Letter from the President

Every year brings new challenges, new opportunities, and new reasons to be proud of the work we do at Machias Savings Bank. Looking back on 2024, I can confidently say that it was a year of remarkable progress—one where our resilience, teamwork, and shared commitment to our customers and communities built the foundation for an even stronger future.

Despite a rapidly changing financial landscape, our team never wavered in its dedication to what matters most—building relationships that drive success. That commitment led to over $130 million in core deposit growth, over $177 million in loan growth, and the successful integration of multiple new systems that will enhance our ability to serve customers with efficiency and speed. While some banks were pulling back, we continued to move forward, providing the capital and expertise that help Maine businesses thrive.

But what makes me most proud is how we supported one another. 2024 was a demanding year—our team navigated one of the most complex system conversions in our history while maintaining exceptional customer service. Not only did we complete a comprehensive technology transformation, but we did it without sacrificing our core values. That’s the Machias way.

We also continued our deep investment in the communities we serve. Our employees volunteered more than 10,750 hours, an astonishing effort that represents the heart of our mission. Whether supporting small businesses, investing in workforce development, or simply being there for our neighbors when they needed us most, we reinforced what it means to be a community bank.

As we look ahead to 2025, we are carrying this momentum forward. Our focus remains clear:

Growth – Expanding our relationships and deposit base while ensuring businesses across Maine and New Hampshire have access to the financial support they need.

Efficiency – Balancing revenue growth with expense control and leveraging technology to enhance the customer experience.

Talent – Investing in our employees, ensuring that Machias Savings Bank remains one of the best places to work.

Technology – Modernizing our systems to provide faster, smarter, and more personalized banking solutions.

At Machias Savings Bank, we’ve always believed that the right relationships change everything.  Whether it’s a business owner who needs a partner for growth, a customer buying their first home, or a community organization making a lasting impact, we are here to say yes-to new opportunities, to innovation, and to a future where we continue to thrive together.

Thank you for being part of this journey with us.  Here’s to another year of momentum, success, and shared growth.

Larry Barker

President & CEO