[Congressional Record Volume 158, Number 64 (Tuesday, May 8, 2012)]
[Senate]
[Page S2961]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            RECOGNIZING SACO & BIDDEFORD SAVINGS INSTITUTION

 Ms. SNOWE. Mr. President, it is my privilege and honor to 
recognize and commend Saco & Biddeford Savings Institution, the oldest 
bank in Maine, which this month celebrates its milestone 185th 
anniversary.
  Saco & Biddeford Savings Institution, located in Saco, ME, opened its 
doors on May 23, 1827. It is hard to believe, but at that time--7 years 
after Maine was granted Statehood--relatively few banks existed in the 
United States and none in Maine. However, in February of 1827, 48 
citizens of Saco changed this path by appealing to the State 
legislature for a banking charter. Since that time, this community bank 
has taken remarkable strides and made breakthrough achievements, 
including opening the first branch of any bank in Maine. Further, in 
1922, it began encouraging Maine's youth to save and learn the value of 
fiscal responsibility when it started the first school savings program 
in the State's history.
  Whether a customer is interested in personal banking, obtaining a 
mortgage, or even starting or investing in a small business, Saco and 
Biddeford Savings offers a broad array of services and products. Today, 
this bank has expanded beyond Saco and includes locations in Biddeford, 
Old Orchard Beach, Scarborough, South Portland, and Westbrook. As the 
eleventh largest Maine-based community bank for total assets, it 
continues to grow, recently announcing total assets of over $759 
million. Notably, Saco & Biddeford Savings continues to be a leader in 
the community, employing 165 individuals, and was named by Best 
Companies Group in 2011 as one of the ``Best Places to Work in Maine.''
  As is evidenced by their remarkable success for nearly two centuries, 
this financial institution is highly regarded for its impeccable 
customer service and outstanding charitable contributions. In 2011 
alone, Saco & Biddeford Savings donated nearly $350,000 to local 
charities. Already, in 2012, this community bank has donated to 14 
local food pantries and meal programs and assisted with the Project 
Heat Telethon which ultimately raised $223,550 to assist Maine families 
with fuel costs. Saco & Biddeford Savings' generosity to the community 
demonstrates why Southern Maine has embraced this organization for 185 
years.
  Throughout our Nation's great history, we have experienced tremendous 
highs and lows, particularly in our financial sector. While this has 
presented unique challenges to banking establishments, Saco & Biddeford 
Savings Institution's ability to thrive and prosper for 185 years is a 
monumental achievement. I am proud to extend my congratulations to 
everyone at Saco & Biddeford Savings Institution on their 185th 
anniversary. I offer my best wishes for their continued 
success.

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