SACO & BIDDEFORD SAVINGS INSTITUTION

Loan growth amounted to $34 million. An exceptionally low interest rate environment brought many customers to refinance their debt, leading to a very high level of loan transactions. Along with that effort, our staff helped customers to get over 500 Payroll Protection Program loans forgiven by the Small Business Administration. We are also proud to report that we incurred no loan charge-offs in 2021, and ended the year with delinquency rates at the lowest in over 15 years. Customer deposits grew significantly once again, to the tune of $88 million. This represents an increase of 12.8%, allowing us to further reduce our need for wholesale funding. S&B Financial Services1 contributed $751,000 in revenues, a new high, and successfully ended the year with $168 million in assets under management (nearly double that of just four years ago). Paquin & Carroll Insurance2 also had strong results, providing net earnings of $651,000 which represents a return on our investment of more than 10%.....

Also known as: Saco Biddeford Savings

Primary location: Saco United States