bank transitioned to a new Fiserv-powered digital banking platform in 2026.
• Early Warning Services / ZellecoreTechnology or IntegrationFranklin Savings Bank partners with Zelle (operated by Early Warning Services, LLC) to offer peer-to-peer payment capabilities within its digital banking platform, enabling customers to send and receive money quickly and securely.
• ADP (Automatic Data Processing)minorChannel Partner/ Reseller/ DistributorFranklin Savings Bank uses ADP's Workforcenow system for its career page and recruitment, directing job applicants to ADP for applications.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Norway Savings Bank: Maine mutual savings bank headquartered in Norway with personal banking, business lending, and mortgages across Western and Southern Maine. Direct competitor in the same geographic footprint and mutual savings bank model.
• Northeast Bank (Maine): Maine-based community bank with personal and business banking products. Comparable as a small-to-mid-size Maine-headquartered institution with overlapping customer segments.
• Machias Savings Bank: Maine mutual savings bank serving Downeast communities with personal banking, mortgages, and commercial lending. Comparable as a Maine mutual savings bank with community focus, overlapping in Hancock County.
• Bar Harbor Bankshares: Maine-based community bank holding company with branches across Downeast, Central, and Midcoast Maine. Comparable as a community bank serving similar rural Maine geographies, including Hancock County where Franklin recently expanded.
• Androscoggin Bank: Maine community bank offering consumer and business banking, headquartered in Lewiston. Comparable in product mix and Maine geography though serving a different region (Androscoggin County).
• Bangor Savings Bank: Maine-based community bank with a similar personal/business banking suite, mutual-style structure, and strong community involvement. Compares directly as a Maine-headquartered deposit-taker and small business lender with a regional branch network.
• Bath Savings Institution: Community-owned Maine savings bank with personal and business banking products. Comparable mutual savings bank model and commitment to local decision-making.
• Camden National Bank: Publicly traded Maine community bank offering deposit accounts, commercial lending, mortgages, and wealth management. Closely comparable in product mix and Maine focus; larger and publicly traded, providing a useful scale benchmark.
• Gorham Savings Bank: Maine mutual savings bank serving Southern and Western Maine with consumer, mortgage, and business banking. Comparable mutual savings bank model and community bank product set.
• Kennebec Savings Bank: Maine mutual savings bank serving Central Maine with personal banking, mortgages, and business lending. Comparable in mutual structure, community focus, and Central Maine geographic overlap.

Market position

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/FSB_Maine
• Facebookfacebook.com/FranklinSavings
• LinkedInlinkedin.com/company/franklin-savings-bank---maine
• Instagraminstagram.com/franks_bank/?hl=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 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 Franklin Savings Bank