LEWISTON — The Finance Authority of Maine recognized Androscoggin Bank with its Lender at Work for Maine Award at the FAME 35th Anniversary Showcase Maine event recently.
The annual celebration recognizes FAME’s successful partnerships with Maine’s business, lending, governmental, and higher education communities.
Androscoggin Bank was recognized in the category for lenders with less than $1.5 billion in assets. In the past year, Androscoggin Bank partnered with FAME on eight loans to Maine companies totaling over $5 million, helping to create 45 Maine jobs and retain an additional 114 jobs.
“We are pleased that FAME has chosen to recognize our Commercial Lending, Credit, Loan Processing and Loan Servicing Teams with this prestigious award. It is a reflection of both their expertise and willingness to work with our clients to overcome financing challenges to move their businesses forward. We also appreciate the opportunity to partner with FAME to serve as an economic development engine within our communities,” said Neil Kiely, president of Androscoggin Bank.
Two of the eight loans involved Austin Street Brewery in Portland and Front Street Shipyard in Belfast. Androscoggin Bank partnered with Austin Street Brewery to finance a major expansion. In addition to developing a large tasting room and retail space on Fox Street in Portland, the brewery will be relocating their manufacturing and production to the new facility. This expansion will increase manufacturing capacity and provide a second retail location for the popular Maine brand.
Androscoggin Bank worked with the FAME, the Small Business Administration, the Maine Technology Institute and the city of Belfast to finance the construction of Front Street Shipyard’s Building 6 project, which will give the Shipyard the capacity to construct large composite passenger ferries for commercial use. This planned business expansion is expected to result in 40 new jobs. Front Street received the Business at Work for Maine Award at the Showcase Maine event.
Androscoggin Bank, headquartered in Lewiston since 1870, is dedicated to serving the communities of Maine, its residents and the business community. As of Dec. 31, 2017, Androscoggin Bank had assets totaling $955,637,729.