FROM THE CEO

The Maine Savings Amphitheater is a perfect example of our tag lines: BANK BOLD. BANK 207. BANK MAINE SAVINGS.

As you know now, we have secured the naming rights to the music venue on the waterfront in Bangor. The Maine Savings Amp will be the most modern, high-quality music venue north of Boston. It will afford local residents the opportunity to enjoy world-renowned performers as well as attract music lovers from all over New England, Canada and beyond.

This positions Maine Savings as the leader in promoting our community as a “go-to” destination and will drive positive growth for our local businesses. This growth will enhance the wellbeing of our residents and community-at-large.

Our investment in the community is BOLD— large and long term:

• Our marketing plans/dollars will evolve around the Amp to help promote name recognition and our products and services, among many other promotional opportunities.
• The marketing reach the venue provides is by far the largest of anything with which we could associate. It is an investment in our community— helping to improve, in many ways, the experience of living within our community— quite honestly, improve the quality of life for Maine residents.
• Our investment will help drive growth for local businesses.
• Our investment will help promote the greater Bangor area as a destination.
• We are promoting the arts within our community.

The Economy Allow me to share a big-picture look at the economy that generally reflects the consensus among economists around the globe. The Credit Union National Association (CUNA) Chief Economist Mike Schenk states:

“Whenever we’re in an environment where there’s a lot of uncertainty, economists generally go to the easy forecast. That’s basically what we’ve done with this forecast because we recognize a substantial amount of uncertainty in the marketplace, not only at the moment but through this forecast horizon. ‘Easy’ is shorthand for a forecast that basically says tomorrow will be a lot like today but a little bit better. Despite today’s big challenges and rising uncertainty, we expect pandemic-related disruptions to ease. This should mean continued improvement for labor markets and fewer supply chain problems. Consumers account for nearly 70% of economic activity— so, if we’re right, the economy should continue to grow at a healthy rate.”

Schenk says longstanding economic assumptions, relationships, and metrics seem less relevant today. The economic and political landscape shifts quickly, with the Federal Reserve’s influence changing, the political climate’s importance increasing, demographic shifts accelerating, and financial well-being disparities widening.

Obviously, we are all concerned with pandemic trends, inflation expectations, potential Federal Reserve mis-calibration, and the labor market, among many other things.

Inflation seems to be front and center as I write this, with prices on just about everything increasing rapidly and substantially. We can only hope that things settle down and become somewhat manageable for the average American.

Please be cognizant of the fact that your credit union is always looking out for its members financial wellbeing. We are able and willing to meet anytime to assist in mapping out your financial future or to help work through any crisis.

Because of rising costs, we have recently created a new loan products to help members through these trying times. The Helping Hand Loan has a rate as low as 1.99% APR (Annual Percentage Rate). Click on the link for all the details on this new loan product.

The Equity Builder Program (EBP) and the Housing Our Workforce (HOW) program have income qualifiers but may provide grants for home down payments of up to $22,000 for the EBP and $20,000 for the HOW program.

Please speak to any of our loan officers for more details about all of our products and how we may be of assistance.

Your credit union remains strong and vibrant and is financially rock solid. We continue to offer sound and secure financial options that are the best in our community.

We are so proud to be able to support our many local charitable organizations and will continue to look for more ways to make our Maine community, 207, a better place to live and work.

Thank you for your loyalty and continued business. It is our pleasure to be your primary financial institution. BANK MAINE SAVINGS.

Sincerely,

John Reed Chief Executive Officer