Savings Bank of Maine sold

    GARDINER – Officials with Savings Bank of Maine announced last Thursday they had agreed to be recapitalized by SBM Financial, Inc., a Gardiner-based company owned by investors.
    The Savings Bank of Maine, which has 32 branches – including Presque Isle, Caribou and Houlton – and $929.1 million in total assets, was operating under a Cease and Desist Order from the Federal Office of Thrift Supervision (OTS) because of undercapitalization. Under the terms of the recapitalization, SBM Financial absorbed the bank’s two existing holding companies, restructured its debt, acquired all of its common stock, and raised $60 million of new funds for the bank, which exceeds the capitalization requirements established by OTS.
    SBM Financial is also complementing the bank’s existing management and employees with a new senior management team and board of directors, many with deep Maine roots. John W. Everets, the former chief executive officer of GE/HPSC who led the investment group, will serve as chairman and CEO. Everets has worked with Maine businesses for over 30 years. Joining him as president is Willard B. Soper, former senior vice president of Shawmut Bank and CEO of Kislak Bank and Kislak Mortgage.
    In addition to Everets and Soper, the new board of directors will include David J. Ott, former chief banking officer of Banknorth; Richard D. Field, co-founder of Lending Tree and former executive vice president at Bank of New York and chairman of MasterCard International; James H. Ozanne, formerly executive vice president of GE Capital and chairman and CEO of Nation’s Financial; Ronald E. Roark, founder, vice chairman and CEO of Crown Northcorp, and Robert H. Gardiner, president of Brunswick-based Independence Wind and former president of Maine Public Broadcasting.
    “I am delighted with the broad experience, level of professionalism, and understanding of Maine and its people that John, Willard, and the new directors bring to the bank,” said Richard Goodwin, outgoing chairman of the board. “Two of our new directors are residents of Maine and others have multi-generational family ties to our state and to Gardiner. I am confident we are transitioning the bank to people who truly care about its customers, its employees, our state, and the well-being of its people.”
    According to bank officials, Everets and other members of management will be visiting customers and branch offices of the bank in the coming weeks.
    “Our customers will see all the familiar faces at their local offices, as well as have an opportunity to meet some of our new team members,” said Everets. “In addition to meeting and beginning to get to know one another, now that we have restored the bank to financial health we plan to start the process of building on the bank’s 176-year tradition of customer-oriented service. This is a great bank with a long history of serving individuals and businesses in the state of Maine and providing opportunities for its employees.