As the 19th century rolled into the 20th, business leaders across the nation began opening independent, community banks to meet the financial needs of families and business owners largely ignored by big-city banks. In northern Maine, Katahdin Trust Co. was such a bank, opening its doors in Patten March 7, 1918.
Three years after opening its first office in Patten in 1918, Katahdin Trust Co. opened a branch in Island Falls. These remained the only two locations for the next 55 years. In 1976, the bank opened its third office in Oakfield. Eleven years later, Katahdin Trust expanded to Houlton, and in 1991, opened its fifth office in Presque Isle.
During the mid-1990s, as Aroostook County’s population continued to decline and larger banks continued to reduce their presence in northern Maine, Katahdin Trust Co. remained loyal to the area and continued expanding with two new offices in Mars Hill and Caribou and a new Operations Center in Houlton.
In November of 2000, the bank doubled its locations and increased its assets by 62 percent with the acquisition of eight Aroostook County branches of Peoples Heritage Bank (now TD Bank), located in Mars Hill, Easton, Eagle Lake, Fort Fairfield, Limestone, Van Buren, Ashland and Washburn.
In 2007, Katahdin Trust expanded into southern Maine when it acquired Maine Financial Group, located in Scarborough, and continues to operate it as a loan production office. Later that year, the bank expanded its Scarborough location with the addition of a commercial services officer. In March 2008, a second business loan production office was opened in the central Maine community of Bangor.
Today, Katahdin Trust Co. celebrates nearly 91 years of service to generations of customers.
“While our founders wouldn’t recognize the modern technologies and methods of banking today, it’s a certainty that they would appreciate the continued commitment to personal service afforded by Katahdin Trust Co. employees,” said Jon J. Prescott, bank president and chief executive officer.
“We’ve never lost sight of our original vision of our founders, which was to be responsive to the needs of our communities, while providing comprehensive solutions and impeccable service,” he added.
